Prerequisites:
To better understand this blog, you should master the basic concepts of Ethereum first.
What is Blast?
Built by serial blockchain entrepreneur Pacman, the founder of the NFT marketplace Blur, Blast is a Layer-2 scaling solution for Ethereum. Similar to some other Layer-2 frameworks for Ethereum, it is built on top of the Optimistic Rollup approach, but Blast differentiates itself through its incorporation of the Ethereum staking protocol and RWA protocols. ETH and USDT deposited in the Blast network automatically receive an annualized interest reward of around 4%, making Blast the first Layer-2 network for Ethereum that automatically generates rewards.
Learn more: https://blast.io/
How does Blast works?
ETH bridged to the Blast network is used to participate in Ethereum staking via services such as Lido to earn rewards. Over time, the amount of ETH stored in the Blast network will increase because of this. This is the basis of Blast's rebasing mechanism. In the same way, USDC stablecoins deposited into the Blast network interact with MakerDAO's T-Bill protocol (tokenized US Treasury Bills) to generate rewards. After depositing USDC into the Blast network, you receive USDB, and this USDB will also increase over time.
Features
- ETH and stablecoins bridged onto the Blast network automatically generate rewards, without the need for staking
- EVM compatibility
- Ultra-low transaction fee
- High TPS
How to use Blast
To use the Blast network, you will need:
- A wallet, such as imToken
- ETH bridged to the Blast network is used to pay for gas fees
- To transfer ETH through bridges to the Blast network in order to explore DApps
Let's take a look at how to use Blast with imToken. First download imToken (https://token.im) to create/import a wallet and add a Blast account.
Note: Check the how to download imToken safely before downloading.
If you did not add a Blast account when creating/importing your wallet, please navigate to "My Profile" -> "Manage wallets" -> "Add", select the “Blast” network, and confirm. Then, return to the wallet homepage to access your newly created Blast account. Now you can transfer/receive tokens and try out popular DApps on the Blast network.
Ecosystem
- Blaster，A one-stop service tool that offers functions such as exchange, staking, and issuance.
- Ring Protocol，Decentralized platform
- ZAP，Token issuance tool
- Particle，Permissionless token exchange protocol
End
For best security on large amounts of crypto, consider our hardware wallet, imKey. imKey also allows users to use the Blast wallet.
Risk Warning: The content of this article does not constitute any form of investment advice or recommendation. imToken does not make any guarantees and promises for the third-party services and products mentioned in this article, nor assume any responsibility. Digital asset investment has risks. You should carefully evaluate these investment risks and consult with relevant professionals to make your own decisions.