Using strategic airdrop incentive products helps Blur NFT marketplaces gain a leading position in the marketplace. By following these unique mechanisms, the Blur development team introduces another similar master plan with the collaboration of big investment stakeholders.
The recent Layer-2 network “Blast” is so competitive that just in a few days, users deposited hundreds of millions of dollars for the future Blast L2 token airdrop.
So, don’t skip reading to get a complete overview of their upcoming airdrop to get maximum benefit from it.
What is the Blast L2 Token Airdrop?
Blast is a recent addition in the crypto world that aims to revolutionize the Ethereum Layer 2 (L2) experience. Unlike traditional Layer 2 solutions, Blast brings a distinctive feature of native yield on both ETH and stablecoins. This unique attribute could potentially make Blast a massive catalyst in the cryptocurrency market.
An EVM-compatible, optimistic rollup L2 solution is at the heart of Blast’s innovation. It distinguishes itself through its native yield capabilities that offer its users unique revenue opportunities and rewards. It achieves this by implementing a new approach to ETH staking and Real-World Asset (RWA) protocols. This approach ensures a base interest rate of 4% for ETH and 5% for stablecoins, 10 times more than other L2 solutions. Seamlessly transferring this yield to users through rebasing.
Blast is the brainchild of a team of industry experts, including Pacman Blur, the creator of the notable NFT marketplace protocol, Blur. Supported by reputable entities like Standard Crypto, eGirl Capital, and Paradigm. Just securing a $20 million investment from Paradigm and Standard Crypto.
In addition to auto-compounding of ETH and Treasury-Bill (T-Bill) yield for stablecoins, Blast offers several unique features. These innovations mark Blast as a significant addition to the Ethereum ecosystem.
Additionally, Blast intends to share gas revenue with developers, implementing an attractive incentive model to attract talent and projects to the platform. It is also set to reward early users with an airdrop. Users who sign up with an invite code, bridge ETH, and invite friends will receive airdrop points, which will be convertible to Blast tokens in May.
How Can You Farm the Airdrop?
Here are options for Yield Farming to earn rewards through the Blast L2 Token Airdrop:
- Yielding by Asset Bridging:
The accruing yield spontaneously begins by transferring or “bridging” your assets to Blast. Which is a significant profit margin compared to other Layer2 solutions.
- Acquiring Blast Points:
Early Blast ecosystem participants have the advantage of earning Blast Points. The number of these points is proportionate to the volume of assets bridged and the number of new users you bring to the platform.
- Leveraging Blast Points:
The utility of Blast Points becomes evident with the launch of the mainnet, scheduled for February 2024. This event will see the activation of DApps and the ability to withdraw.
- Redeeming Blast Points:
In May 2024, a redemption phase will commence, allowing you to convert your Blast Points. The specifics of this phase are currently under wraps but promise to be highly advantageous for early participants.
Blast Timeline:
- Early Access (Present): Begin to bridge assets to earn yield and accumulate Blast Points.
- Mainnet Launch (February 2024): Enjoy full DApp functionality and the enablement of withdrawals.
- Redemption Phase (May 2024): Redeem your hoarded Blast Points for benefits.
What are the Potential Risks?
Investing or Yield Farming via the Blast L2 token airdrop has its associated risks, as highlighted by cryptocurrency analysts. The two major concerns are:
Dependence on Continual Reinvestment:
Blast’s yield generation model relies heavily on the constant reinvestment (or auto-compounding) of ETH and stablecoins. This model could pose a risk if users withdraw their assets en masse, disrupting the yield generation cycle.
Regulatory Concerns:
The regulatory landscape of cryptocurrencies is still evolving and is unpredictable. Blast’s model of providing yield on ETH and stablecoins and its connection to real-world assets could attract regulatory scrutiny. Uncertainty in this area might risk users in the long run.
It is important to remember that while the potential rewards of cryptocurrency investments can be high, they come with risks. Therefore, conducting thorough research and due diligence is essential before investing in any cryptocurrency, including Blast L2 token.
How Does the Referral Program Work?
Blast’s referral program rewards users for inviting new participants to the platform using an invite code, bridging assets, and inviting friends. Early participants can accumulate Blast Points and potentially earn even more rewards through the redemption phase in May 2024.
Step 1: Visit the Blast website and click “Get Early Access”.
Step 2: Provide your email address to sign up.
Step 3: Use an invite code or refer friends to start accumulating Blast Points.
Blast Invite Codes:
If you want to get started with Blast to see if you have already earned some points, you can use the Blast invite codes below. These exclusive Blast invite codes give you access to the platform and allow you to bridge your funds to Blast.
https://blast.io/Q5H6I
https://blast.io/JCHY7
https://blast.io/6F38E
https://blast.io/YD7ZF
https://blast.io/4C64T
https://blast.io/L97FM
https://blast.io/GPBHK
https://blast.io/OKDIK
Overview:
To engage with the Blast ecosystem, follow these steps:
Bridging Assets to Blast Layer2
Bridging your assets to the Blast Layer2 network involves transferring your Ethereum mainnet or stablecoins to Blast L2. The Bridging Process consists of visiting the official Blast website and connecting your wallet to the platform (ensure it’s compatible).
Select the assets you want to bridge (ETH, USDC, or DAI) and follow the prompts to complete the exchange between the Ethereum mainnet and Blast.
Farming the Blast Airdrop
You can begin farming the Blast Airdrop by successfully bridging your assets to Blast. You can earn Blast Points through various activities on the platform.
Activities to Earn Points:
Yield Farming: Generate yield on your bridged assets (4% for ETH and 5% for stablecoins).
Protocol Engagement: Participate in different protocols and dApps on the Blast platform.
Referral Program: Invite friends to join Blast and earn additional points.
Accumulating and Using Blast Points
The Blast Points are earned through active participation and investment on the platform. The more you engage and bridge assets, the more points you accumulate.
Using Your Points:
Mainnet Launch (Feb 2024): Use your points to access various benefits and features on the platform.
Redemption Phase (May 2024): Exchange your points for rewards, which may include exclusive access to new features or tokens.
Joining Blast Early Access
Currently, Blast is in an invite-only early access phase. To secure an invite, you can engage with Blast on Social Media (Quote tweet this thread). Next is waiting for an invite, as Blast will send invites to 20 random participants.
