Blast (BLAST)

What is the Blast Blockchain?

Here are 5 key points about the Blast Blockchain:

• Optimistic Rollup Technology: Blast Blockchain utilizes optimistic rollup technology, which processes transactions off-chain while maintaining the security of the Ethereum mainnet. This approach allows for faster and cheaper transactions without compromising on security.

• Native Yield Feature: One of the standout features of Blast is its native yield offering. Users can earn passive income directly on their ETH and stablecoin holdings without locking them into specific protocols. This feature simplifies the process of earning returns on assets held within the network.

• High Total Value Locked (TVL): Blast has rapidly grown to become one of the largest blockchains by total value locked (TVL), with over $2.1 billion in assets. This significant TVL reflects the network's popularity and trust within the DeFi community.

• Aggressive Marketing and User Acquisition: Blast has employed aggressive marketing strategies and high-yield promises to attract users. The platform incentivizes early adopters with rewards based on the number of invites they generate, leading to rapid user adoption and increased TVL.

• Blast Token: Blast ETH is the currency used to pay gas fees and all other transaction on the Blast Network. While the BLAST token can be staked to earn rewards and holders can utilize it to participate in the network governance.

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Learn more about the Blast Blockchain by reading the Gem Wallet Learn article:
What Is The Blast Blockchain?

Blast on Gem Wallet

Gem Wallet has the following features enabled for BLAST:

• Buy Blast Ethereum (ETH) and Blast (BLAST) with fiat using debit/credit cards. (TBA)
• Store Blast Ethereum (ETH), Blast (BLAST) and other ERC20 tokens securely.
• Monitor BLAST price movement with the built-in charts.
• Send and Receive BLAST, ETH and ERC20 tokens natively.
• Interact with DApps on Blast via WalletConnect.

What are Blast ERC20 tokens?

• ERC20 tokens are a type of digital assets issued via smart contracts on the Ethereum network.
• Blast supports the transfer and interoperability of ERC20 tokens from the Ethereum network to the Blast network. Blast itself does not have its own native ERC20 tokens.
• They allows users to access a wide range of ERC20 tokens and decentralized applications (dApps) on Blast while benefiting from its scalability and low transaction fees.

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Learn more about ERC20 tokens from this Gem Wallet Learn article: What Is ERC20 and What You Need to Know About Tokens on the Ethereum Blockchain

How to Get Blast and Blast ETH?

Here are some ways to acquire some Blast (BLAST) and Blast Ethereum (ETH):

• Buy Blast (BLAST) and BLAST Ethereum (ETH) directly on the Gem Wallet app. (TBA)
• Receive BLAST and BLAST ETH with the unique Blast address on the Gem Wallet app.

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Send only Blast (BLAST) and Blast Ethereum (ETH) to your Blast address.

Transaction Fees on Blast Network

The fees on Blast are summarized as follows:

• Blast Blockchain is designed to offer low transaction fees, making it an affordable option for users. This is particularly beneficial for users who engage in frequent transactions and need a cost-effective solution for their blockchain activities.
• The fee structure on Blast is dynamic, meaning it adjusts based on the current network conditions and transaction complexity. This ensures fair and efficient fee allocation, preventing congestion and maintaining smooth network operations.
• Users conducting transactions on the Blast network pay fees denominated in Blast Ethereum (ETH).

How to Check Blast (BLAST) Balance?

Gem Wallet app connects to the Blast Network to show the BLAST balance on your wallet. Tap on the 3 dots at the upper right corner, then tap on View address on BlastScan.

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BlastScan is the default BLAST explorer of Gem Wallet. You can manually check balances and transactions by going to BlastScan and search for your BLAST address.

Why Choose Gem Wallet for Blast?

Here are three reasons why you should use Gem Wallet for your BLAST tokens:

• Enhanced Security: Gem Wallet employs robust security measures, including advanced encryption and secure key management, to protect your BLAST tokens from unauthorized access and potential threats.

• Open-Source Transparency: As an open-source wallet, Gem Wallet allows for community review and audits of its code. This transparency ensures that there are no hidden vulnerabilities and builds trust among users.

• Multi-Currency Support: Gem Wallet supports a wide range of cryptocurrencies, including BLAST tokens. This multi-currency support allows users to manage various assets in one secure and convenient platform.