Blast Describes Itself As

Blast (BLAST) is a Layer 2 (L2) scaling solution, designed to enhance the Ethereum blockchain by reducing transaction costs and increasing speed. Blast distinguishes itself from other L2s by offering native yield for both ETH and stablecoins—3.4% for ETH and 8% for stablecoins—generated through ETH staking and Real-World Asset (RWA) protocols, and distributed automatically to users. 

Project Function

Blast’s primary function is to serve as an Ethereum L2 solution that optimizes transaction efficiency while providing a sustainable yield mechanism. It integrates with Ethereum via optimistic rollup technology, allowing it to process transactions off-chain while still benefiting from Ethereum’s security. In addition to its scaling function, Blast is designed to appeal to developers by offering native yield, alongside a revenue-sharing model for gas fees generated by dapps.

Key use cases for Blast include decentralized finance (DeFi), decentralized applications, NFTs, and the tokenization of real-world assets. These applications leverage Blast's unique combination of yield, scalability, and developer incentives. By supporting the development of mobile-first dapps and offering competitive revenue-sharing models, Blast aims to help promote the build out of the wider Web3 ecosystem. 

Token Utility

The BLAST token serves multiple functions within the ecosystem, including paying for transaction fee, staking, and governance, allowing holders to vote on protocol upgrades and other key decisions. 

Additionally, BLAST plays a role in distributing gas fee revenue and enabling participation in platform-specific incentives like the Blast Airdrop, which rewards early access users and developers. The token also underpins the yield-distribution mechanism that Blast offers for ETH and stablecoins.

About the Founders

Blast was co-founded by Tieshun Roquerre, also known as Pacman. Roquerre has been instrumental in the development of Blast’s unique offering, integrating yield from ETH staking and RWAs into a Layer 2 protocol. His vision has helped create a platform that not only provides scalability for Ethereum but also innovates in areas like developer incentives and gas revenue sharing. Roquerre’s leadership reflects a deep commitment to building a blockchain ecosystem that bridges traditional finance with decentralized technology.

Through the Big Bang program, Blast’s founder team has also demonstrated a strong focus on nurturing developer talent. This initiative offers funding and mentorship for Dapp builders, reinforcing the platform’s community-driven ethos.

Risks of BLAST

Like an investment in other crypto assets, there are some general risks to investing in BLAST. These include:  (i) volatility risk and liquidity risk, (ii) short history risk, (iii) demand risk, (iv) forking risk, (v) code defects, (vi) regulatory risk, (vii) electronic trading risk, and (viii) cyber security risk. For additional information of these and other general risks associated with crypto assets and Uphold’s platform, please refer to the Risks Specific to Holding Digital Assets statement.

In addition to these general risks, an investment in BLAST is subject to the following specific risks:

• As a layer-2 solution, any potential success associated with Blast is reliant on the continued security, decentralization, as well as adoption of the Ethereum chain, which is itself competing with an increasing number of Layer-1 blockchains.

We emphasize that this Crypto Asset Statement is not an exhaustive description or summary of all risks associated with BLAST. Investors should conduct their own research and perform their own assessment before trading any crypto asset to determine the appropriate level of risk for their personal circumstances.

The BLAST community and Blast core team are not under any legal or regulatory obligation to disclose material information to the public regarding its activities. Holders of BLAST have no recourse to the BLAST community, Blast core team, or Uphold if BLAST declines in value for any reason.

Changes to applicable law may adversely affect the use, transfer, exchange, or value of any of your crypto assets, and such changes may be sudden and without notice.

Uphold’s Evaluation Process

Prior to listing BLAST on the Uphold Platform, Uphold performed due diligence on BLAST and determined that BLAST is unlikely to be a security or derivative under relevant securities legislation. Uphold’s analysis including reviewing publicly available information on the following: 

• The creation, governance, usage, and design of BLAST, including ensuring the source code being open-source, audited and peer reviewed, security, and roadmap for growth in the developer community. 
• The supply, demand, maturity, utility, and liquidity of BLAST.
• Marketing materials put forward by the BLAST social team including, Twitter, Medium blog, LinkedIn posts, Discord and Telegram channels.
• Material technical risks associated with BLAST, including any code defects, security breaches and other threats concerning BLAST and its supporting blockchain (such as the susceptibility to hacking and impact of forking), or the practices and protocols that apply to them.
• Legal and regulatory risks associated with BLAST, including any pending, potential, or prior civil, regulatory, criminal, or enforcement action relating to the issuance, distribution, or use of BLAST.

General

Uphold has prepared this Crypto Asset Statement based on publicly available information. Although Uphold has taken steps to obtain information from apparently reliable sources, information contained in this Crypto Asset Statement may be inaccurate, incomplete or out-of-date. This overview is a starting point for you to perform your own research prior to investing in a crypto asset.

Uphold users should read the Risks Specific To Holding Digital Assets statement for additional discussion of general risks associated with crypto assets made available through the Uphold platform.  

Canadian residents, please note that Uphold has filed an application for registration in certain Canadian jurisdictions but has not yet obtained registration. Until such time as Uphold obtains registration, Uphold has agreed to abide by the terms of an undertaking available at the following link. Please also review the Uphold Canada – Crypto Risk Statement for additional discussion of general risks associated with the crypto assets made available through Uphold Platform. Please be aware that statutory rights of action for damages or rescission in section 130.1 of the Securities Act (Ontario) and, if applicable, similar statutory rights under securities legislation in the other provinces and territories of Canada do not apply in respect of this Crypto Asset Statement or other disclosures on the Uphold website and Risks Specific To Holding Digital Assets statement. 

Last updated on November 5, 2024.