Blast — the L2 with native yield baked in
Blast pays yield on idle ETH and USDB balances at the chain level. The accounting needs to capture that as ordinary income, not as a price drift.
Blast's core differentiator is native yield — ETH balances on Blast accrue stETH-equivalent yield, and USDB (the chain's USD stablecoin) accrues T-bill yield. Both balances rebase upward over time. For an accountant, that yield is ordinary income on accrual, not a price gain. Wag3s tracks the rebase and books the income on the right account; it also tracks BLAST token allocations from the various points programs and unlock schedules.
What's tracked on Blast
Native ETH balance with rebasing yield
Per-block yield accrual booked as staking-like ordinary income.
USDB balance with T-bill yield
USD-stable rebase yield booked as ordinary income.
BLAST token allocations
Points-program distribution rounds tracked per claim event.
Thruster, Juice, Pac Finance
Blast-native DeFi positions with realized-gain tracking.
Common Blast transaction patterns we classify
- Send / receive ETH (Blast)
- ERC-20 transfer on Blast (in / out)
- Blast bridge deposit (Ethereum → Blast)
- Blast bridge withdrawal (Blast → Ethereum)
- Native ETH yield accrual (automatic rebase)
- USDB yield accrual (automatic stablecoin rebase)
- BLAST token claim (points-program distribution)
- Thruster swap or LP position
- Juice Finance supply / borrow
- Pac Finance lending interaction
- Hyperlock staking deposit / withdrawal
- ERC-20 approval (gas only, no balance change)
What changes when you book Blast
Native yield is income, not price appreciation
Blast's rebasing ETH and USDB mechanisms increase your on-chain balance automatically over time. This yield is economically equivalent to staking income and should be booked as ordinary income in the period it accrues, not as an unrealised gain on the underlying asset. Wag3s tracks each rebase increment and posts it to the income account you designate, keeping your ETH cost basis clean.
Bridge timing creates an in-transit balance
Blast deposits from Ethereum take several minutes to finalise on the L2. Withdrawals back to Ethereum go through a challenge window typical of optimistic rollups, which can be several days. During both windows, the asset is neither on L1 nor accessible on L2. Wag3s tracks the in-flight state so your balance sheet does not show a phantom gap.
BLAST token allocations are income on the claim date
BLAST tokens distributed through points programs and airdrops are ordinary income at fair-value on the date you claim them. The pre-claim points balance has no on-chain value and is not booked until the claim transaction occurs. Wag3s books each claim event individually, with the BLAST price at the block timestamp, so your income report is tied to actual receipt rather than a points-conversion estimate.
Blast accounting questions
Is the rebasing ETH yield on Blast the same as stETH?
Different mechanism, similar accounting outcome. Blast routes idle ETH to liquid staking under the hood. The user's wallet shows the rebased balance; we track the yield accrual at each rebase and book it as ordinary income.
How is BLAST token income classified?
As an airdrop / promotional grant — ordinary income on the claim date at the BLAST fair-value at that time.
How is native yield on USDB (Blast's native stablecoin) treated for accounting?
USDB accrues yield automatically via the same rebasing mechanism as ETH on Blast. Wag3s books each USDB yield increment as interest income at USD 1:1 (USDB is USD-pegged, so no FX conversion is required). The income event is the rebase, timestamped at the on-chain rebase transaction.
Other chain coverage and tax guides relevant to this network.
Book Blast the right way
Free during Alpha. Connect a wallet, see every transaction reconciled to journal entries.