Blast, an Ethereum Layer 2 network, has announced the establishment of a governance foundation ahead of its highly anticipated token airdrop scheduled for this week. The decision to create the foundation aims to decentralize the protocol's control and increase community involvement in shaping its future.

The foundation will take over the management of the protocol, including the social media pages and website previously maintained by Arcade Research, Blast's development company. This transition aligns with Blast's vision of fostering decentralized decision-making and greater community participation.

The upcoming token airdrop will divide the tokens into 4-5 categories, with 50% reserved for developers via Blast Gold and the other 50% allocated to early users based on their Blast Points balances. This distribution model is designed to encourage user engagement and ecosystem growth, as Dapps are incentivized to reward their users with Blast Gold.

To be eligible for the airdrop, users must hold Points or Gold in Externally Owned Accounts (EOAs) and sign in to the Blast dashboard at least once using those accounts. The firm emphasizes the importance of a secure ecosystem and will review any suspicious or insider distributions by Dapps, with offenders facing blacklisting from future airdrops.

Blast has gained significant traction in the DeFi space, ranking sixth in the DeFi network rankings with a Total Value Locked (TVL) of $2.085 billion, according to DeFiLlama. This achievement underscores the network's potential to become a leading solution in the Ethereum Layer 2 ecosystem.

Last month, Blast underwent an upgrade that enabled support for Binary Large Objects (blobs), enhancing its data storage and transaction processing capabilities. This upgrade is expected to further boost user appeal and adoption of the Blast network.