Executive Summary
This proposal aims to enable direct ETH deposits onto the Blast Network from crypto exchanges that already list Blast. By allowing users to deposit ETH without using a bridge, we simplify the process, enhance user experience, and encourage more participation in the Blast ecosystem.
Motivation
Currently, users must use bridges to transfer ETH onto the Blast Network, which can be cumbersome and time-consuming. Enabling direct ETH deposits from exchanges will streamline this process, making it easier for users to participate in the Blast ecosystem. This improvement will likely increase user adoption, engagement, and overall liquidity on the Blast Network.
Proposal Details
Current State
At present, users must use external bridges to transfer ETH from their exchange accounts to the Blast Network. This additional step can be a barrier to entry, reducing the number of users who engage with the Blast ecosystem.
Proposed Change
Enable direct ETH deposits onto the Blast Network from exchanges that already list Blast. This will involve integrating with these exchanges to support ETH deposits directly into Blast wallets.
Benefits
- Simplified Process: Users can deposit ETH directly from their exchange accounts to the Blast Network, eliminating the need for bridges.
- Enhanced User Experience: A more straightforward deposit process will improve user satisfaction and encourage more frequent transactions.
- Increased Adoption: By reducing barriers to entry, we can attract more users to the Blast ecosystem.
- Improved Liquidity: Easier deposits will likely result in increased liquidity on the Blast Network, benefiting all users and participants.
Implementation
Technical Adjustments
- Exchange Integration: Work with crypto exchanges that list Blast to support direct ETH deposits into Blast wallets. This will require collaboration with the exchanges’ technical teams to implement the necessary changes.
- Wallet Updates: Update Blast wallets to accept direct ETH deposits from exchanges.
Timeline
- Week 1: Initiate discussions and technical planning with partner exchanges.
- Week 2-3: Develop and test the integration for direct ETH deposits.
- Week 4: Roll out the new deposit feature on the Blast Network and support its use on partner exchanges.
- Week 5 and onwards: Monitor the system for any issues and provide ongoing support and optimizations.
Prior Proposals
This is the initial submission of this BLIP.
True and Complete
By submitting this BLIP, I represent and warrant to the Progress Council and the Blast Foundation that all the information it contains is true and complete to the best of my knowledge.