Blast batches users' transactions and submits them to Ethereum, paying a share of the transaction fees to Ethereum validators (expense). Bridge depositors deposit ETH or stablecoins to Blast and receive a yield from ETH staking or T-bill strategies.

Blast is an L2 smart contract platform for decentralized applications on Ethereum. Blast has an inherent yield generation mechanism, coming from ETH staking and RWA protocols. Blast was founded by Pacman and launched in 2023.

Blast team and investors currently own and govern the protocol. Blast's investors include Paradigm, Standard Crypto, Santiago, etc.

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Blast

# Blast Operating expenses Methodology

## 1. Overview

The Blast operating expenses metric measures the daily gas costs incurred by the Blast Layer 2 blockchain for gas repayments to users. This represents operational expenditures where Blast reimburses users for gas costs through various claiming mechanisms. The metric captures the actual ETH amounts returned to users through gas claiming functions and converts them to USD for standardized reporting.

## 2. Data sources

- **Ethereum transaction traces**: Parsed function call traces for Blast gas claiming contract interactions on Ethereum mainnet
- **Function call data**: Specific traces from four gas claiming functions: `claimMaxGas`, `claimAllGas`, `claimGasAtMinClaimRate`, and `claimGas`
- **Transaction status data**: Success/failure status of Ethereum transactions to filter valid operations
- **Token metadata**: WETH contract address and decimal configuration for proper token identification
- **End-of-day price feeds**: ETH to USD conversion rates for currency standardization
- **Chain availability configuration**: Blast network availability windows for data filtering

## 3. Step-by-step calculation

### Component A: Gas repayment extraction
- **Purpose**: Identifies and extracts all gas repayment transactions made by Blast to users
- **Logic**: The system monitors four specific Blast gas claiming functions on Ethereum: `GasMode_claimMaxGas_function`, `GasMode_claimAllGas_function`, `GasMode_claimGasAtMinClaimRate_function`, and `GasMode_claimGas_function`. For each function call trace, it extracts the transaction timestamp, hash, addresses involved, and critically the `returnedGas` output parameter. Only successful transactions are included based on the transaction `status` field being true. Each repayment is classified with business metadata: business line as "Blockchain", market sector as "blockchains_l2", and business segment as "blockchain"
- **Key fields**: `returnedGas` (the ETH amount repaid), `recipient` (user receiving repayment), `block_timestamp` (transaction time), `status` (transaction success indicator)

### Component B: Amount standardization  
- **Purpose**: Converts raw gas amounts to standard ETH units and applies token classification
- **Logic**: The `returnedGas` values are extracted in wei (the smallest ETH unit) and converted to ETH by dividing by 1e18. All repayments are classified as WETH tokens using the hardcoded address `0xc02aaa39b223fe8d0a0e5c4f27ead9083c756cc2`. The true chain is marked as "blast" while the execution chain remains "ethereum" since the claiming functions execute on Ethereum mainnet
- **Key fields**: `amount` (converted ETH value), `token_address` (WETH identifier), `true_chain` (blast), `chain` (ethereum)

### Component C: Daily aggregation and USD conversion
- **Purpose**: Aggregates repayments by day and converts to USD for standardized reporting  
- **Logic**: Transaction timestamps are truncated to day boundaries using timestamp truncation, creating daily buckets for all gas repayments. The ETH amounts are then converted to USD using end-of-day price feeds through the conversion macro. This ensures consistent pricing across all daily calculations and avoids intraday price volatility
- **Key fields**: `timestamp` (daily boundaries), `operating_expenses` (USD amounts), `timestamp_grain` (set to "day")

### Final aggregation
- **Combining components**: All four gas claiming function types are unioned together to create a comprehensive view of Blast's gas repayment expenses across all claiming mechanisms
- **Currency conversion**: ETH amounts are converted to USD using end-of-day exchange rates, with decimal correction disabled since the wei-to-ETH conversion already handles proper scaling
- **Time aggregation**: Daily boundaries are established through timestamp truncation, with all repayments within a 24-hour period summed together
- **Final calculation**: The metric represents the total USD value of gas repaid by Blast to users each day, with gaps forward-filled using zeros to maintain consistent time series reporting. Chain availability filters ensure data is only reported for periods when Blast network data is considered reliable and complete

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Total operating expenses borne by the protocol, excluding token incentives.

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