Ethereum Layer 2 Blast to Launch Foundation This Week, Here’s Why

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As a seasoned crypto investor with a deep understanding of the DeFi space, I’m excited about Blast’s recent governance transition to a foundation and the upcoming token airdrop. The shift towards a more decentralized model of governance is a positive step for the protocol, as it will increase community participation and decision making.

On Tuesday, prior to the scheduled token distribution event this week, Ethereum Layer 2 network Blast announced the formation of a foundation to oversee their protocol’s management. According to Blast’s X account report, the move toward a more decentralized governance model was adopted.

Blast’s Governance Transition to Foundation

The founder of Blur NFT marketplace recently revealed that control of Blast’s governance will be transferred to a new foundation in the near future.

As a crypto investor, I would put it this way: With this transfer, I’ll gain authority over Blast’s social media platforms and website previously managed by Arcade Research, the company behind Blast’s development.

Until now this account and website was managed by @ArcadeResearch, a Blast development company.

During the shift towards decentralized management, the oversight of Blast protocol’s governance, Twitter account, and website will be transferred to the foundation in charge.

— Blast (@Blast_L2) June 24, 2024

A new foundation is being established with the goal of guiding the community towards achieving “Blast Vision,” a detailed plan for which will be revealed on June 26. The foundation aims to promote more community control and input in the future development of the protocol through increased decentralization.

Upcoming Token Airdrop

Based on the preparations and crypto community expectations, the token airdrop from Blast is set to occur this week. Regarding Blast tokens, it has been disclosed that they will be classified into groups, although the specifics of this categorization remain undisclosed. A review of Blast’s recent history suggests there could potentially be between four and five categories. Theories circulating among the community propose that Blur farmers may be amongst the beneficiaries.

“Fifty percent of the airdrop allotted by the company will go to developers through Blast Gold, and the remaining fifty percent will be awarded to early users based on their Blast Points.”

Users can earn points in their wallets based on their balances as an incentive for increased engagement with the platform. Meanwhile, developers of Decentralized Applications (Dapps) are motivated to distribute Blast Gold as rewards to their own users, thereby contributing to the expansion of the ecosystem.

Blast’s Eligibility and Distribution Details

As a researcher, I would explain it this way: To take part in the airdrop, I need to have Points or Gold stored in Externally Owned Accounts (EOAs) and log into the Blast dashboard using those accounts at least once. However, if my Points or Gold are kept in smart contracts, they won’t be considered for the airdrop. Furthermore, wallets like Privy that are embedded must go through the linking process to secure their eligibility.

The company underscores the significance of a safe environment, warning that any questionable or internal giveaways by Decentralized Applications (Dapps) will be scrutinized, and those found to be in violation will be barred from future airdrops. This thorough screening procedure is intended to preserve a level playing field and instill confidence in the distribution mechanism.

The decentralized finance (DeFi) community has embraced Blast extensively. It currently holds the sixth spot among DeFi networks, boasting a total value locked (TVL) of $2.085 billion, as reported by DeFiLlama. This significant positioning indicates Blast’s potential to emerge as a major player in Ethereum Layer 2 solutions.

As a crypto investor in Blast, I’m excited about the recent upgrade our firm underwent last month. This update introduced support for Binary Large Objects (blobs), significantly enhancing the platform’s data storage and transaction processing capabilities. I believe this improvement will further enhance the appeal and adoption of Blast network among users.

Blast Blockchain Secures Sixth Spot In DeFi Network Rankings

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2024-06-24 22:38