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

In a statement on Tuesday, ahead of the token airdrop planned for this week, Blast, an Ethereum Layer 2 network, said that it was establishing a foundation to manage the protocol. As reported by the X account of Blast, the decision was made to shift towards a more decentralized model of governance.

Blast’s Governance Transition to Foundation

Blast, created by the founder of the NFT marketplace Blur, announced that the governance of the protocol will be handed over to the newly created foundation soon. 

This transfer will also entail control over the social network pages and the webpage of Blast, that was formerly maintained by Arcade Research – a Blast’s development company.

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

As part of the transition towards a decentralized governance structure, this Twitter, the website, and governance of the Blast protocol are being transitioned to Foundation control.

— Blast (@Blast_L2) June 24, 2024

The foundation is being created to help the community toward the attainment of the ‘Blast Vision,’ which will be outlined further on June 26. The foundation wants to increase decentralized decision making and community participation in the future of the protocol.

Upcoming Token Airdrop

Based on the preparation made and anticipation of the crypto community, the token airdrop is scheduled this week. Speaking of tokens, Blast reveals that they will be categorized although the details of the categorization are still unknown. An analysis of Blast tokens in the recent past revealed that there could be up to four to five categories, with theories suggesting that Blur farmers may be on the list of beneficiaries.

The firm has revealed that 50% of the airdrop will be given to developers via Blast Gold, while the other 50% will be given to early users with Blast Points.

Users will be able to receive points in their wallets depending on their balances, which will encourage users to engage more in the platform. To foster the growth of the ecosystem, Dapps are encouraged to reward their users with Blast Gold.

Blast’s Eligibility and Distribution Details

To be eligible for the airdrop, users must hold Points or Gold in Externally Owned Accounts (EOAs) and sign in to the Blast dashboard at least once using those accounts. Points and Gold held in smart contracts will not qualify for the airdrop. Additionally, embedded wallets such as Privy need to complete the linking process to ensure eligibility.

The firm has emphasized the importance of a secure ecosystem, noting that any suspicious or insider distributions by Dapps will be reviewed, and offenders will be blacklisted from future airdrops. This rigorous vetting process aims to maintain a fair and trustworthy distribution system.

Blast has been adopted widely in the DeFi space. It has also ranked at the sixth position in the DeFi network rankings, with a TVL of $2.085 billion, according to DeFiLlama. This is a strong indicator of the network’s potential to become one of the leading solutions in the Ethereum Layer 2 ecosystem.

Last month, the firm underwent an upgrade that enabled support for Binary Large Objects (blobs), enhancing the platform’s data storage and transaction processing capabilities. This upgrade is expected further to boost user appeal and adoption of the Blast network.

Read Also: Blast Blockchain Secures Sixth Spot In DeFi Network Rankings