Blast Announces Blast Foundation

Blast has officially launched the Blast Foundation as part of its transition to a decentralized governance structure. The foundation will now control the project’s Twitter, website, and protocol.

Establishing the Foundation marks another step in the protocol’s plan towards decentralization, highlighting a community-based governance model that is frequently used in most DeFi protocols nowadays.

The foundation now oversees the project’s key assets, operations, and infrastructure, hoping to enhance transparency and accountability for its community.

Introducing the Blast Foundation.

The Foundation was created to support the community in achieving the Blast Vision, which will be shared publicly on June 26.

— Blast (@Blast_L2) June 24, 2024

The news comes after the protocol announced the third season of its token airdrop, which will have a final Gold distribution before the event takes place.

Blast From the Past

Blast is a particularly controversial network, as it has a quite different approach than other layer 2s. This is because the protocol works as a yield-generating optimistic rollup that uses fraud proofs to validate state transitions.

What sets the network apart from other rollups is its unique feature of providing native yield for ETH and stablecoins. As an active ETH staker, the protocol distributes the generated yield to network participants and decentralized applications (dApps) within its ecosystem.

The network was initially criticized for promoting a launch without having a coin or a product. It amassed over $2B in deposits in just a few months. Despite the criticism, the protocol has amassed many active users.