Crypto Gloss

Thruster

Thruster is Blast L2’s primary decentralized exchange — offering both a concentrated liquidity AMM (CLMM, Uniswap V3-style) and a standard constant-product AMM, with the unique integration of Blast’s native ETH/USDB yield so LP positions automatically accrue yield on idle capital, and THRUST as the protocol’s governance and reward token distributed to LPs via Blast’s native points system.

Overview

Thruster launched as one of Blast L2’s first and largest protocols, capitalizing on Blast’s unique native yield design — where all ETH held on Blast L2 automatically earns rebase yield (from Lido/EtherFi staking), and all USDB (Blast’s native stablecoin) earns a base rate from T-bill yield. Thruster integrates this native yield seamlessly: LP positions in Thruster pools earn the AMM trading fees AND the underlying Blast native ETH/USDB yield on the assets sitting in the pool, creating a compounded yield profile that standard DEXes cannot match. Thruster became the primary liquidity venue for Blast ecosystem token launches and ETH/USDB pairs.

Two AMM Products

The protocol’s products are described below.

Thruster V3 (CLMM — Concentrated Liquidity)

  • Uniswap V3-compatible concentrated liquidity pool design
  • LPs set price ranges; capital deployed only within the active range
  • Fee tiers: 0.01%, 0.05%, 0.30%, 1.00%
  • CLMM pools: highest capital efficiency for active LP strategies
  • Native ETH yield also applies to ETH-denominated positions within CLMM range

Thruster V2 (Classic AMM)

  • Constant product AMM (x × y = k) — similar to Uniswap V2
  • Lower complexity; fully fungible LP tokens (ERC-20 receipt)
  • Suitable for volatile token pairs or passive LPs who prefer simplicity
  • 0.30% trading fee
  • Native yield applies to ETH/USDB in classic pool reserves

Blast Native Yield Integration

Blast’s protocol-level design provides:

  • ETH/WETH holders → earn ETH staking rebases (via Lido integration at bridge layer)
  • USDB holders → earn T-bill-equivalent yield (via MakerDAO DSR or T-bill protocol)

Thruster integrates this at the pool level:

  • ETH/WETH in Thruster pools earns Blast native ETH yield
  • USDB in Thruster pools earns Blast native USDB yield
  • These yields stack on top of trading fees
  • Effective LP APY = trading fee APY + Blast native yield APY

For ETH/USDB pools, LPs effectively earn:

  1. Trading fees from swap activity
  2. ETH staking yield (Blast native)
  3. USDB stability yield (Blast native)

All three simultaneously — a unique advantage of building a DEX natively on Blast.

THRUST Token and Distribution

THRUST is Thruster’s protocol token:

  • Distributed to LPs as liquidity mining rewards
  • Earned by participating in Thruster’s Blast Points/Gold farming
  • Governance: THRUST holders can vote on pool fee parameters and incentive allocation
  • Treasury held THRUST can be deployed for future protocol incentives

Blast Points Integration

Blast’s ecosystem incentive layer “Blast Points” worked as follows:

  • Blast periodically distributed BLAST token rewards to ecosystem users based on points
  • Thruster LPs earned Blast Points by providing liquidity (boosted on key ETH/USDB pairs)
  • “Blast Gold” (separate allocation for developers/protocols) distributed to Thruster as a protocol
  • Thruster redirected its Blast Gold allocation to users via THRUST

Thruster Features

  • Native ETH/USDB pools — primary liquidity for Blast’s most liquid asset pair
  • Launchpad integrations — many Blast ecosystem token launches used Thruster as initial liquidity destination
  • Router aggregation — routes swaps across both V2 and V3 pools for best price
  • LP analytics — range visualization for V3 positions

Sources

Related Terms