Blast launches testnet, announces 50% airdrop ratio for developers

Blast, a layer-2 network that offers native yield for ETH and stablecoins, has announced the launch of its testnet and a developer competition called Blast BIG BANG. The testnet went live on January 17, 2024, according to the project’s roadmap. The competition aims to encourage developers to integrate and test their decentralized applications (dApps) on the Blast network.

The winning dApps will be promoted to Blast users after the mainnet launch, which is scheduled for late February 2024. In a statement, the project said that it has achieved 1.3 billion TVL and 100,000 users since its inception.

The project also revealed the allocation ratio for its airdrop, which will be 50% for developers and 50% for users who stake their tokens on Blast.

Blast is a layer-2 network built on Optimistic Rollups, a technology that enables faster and cheaper transactions on Ethereum. Blast incentivizes users to stake ETH and stablecoins, and then redistributes them to Liquid Staking and RWA Yield platforms to increase their returns. However, the project has faced criticism and even backlash from its own investor, Paradigm, for its ponzi-like mechanism.

According to the project’s roadmap, the next phase of Blast will be the mainnet launch in February 2024, followed by the withdrawal functionality and the airdrop of Blast tokens based on Blast Point rewards in May 2024.

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