Bitfinex to List BLAST, Native Token of Blast L2, Enhancing Yield Opportunities

Bitfinex to List BLAST, Native Token of Blast L2, Enhancing Yield Opportunities

Bitfinex, a premier digital asset trading platform, has announced that it will be among the first exchanges to list BLAST, the native token of Blast, an Ethereum-based layer-2 blockchain. This move is expected to enhance staking and yield opportunities for users, according to Bitfinex Blog.

Blast L2: An Innovative Layer-2 Solution

Blast, developed by the creators of the renowned NFT platform Blur, is an EVM-compatible solution designed to address Ethereum’s scalability issues by boosting transaction throughput while reducing costs. The platform offers native yield for ether (ETH) and stablecoins, setting it apart from traditional staking mechanisms.

Automated Staking and Yield Generation

Unlike conventional staking, which demands active user engagement, Blast automates staking responsibilities within its ecosystem. Once assets are bridged to Blast’s network on Ethereum’s mainchain, they seamlessly undergo automatic staking, initiating interest accrual. Powered by Blast’s intelligent contracts, this interest is pooled and subsequently distributed to users in the form of ETH and stablecoins.

Listing Details

Deposits of BLAST will open at approximately 2:00 PM UTC on 24th June 2024, subject to network conditions. Trading is planned to commence at approximately 3:00 PM UTC on 26th June 2024, contingent upon liquidity requirements being met. BLAST will be tradable against US Dollars (BLAST/USD) and Tether tokens (BLAST/USDt).

Bitfinex’s Commitment to Innovation

“Blast is an exciting project that is offering customers more opportunities to earn yield by staking their digital assets. We are pleased to add BLAST to our vast selection of token offerings for our customers,” said Henry Child, Head of Tokens at Bitfinex.

About Bitfinex

Founded in 2012, Bitfinex is a digital token trading platform offering state-of-the-art services for traders and global liquidity providers. In addition to a suite of advanced trading features and charting tools, Bitfinex provides access to peer-to-peer financing, an OTC market, and margin trading for a wide selection of digital tokens. The platform focuses on providing unparalleled support, tools, and innovation for experienced traders and liquidity providers around the world.

Image source: Shutterstock

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