Everything You Need To Know About Blast Airdrop

2024-06-24

Everything You Need To Know About Blast Airdrop image 0

 

What Is Blast L2?

Blast is an EVM-compatible Layer 2 (L2) blockchain network designed to generate earnings with native yield. The project is led by pseudonymous co-founder @PacmanBlur and has successfully raised over $20 million in funding from prominent investors such as Paradigm and Standard Crypto. Its innovative approach and operational benefits have drawn significant attention in the blockchain community.

Since its launch, Blast has attracted substantial investments, with investors contributing millions in ether (ETH) and stablecoins to the project. The total deposits have now exceeded $1.3 billion. Users who deposit ETH on Blast earn yields and accumulate BLAST points, which not only enhance their initial deposits over time but also provide airdrop rewards. BLAST points can be earned through deposits and referrals, with plans for redemption starting in May 2024.

 

Moreover, users who bridge stablecoins onto the Blast network receive Blast’s auto-rebasing stablecoin, USDB. The yield for USDB is sourced from MakerDAO's T-Bill protocol, providing a stable and attractive return. This feature, combined with the other benefits, underscores Blast’s commitment to delivering value and innovation in the blockchain space.

How Does Blast Work?

Blast operates as a unique Ethereum Layer 2 (L2) solution, distinguished by its integration of native yield generation for both ETH and stablecoins. This innovative approach sets Blast apart from other L2 solutions. Here’s a closer look at how Blast achieves this and the underlying mechanics of its operation.

Auto Rebasing

Blast simplifies the staking process by eliminating the need for manual setup. When assets are bridged to Blast, they are automatically staked within the network. One of Blast's standout features is its auto-rebasing mechanism for ETH and its native stablecoin, USDB. Unlike other Layer 2 solutions, Blast allows ETH to rebase natively, meaning users' ETH balances automatically adjust to reflect the generated yield. Additionally, smart contracts on Blast can opt-in to this feature, enabling decentralized applications (dApps) to deploy on Blast with minimal modifications.

L1 Staking

Following the Ethereum Shanghai upgrade, Blast effectively utilizes ETH yield from Layer 1 (L1) staking, initially through Lido. This yield is automatically distributed to users via rebasing ETH, providing continuous returns without additional steps. Looking ahead, the Blast community may choose to enhance or replace Lido with native solutions or other third-party protocols to optimize yields further.

T-Bill Yield

Blast’s native stablecoin, USDB, accrues yield from MakerDAO’s on-chain T-Bill protocol. When users bridge stablecoins to Blast, they receive USDB, which automatically generates yield. This yield can be redeemed for DAI when bridging back to Ethereum. Similar to ETH staking, the Blast community has the flexibility to replace MakerDAO with native solutions to improve yield options.

Gas Revenue Sharing

Distinct from other L2 solutions that retain gas fee revenue, Blast redistributes net gas revenue back to dApp developers. These developers can either keep the revenue or use it to subsidize gas fees for their users, enhancing the platform's user-friendliness and cost-effectiveness for dApp interactions.

Benefits Of Blast

Blast’s bridging capabilities are designed to forge strong connections across networks, enhancing interoperability and accessibility. By integrating these capabilities, Blast aims to significantly elevate the Layer 2 experience, making it more seamless and efficient for users.

The project incentivizes developers to build on its platform by offering generous rewards, thereby fostering a vibrant and innovative ecosystem. This approach not only attracts top talent but also ensures a continuous flow of creative solutions and applications.

Additionally, Blast provides native yield generation for both ETH and stablecoins, enabling users to earn passive income effortlessly. This unique feature allows users to maximize their assets' potential, distinguishing Blast as a leading platform in the blockchain space.

Is There A Token For Blast?

Blast has announced its BLAST token airdrop for June 26, later than initially expected. The tokens will be distributed equally between developers through Blast Gold points and early users who bridged funds before the mainnet launch. The network has already garnered interest and success with its early apps, games, and tokens.

The BLAST token has been confirmed in the form of Blast Points, which users will be able to redeem as BLAST tokens in May. These Blast Points can be earned through various activities, including bridging assets to the Blast mainnet and referring friends. As you bridge more assets to the network, your wallet earns Points automatically every block based on your ETH/WETH/USDB balance. Users who successfully invite others will also receive additional airdrop points: you earn +16% on top of any Points earned by your invites, as well as +8% on top of any Points earned by your invite’s invites.

Importantly, the bridged assets will not sit idle on Blast between now and May. Instead, ETH/WETH will earn approximately 4% native yield, and USDB will earn around 5%. With these features, Blast offers numerous opportunities for users and developers, solidifying its position in the blockchain space.

Will Blast Token Price Go Up?

It seems that the average value of Blast could potentially rise to $0.000391 by the end of this year. Looking further ahead, over a five-year timeline, the digital currency could grow to as much as $0.000845. However, given the market's inherent unpredictability, it is crucial to conduct thorough research before investing in any project, network, or asset .

How To Get The Blast Airdrop?

Blast has secured $20 million in funding from investors such as Paradigm and Standard Crypto and has confirmed plans for an airdrop aimed at early adopters. With the launch of its mainnet, users who register using an invite code, bridge ETH, and refer friends will receive airdrop points. Early adopters who bridged assets to Blast before the mainnet launch will receive a 10x multiplier on their accrued points. Engaging with dApps on Blast allows users to earn Blast Gold, which along with airdrop points, can be converted into BLAST tokens.

Here’s a step-by-step guide to get started:

1. Visit the Blast website.

2. Obtain an invite code to access the platform.

3. Follow Blast on Twitter and Discord, and connect your wallet.

4. Navigate to the Bridge section and transfer ETH or other tokens from Ethereum to Blast L2.

5. Ensure you have sufficient ETH or supported tokens on Blast for bridging. Tokens can be obtained on Bitget.

6. Begin earning Blast points based on the amount you’ve bridged.

7. Earn a 4% interest rate for ETH and 5% for stablecoins, significantly higher than the 0% offered by other L2 solutions.

8. Participants in the "Early Access" campaign should transfer their tokens to Blast Mainnet to commence earning points.

9. Early access participants receive a 10x multiplier on their earned points. For instance, if you earned 1,000 points during early access, you'll receive 10,000 points. Bonus points unlock upon reaching specific point milestones, and referral bonuses are contingent on your referrals unlocking their bonuses.

10. 50% of the Blast airdrop pool is allocated to users, while the remaining 50% is reserved for Blast developers.

11. Developer points, known as Blast Gold, have already been allocated by leading projects to their users.

12. Interaction with dApps on Blast qualifies users to earn Blast Gold.

13. Participate in the Multiplier campaign to boost your points, accessible through highlighted dApps.

14. Ensure all Bitget wallet profiles for dApps are linked to your Blast dashboard.

15. All airdrop points and Blast Gold earned will convert to Blast tokens on June 26th.

16. The airdrop allocation has been increased to compensate for the delayed launch.

17. Earn additional points and Blast Gold from each referral to maximize your rewards.

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