Overview
Thruster is the primary decentralized exchange on Blast, the L2 founded by Blur's Pacman that features native yield on ETH and stablecoins. Thruster launched alongside Blast's mainnet in early 2024 and quickly established itself as the dominant trading venue, capturing the majority of on-chain swap volume. The DEX offers both traditional constant product AMM pools (V2) and concentrated liquidity pools (V3), giving liquidity providers flexibility.
Thruster's key advantage is its integration with Blast's native yield features. ETH and USDB deposited into Blast automatically earn yield from staking/T-bill strategies, and Thruster pools benefit from this base yield on top of trading fees. This created a compelling value proposition during Blast's launch, as LPs earned both trading fees and native yield.
The project executed well technically and in go-to-market, but its future is tightly coupled with Blast's trajectory. Blast's initial hype has moderated, and questions about the L2's long-term differentiation (as other L2s add similar yield features) affect Thruster's outlook.
Smart Contracts
Thruster implements dual AMM architectures: V2 pools using the classic x*y=k formula and V3 pools with concentrated liquidity tick-based design. The V3 implementation enables custom fee tiers and capital-efficient positions within price ranges. The contracts integrate with Blast's native yield rebasing mechanisms, automatically passing yield through to pool participants.
The codebase is derived from established Uniswap V2 and V3 implementations with Blast-specific modifications for yield integration. Router contracts handle swap aggregation across both pool types. The architecture is standard and well-understood, minimizing novel risk while delivering proven functionality.
Security
The contracts build on battle-tested Uniswap V2/V3 code, which provides a strong security baseline. Blast-specific yield integration introduces additional complexity — rebasing token mechanics can create edge cases in AMM math. The protocol has undergone audits, and no major exploits have occurred. The primary security consideration is Blast itself: the L2's bridge security, sequencer reliability, and native yield mechanisms all affect Thruster's security posture.
Liquidity
Thruster maintains the deepest liquidity on Blast, with core pairs (ETH/USDB, ETH/BLAST) providing functional depth for most trade sizes. The native yield feature attracted significant initial capital, though TVL has normalized from peak hype levels. Liquidity concentration is reasonable for an L2 DEX, though it remains a fraction of what's available on Ethereum mainnet DEXs or top-tier L2 DEXs like Aerodrome.
Adoption
Thruster is the clear market leader on Blast with majority market share in swap volume. The protocol has integrated with most Blast ecosystem projects, serving as the default liquidity venue. Adoption metrics tracked Blast's growth — strong during the launch phase and Blast airdrop farming period, with moderation afterward. The challenge is converting airdrop-driven mercenary capital into sustainable organic usage.
Tokenomics
THRUST token was distributed through a points-based system and airdrop aligned with Blast's ecosystem incentives. The token provides governance over protocol parameters and fee switches. The initial distribution attracted attention, but post-airdrop sell pressure is a common challenge. Long-term tokenomics depend on Thruster's ability to generate sustainable fee revenue that justifies token value independent of emissions.
Risk Factors
- Blast dependency: Entirely reliant on Blast L2's continued growth and relevance
- Post-hype normalization: Blast's initial excitement has cooled, affecting DEX metrics
- Mercenary capital: Airdrop farming drove initial TVL that may not persist
- L2 competition: Base, Arbitrum, and other L2s compete for DeFi activity
- Native yield risks: Blast's yield mechanisms add systemic risk to all ecosystem protocols
- Sustainability: Fee revenue must justify token value as emissions decrease
Conclusion
Thruster executed well as Blast's primary DEX, achieving dominant market share with solid V2+V3 infrastructure and smart native yield integration. The technical implementation is sound, and the project demonstrated strong go-to-market execution. The open question is sustainability — Blast's long-term position in the L2 landscape will determine Thruster's ceiling. If Blast retains significant DeFi activity, Thruster is well-positioned as the leading venue. If Blast fades, Thruster goes with it.