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Blast Introduces Native Yield L2

An EVM-compatible optimistic rollup that generates native yield from staked ETH.

ETH Daily

• 2 min read
Blast Introduces Native Yield L2

Quick Take

  • Blast introduces its native yield L2.
  • Kraken refutes a complaint from the SEC.
  • The PYTH airdrop goes live.
  • Conduit supports nodes on Zora Mainnet.
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Blast Introduces Native Yield L2

Blast unveiled its EVM-compatible optimistic rollup that provides native yield. ETH bridged to the rollup is staked on Ethereum and bridged stablecoins are deposited into DeFi protocols such as MakerDAO. The generated yield is then distributed to users and dapps on the Blast L2 rollup. Blast also announced an early adopter airdrop. Users can earn Blast Points based on the amount of ETH that they bridge into Blast. Funds, however, will remain locked until the network's mainnet launch in February 2024. DeFi user 0xSisyphus noted that the bridge contract is currently managed by a 5-person multisig. Users will be eligible to claim their Blast Points in May 2024. Blast is created by Blur founder Pacman and is funded by Paradigm, Standard Crypto, and several figures in the crypto Twitter community. The platform is intended to power the Blur NFT marketplace and a forthcoming NFT perpetual trading platform. Blast aims to minimize asset depreciation and trading costs for users.

Kraken Refutes SEC Complaint

Kraken is facing a lawsuit from the SEC for allegedly operating as an unregistered securities exchange, broker, and clearing agency. The enforcement action is similar to lawsuits filed against Coinbase and Binance earlier this year. The SEC also accuses Kraken of commingling customer funds and crypto assets with its own. Kraken has refuted the allegations, maintaining that the digital assets it lists do not constitute investment contracts and clarifying that the supposedly commingled funds are legitimately earned fees. Kraken intends to challenge the claims in court and emphasizes that the SEC's complaint does not affect its existing services and operations.

PYTH Airdrop Goes Live

Pyth Network, a provider of offchain price feed oracles, deployed its PYTH retroactive token airdrop. Eligible users can now claim their PYTH governance tokens between now and February 18, 2024. The price of PYTH is trading for about $0.30 at the time of recording. Users can stake PYTH tokens to unlock voting power. Parameters that will be determined by governance include data provider rewards, oracle fees, and the selection of price feeds. Pyrh governance operates in weekly epochs and requires a cooldown period for unstaking. Pyth Network supports more than 230 dapps, 40 blockchains, and 90 data providers. Disclosure: ETH Daily is eligible for this airdrop.

Conduit Supports Nodes On Zora Mainnet

RaaS provider Conduit now enables anyone to operate a node on Zora Mainnet through its Supernode RPC. By running a node, operators contribute to validating the Zora Network, enhancing its decentralization. Dune Analytics used the Conduit Supernode to integrate support for data on Zora Network. To efficiently operate a node, a system equipped with a minimum of 16 GB of RAM and an SSD offering at least 200 GB of free space is required.

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