We recently covered the DEX landscape on Blast. While the team and surrounding ecosystem have had to deal with the whole Munchables debacle, the party hasn’t really stopped and user activity and TVL have remained the same, slightly increasing actually.
On the perps side of things, there’s no shortage of projects building in the space. Blur may very well be a top destination for users looking to trade all sorts of assets, even including SPL (Solana Program Libraries) tokens. The bustling perps space on the platform consists of both projects new and old, of Blast native projects and new instances deployed on the chain.
Stay alert in these markets ⬇
Blitz
Blitz is a Blast-based perps DEX, leveraging the power of Vertex Edge. It leverages Vertex’s sequence to achieve sub-10ms latency times when trading, which could be seen as a testament to speed among perp DEXs. Blitz is basically a Blast deployment of Vertex with its own distinct branding.
Blitz’s offerings mirror that of Vertex; users can access low-latency trading, as well as an integrated spot swap feature and money market, all from one interface.
Beyond tech and infrastructure, another key advantage of Blitz leveraging Vertex Edge is that it eliminates liquidity fragmentation between Arbitrum (where Vertex is deployed) and Blast (where Blitz is deployed). Liquidity between these two chains is fused together, so each instance actually helps one another facilitate more volume.
As a Big Blast contest winner, Blitz will notably be sharing 100% of it’s Blast dev allocation with its users. Combined with the native yield mechanisms on Blast, derived from a mix of Ethereum staking and Real World Asset (RWA), onboarding users to Blitz is the equivalent of offering a diversified and attractive yield landscape. Specifically, yields of approximately 4% from staked $ETH on Lido and 5% for stablecoins through Maker’s Dai Savings Rate (DSR) will complement the yield of new Blitz’s $USDC depositors thanks to Vertex’s integrated money market.
Bloom
Bloom is a perps DEX native to Blast, providing ‘simplified perpetuals trading’. The project’s premise and offerings allowed it to secure a spot as a winner in the Big Bang contest.
As of yesterday, the project has officially entered its Beta phase. This consists of trading enabled for core assets; BTC, ETH, BLUR, and SOL. Traders can access 0-slippage trading, maximum leverage of 25x, and loss rebates sourced from protocol fees.
Those looking to earn a yield can participate in the project’s early LP program, consisting of depositing $USDB for $bUSDB, to receive native yield, blast airdrop rewards, and bloom points. Lockers of $bUSDB also receive a 5x points boost in addition to an NFT. LPs receive 60% of protocol revenue, as well as 100% of Bloom’s $BLAST airdrop allocation, as well as Bloom points.
Bloom also differentiates itself from other perp DEXs by offering leveraged LPing, via locking. LPs can help to provide more stability to the protocol via locking for certain periods of time, in exchange for a greater share of protocol fees. The term locking refers to a soft lock; users can actually unlock their funds instantly, but a fixed 10% fee will be deducted from their withdrawn balance.
Here’s an example from the Bloom docs
“LP 1 invests $100 into the protocol. LP 2 invests $100 and then locks it for 6 months. This means that LP 1 has 100 points, while LP 2 has 500 points (100 base points + 4x boost). If earnings for LPs were $100, then:
LP 1 gets 100/600 * $100 = $14
LP 2 gets 500/600* $100 = $84”
Locking isn’t the only way to earn rewards; LPs can potentially receive 5-10x the native $USDB yield (5%, though this has been raised to 15% due to base MakerDAO $DAI rate).
LPing $USDB rewards users via a tier-based approach:
Bloom has carved out a busy year ahead for itself. Immediate plans include adding gasless, 1-click trading.
Q2:
Increase perps pairs markets for trading/LPing to 20.
Increase LP TVL deposit caps.
Announce Bloom points program.
Enhance UX/UI & introduce a dark mode.
Rollout Mobile PWA.
Q3:
Increase perps pairs markets for trading/LPing to 20.
Remove TVL deposit cap limits.
Release Bloom Casino prototype.
Token TGE…
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