{"id":198311,"date":"2023-11-22T13:12:03","date_gmt":"2023-11-22T07:42:03","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=198311"},"modified":"2023-11-22T13:12:03","modified_gmt":"2023-11-22T07:42:03","slug":"upstart-layer-2-blast-draws-in-100m-with-airdrop-scheme-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/upstart-layer-2-blast-draws-in-100m-with-airdrop-scheme-crypto-news\/","title":{"rendered":"Upstart Layer 2 Blast Draws In $100M With Airdrop Scheme – Crypto News"},"content":{"rendered":"

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BLUR rallies as traders stake tokens for future BLAST rewards.<\/p>\n

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Blast, an upcoming Layer 2 network, has pulled in over $100M of ETH and DAI deposits since unveiling an airdrop program on Nov. 20.<\/p>\n

Set to launch as an optimistic rollup in February 2024, Blast touts native yield for ETH and stablecoins as a novel feature. Blast taps Ethereum\u2019s native staking yield by directing all ETH deposits to Lido and DAI deposits to MakerDAO’s DSR, which currently yields 5%.<\/p>\n

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Projected User Balance On Blast<\/figcaption><\/figure>\n

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While ETH will be used to transact on Blast, users\u2019 ETH balances will automatically accrue staking yield through rebases. Similarly, USDB, the chain\u2019s native auto-rebasing stablecoin, accrues yield from Maker and can be redeemed for USDC on Ethereum.<\/p>\n

\"leaderboard\"<\/a><\/p>\n

Blast<\/a> has raised $20 million in funding from venture capital firms Paradigm and Standard Crypto, along with a diverse group of angel investors and crypto influencers.<\/p>\n

Developed by a team led by Pacman, the pseudonymous co-founder of leading NFT marketplace Blur, Blast was launched on the same day as Blur\u2019s second airdrop<\/a>, which added 300M BLUR tokens to the circulating supply.<\/p>\n

While large unlocks generally precede bearish price action, BLUR can be staked to earn BLAST tokens, leading the token to rally 10% in the past day on rising demand from traders. Indeed, the staking contract<\/a> currently holds over 313M BLUR, serving as a highly effective sink for the newly unlocked tokens.<\/p>\n

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\"BLUR
BLUR Staking Contract Balance<\/figcaption><\/figure>\n

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Community Criticism<\/h2>\n

While DeFi traders pile into Blast hoping for a lucrative airdrop, concerns have emerged regarding the network\u2019s one-way bridge.<\/p>\n

Once users deposit assets, they cannot be withdrawn until February, when Blast is slated to launch its mainnet. The bridge is controlled by a multi-signature wallet with five addresses, but questions have been raised about the independence of the signing cohort.<\/p>\n

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