BLAST serves multiple purposes in the Blast ecosystem. It is used for governance, allowing token holders to vote on protocol upgrades and ecosystem changes, may grant privileged access to launchpad projects, and provides participation incentives to encourage liquidity provision on the network.

BLAST holders earn rewards and access to specific features in DApps across the Blast ecosystem: by holding or staking BLAST, users can earn Blast Points or Blast Gold, which accumulate based on network liquidity, and specific pools may reward BLAST holders with multipliers to incentivize liquidity and long-term token holding. BLAST also implements burn mechanics and a multi-phase incentive strategy through airdrops.

The BLAST token is native to the Blast network, a Layer 2 built on Ethereum's OP Stack, inheriting its compatibility and scaling efficiencies. Users can bridge assets like ETH, DAI, USDC, and USDT to the Blast network through the official Blast bridge or using cross chain swaps on Matcha.

The Blast network is developed by the Blast Collective, a collaborative group led by Pacman, founder of the NFT marketplace Blur. They aim to balance economic incentives with broad community engagement, rewarding contributors based on their impact within the network. 

BLAST is both a governance and utility token. It enables holders to participate actively in protocol governance, making it integral to the decentralized operation of the Blast network, while also serving as a utility token within the ecosystem by enabling staking, yield, and access to specific services.

Blast mainnet launched on February 29, 2024.

BLAST has a total supply of 100 billion tokens. The allocation includes 50% set aside for community incentives over three years. Of the rest, 25.5% is allocated to core contributors, 16.5% to investors, and 8% to the Blast Foundation, with each of these segments subject to a 4-year vesting schedule to encourage long-term commitment to stability of the network.

BLAST airdrop has so far annoucned to phases:

Phase 1 airdrop (14%) of BLAST tokens took place in June 2024 and was split evenly between Blast Points (7%) and Blast Gold (7%). Early users who bridged assets or used Blast’s dApps earned Blast Points, while Blast Gold is allocated to dApp developers who distribute it within their applications to reward users

Phase 2 airdrop (10%) of BLAST tokens is scheduled to take place in June 2025, again split between Points and Gold.

BLAST employs a dual-incentive structure using both Blast Points and Blast Gold to encourage liquidity provision and dApps built on the network. Through staking and engagement, users can accrue rewards in BLAST or Blast Gold.

Each month, the Blast Foundation distributes Gold to high-performing dApps, which can, in turn, use Gold to reward their user communities. Gold incentives in Phase 2 of the airdrop specifically target mobile dApp growth, with new dApps given additional visibility and support to expand the network’s mobile presence.