Context

Blast L2 is an Ethereum layer-2 scaling solution focused on DeFi and the broader digital asset ecosystem. Established by the team behind the Blur_io NFT marketplace, Blast L2 is designed to provide a fluid and efficient experience for users and developers within the DeFi landscape.

Distinctively, Blast L2 positions itself as the sole Ethereum L2 offering native yields for both ETH and stablecoins. Specifically:

• Using features enabled after the Shanghai Ethereum upgrade, Blast allows for the automatic enhancement of ETH balances by seamlessly transferring staking yields from L1 to L2 users.
• Blast L2 introduces an auto-rebasing stablecoin, USDB, which grants holders a unique yield derived from real-world assets, facilitated through MakerDAO’s T-Bill protocol.

The Blast Mainnet is highly anticipated on February 29th, 2024.

Proposal

Enable support for Blast L2 in the Symbiosis protocol aiming to enhance Symbiosis DeFi offerings with this advanced layer-2 solution. The integration includes the following:

• The stablecoin on Blast to operate will be USDC.
• Incorporate support for the new blockchain within the Symbiosis protocol. This entails adding the new stablecoin and WETH token to the Symbiosis AMM DEX on the host chain. Concurrently, the Symbiosis relayer network should begin interfacing with the newly integrated blockchain.
• Deploy and tune Symbiosis contracts on Blast.
• Implement on-chain routing via existing DEXes on Blast.

Key points

• Blast is set to distribute airdrops to developers and early users, a move anticipated to significantly boost transactions across bridges linking this network with others.
• Given its architecture as an L2 EVM-compatible chain, Blast can be smoothly incorporated into the Symbiosis protocol.