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Blast Launches Its Mainnet With Native Yield on ETH and Stablecoins

Blast, a new layer 2 scaling solution for Ethereum, has launched its mainnet today, with a unique feature of offering native yields on Ether and stablecoins. Users who deposit ETH or stablecoins on Blast will automatically earn interest on their balances, without having to stake or lend them to any protocol.

Blast claims that this feature increases capital efficiency for users and unlocks new possibilities for decentralized applications (Dapps) that can leverage the native yield and gas sharing primitives of Blast. Blast also has a community airdrop program that rewards users and Dapps with Blast Points and Blast Gold, which will be converted to Blast tokens in May.

Blast has attracted over $2.3 billion in deposits during its early access phase, making it the seventh-largest blockchain and the second-largest Ethereum layer 2 by total value deposited, according to DeFi Pulse. Blast has also seen over 3,000 teams building on its platform ahead of the mainnet launch, with some Dapps promising to share their Blast Gold rewards with users.

However, Blast has also faced some controversy over its locked deposits, as some users reported that they could not withdraw their funds from Blast during the early access phase. Blast explained that this was a security measure to prevent malicious attacks on the network, and that users will be able to withdraw their funds after the mainnet launch.

Blast has also generated a lot of trading activity on its platform, with over $50 million in volume recorded on CoinGecko. Most of the trading has been concentrated on memecoins, such as BlastCat, which has a market cap of $9.8 million and has been the top traded token on Blast so far.

Blast is one of the many layer 2 solutions that aim to improve the scalability, speed, and cost of Ethereum transactions, by moving some of the computation and storage off the main chain. Blast uses a technique called optimistic rollups, which relies on fraud proofs and challenge periods to ensure the security and validity of the transactions.

Blast is competing with other layer 2 solutions, such as Arbitrum, Optimism, and Polygon, which have also launched or are planning to launch their mainnets soon. Blast hopes to differentiate itself with its native yield feature, which it claims is a game-changer for the DeFi ecosystem.

You can join Blast airdrop here.

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