What is BlastFi?

BlastFi is an advanced Resting platform that leverages artificial intelligence and the proprietary WiseLSD algorithm to automate investments, allowing users to earn consistent rewards for staked assets.

Besides, the platform also allows users to reuse these assets on the consensus layer to earn additional rewards. This process not only enhances security in the cross-blockchain economy, but also minimizes risks such as transient losses, smart contract vulnerabilities, and market manipulation.

BlastFi integrates with multiple blockchains, uses a PoS consensus mechanism, and acts as a validator on layer 1 blockchains. Thanks to this integration, BlastFi not only simplifies the staking process but also expands its security platform. economic security to other networks. The platform provides users with the ability to optimize staking rewards through a meticulously designed process, providing superior efficiency and security compared to other platforms, thereby promoting growth. strong and sustainable ecosystem.

What problem does BlastFi solve?

BlastFi solves a number of problems in the decentralized finance (DeFi) ecosystem, especially in the growing market of liquid staking tokens.

• Liquidity when staking: One of the main problems that BlastFi solves is helping users maintain liquidity when staking their assets. Through the use of liquid retake tokens, users can release liquidity from staked assets while continuing to receive rewards. This overcomes the disadvantage of traditional staking methods, where assets are often locked and cannot be used in other DeFi activities.
• Optimized staking rewards: BlastFi provides users with optimized staking strategies through the WiseLSD algorithm, allowing them to maximize rewards from staking without incurring large costs. This helps users maximize the income potential of their assets while retaining flexibility.
• Risk management: While staking brings many benefits, it also comes with risks such as loss due to slashing, profit volatility, and impact on the layer 1 blockchain. BlastFi solves this problem by applying management strategies Robust risk management and continuous evaluation of the authentication services used to protect user interests.

BlastFi's Staking & Restaking mechanism

Staking

Staking process

1. Initial Staking: Users begin the staking process by depositing their tokens into designated pools on the platform. In return, users receive corresponding tokenized assets (called xTokens), which are minted based on the number of tokens staked. When unstaken, xToken will be burned.
2. Recording staking value: At the time of staking, the system records the stake value calculated by multiplying the number of tokens with the price of the token at that time. The information will be stored for later use.
3. Staking process: When staking, the system records Staking Value = Number of Tokens * Token Price, with prices taken from Chainlink. Users receive rewards (in tokens) per block in real time. Upon maturity, users can redeem staked tokens by returning the corresponding xToken.
4. Unstaking process: To unstake, users need the number of tokens staked in the contract + the corresponding xToken. If users do not have enough xTokens, they must purchase them from outside.
5. Withdrawing money from flexible pools: For flexible pools, when users withdraw tokens they will have to wait for a period of time, usually from 1 to 4 days.

Restaking

Restaking on BlastFi involves reinvesting staked assets to earn additional rewards. Users stake their assets and through retake protocols, rewards are continuously reinvested to maximize earnings over time, creating compound returns. BlastFi automates this process, ensuring investments are continually optimized for the best possible returns.

Retake process

1. Use of Tokenized Assets: Users can choose to retake using xTokens received from the initial staking process.
2. Users receive rewards (xToken) per block in real time.
3. When staking is due, users can convert xToken according to the Token exchange rate.
4. Reward fees: Part of the rewards may be deducted by the platform and they are considered a fee. This fee is based on the levels announced to users before making staking transactions.

Example: A user wants to restake 5 fETH tokens for 2,000, resulting in a retake value of 10,000. During the retake period, users will earn interest in the form of BRES tokens. When withdrawing, if the user decides to receive ETH, they will receive 5000 tokens back, equivalent to 2 pETH tokens.

BlastFi ecosystem

BlastFi's ecosystem operates based on a series of interconnected elements, each of which plays an important role in ensuring the functionality, security and user experience of the platform. These include:

1. Core protocol

At the heart of BlastFi is the platform protocol, built with cutting-edge blockchain technology and smart contract infrastructure. This system is enhanced by the WiseLSD algorithm, which serves as the foundation for BlastFi's ecosystem. They manage critical functions such as staking, restaking, reward distribution, and governance processes to ensure smooth and efficient operations for BlastFi's entire network.

2. LSDs

LSD (Liquid Staking Derivatives) protocols make up the main infrastructure of the BlastFi ecosystem, ensuring the tokenization and management of staked assets. They serve as the backbone of the BlastFi architecture, helping convert staking assets into BRES or other Liquid Staking Tokens, while running staking operations efficiently.

3. Restaking Protocol

The Restaking Protocol is an integral part of the BlastFi ecosystem, allowing users to maximize staking rewards through automated staking strategies. These protocols automatically reinvest staked assets across multiple pools or staking protocols, optimizing asset allocation and maximizing returns for users.

4. Validators network

The validator network consists of nodes responsible for validating transactions and maintaining the integrity of the BlastFi blockchain. These validators play an important role in securing the network, validating transactions and participating in consensus mechanisms, contributing to the overall security and reliability of the BlastFi ecosystem.

5. Decentralized Applications (DApps)

BlastFi's ecosystem is enriched by a series of decentralized applications (DApps) built on the protocol. These DApps leverage BlastFi's infrastructure to provide innovative financial services, liquidity pools, yield farming opportunities, and other DeFi functionalities, expanding the usefulness and popularity of BlastFi in blockchain ecosystem.

Tokenomic

The BlastFi platform launches a three-token model to provide a comprehensive framework for decentralized finance (DeFi) activities. Each token serves different roles and purposes.

Token BDAO

The BDAO token serves as BlastFi's governance token and does not function within the dapp. BDAO token holders will have the right to participate in decision-making processes, influence protocol parameters and strategic initiatives. Through democratic governance mechanisms, BDAO holders will shape BlastFi's development trajectory, promoting a transparent and inclusive environment.

Main features:

• Management rights: The BDAO token holder has the authority to propose, discuss and vote on governance proposals, influencing the development of the BlastFi ecosystem.
• Influencing decision making: By participating in governance activities, BDAO holders play an important role in shaping the development roadmap and strategic direction of the platform.
• Community involvement: BlastFi promotes an inclusive and collaborative governance environment, encouraging active participation and transparency among BDAO token holders.

Token BRES

The BRES token serves as the primary utility token in BlastFi's ecosystem, facilitating various functions and interactions on the platform. Users receive BRES tokens as rewards for participating in BlastFi's staking and restaking activities.

Main features:

• Staking rewards: Users earn rewards in BRES tokens for staking and restaking their assets in the BlastFi ecosystem, contributing to network security and providing liquidity.
• Transaction utilities: BRES tokens can be used to pay trading fees, access premium features, and unlock additional functionalities within the BlastFi platform.
• Provide liquidity: BRES tokens contribute to liquidity pools and trading pairs on DEX exchanges, enhancing market liquidity and accessibility.
• Encourage the ecosystem: BlastFi allocates a portion of the token supply to incentivize ecosystem development, including liquidity mining programs, yield farming initiatives, and community rewards.

Token BCOM

The BCOM token serves as BlastFi's stablecoin, created through initial allocations. Users receive BCOM tokens through the initial allocation and can stake them to earn BRES tokens in the BlastFi ecosystem.

Main features:

• Stability: The BCOM token maintains a stable value at 1 USD, providing users with a reliable store of value within the BlastFi ecosystem.
• Staking mechanism: Users can stake BCOM tokens to participate in BlastFi's staking protocols and earn BRES tokens as rewards.
• Asset Allocation: BlastFi strategically allocates BCOM tokens to users as part of the initial distribution strategy, ensuring broad participation and ecosystem stability.

While not directly related to governance or staking, the BCOM token serves as a means of incentivizing and rewarding user participation, promoting liquidity, and driving ecosystem growth .

Roadmap

First half of 2024

• Launching Staking & Restaking BlastFi on ERC20 blockchains, introducing users to staking and restaking protocols for additional rewards.
• Implement the Referral Program to promote user acquisition and platform development.
• Guaranteed listing on major exchanges and expanded DEX integration for seamless trading.

Second half of 2024

• Enhance platform security through smart contract audits and partner with DeFi projects to grow the ecosystem.
• Collaborate with other DeFi projects and blockchain networks to promote interoperability and ecosystem development.
• Launching a cross-chain bridge for seamless asset transfers and initiating cross-chain scaling, allowing BlastFi to support staking and restaking across multiple blockchain networks, increasing reach and user reach.

2025

• Introducing DAO Governance to empower the community in decision-making processes and protocol improvements.
• Integrate Layer 2 solutions to improve transaction throughput and reduce user fees.
• Set up Stakers, Operators and AVS (Actively Validated Services) to improve network security, decentralization and operational efficiency.

2026

• Expand platform features and functionality based on community feedback and market needs, ensuring a seamless and user-friendly experience.
• Optimize cross-chain interoperability to simplify asset transfers between different networks.
• Continuously innovate to adapt to market dynamics and maintain BlastFi's leadership position in DeFi staking.

BlastFi referral program

With BlastFi's referral (ref) program, you can earn additional rewards for referring others to the platform. Here's how the program works:

• Direct referral commission: Receive a percentage commission from retake packages from people you refer directly to BlastFi. Commissions are distributed among the top 15 based on the referral's NFT purchases.
• Profit commission: Receive a commission based on a percentage of the income of individuals you introduce in the retake pool. This commission is calculated over a specific period of time from the date they purchase the NFT, initially set at 6 months. Although this policy is subject to change and applies to ongoing transactions. Commissions are distributed across all levels based on the referred individual's retake activity.
• Ranking system: Enhance your ability to make money and receive exclusive rewards through the ranking system. As you grow your referral network and your referrals refer others, you will advance through various ranks, each unlocking higher commission rates and exclusive rewards. The ranking system will be closely tied to the total investment amount and cumulative value of the retake packages in your referral network.

Social Media

Website | X | Telegram | Community | Youtube 

_{Disclaimer: This is a paid press release. BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $650. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.}