Blur announces new L2 called Blast alongside S3, backed by Paradigm

Blur, with backing from Paradigm and Standard Crypto, has launched a new Ethereum Layer 2 (L2) named Blast.

Why Blast?

Built on the idea that markets move toward efficiency, Blast tackles the issue of stagnant interest rates on existing L2s. Unlike others with a 0% baseline interest rate, Blast introduces native yield, automatically compounding balances and earning additional Blast rewards.

How Does Blast Work?

Blast taps into Ethereum's staking potential, allowing users to earn 3-4% on their ETH holdings. The L2 actively participates in ETH staking, with the yield benefiting both users and dApps. It's not just ETH—stablecoins bridged to Blast earn yield through on-chain T-Bill protocols, distributing rewards via Blast's stablecoin, USDB.

Early Access and Timeline

Blast's Early Access is now live, offering invite-only access with rewards in Blast Points. Bridging assets during this period yields 4% for ETH and 5% for stablecoins. The Mainnet launch is set for February 24, 2024, allowing dApps to go live and enabling withdrawals. Redemption for Blast Points is slated for May 24, 2024.