In this article we introduce a new layer-2 of Ethereum that is scheduled to release an airdrop in May 2024: we are talking about Blast, an infrastructure that looks to be the first to offer native yield for crypto such as ETH and stablecoin.
To date, the chain has not yet been launched and it is, in fact, impossible to bridging funds within it.
However, we can deposit ETH in a multi-signature wallet that will, on the one hand, guarantee us a yield from here to the coming months, and on the other hand, give us the opportunity to participate in airdrop.
Paradigm and Standard Crypto, two well-known investment signatures in the crypto world, have funded the project with $20 million given its potential that could completely revolutionize the Ethereum L2 landscape.
Let’s take a closer look at what it is all about and find out how to get airdrop.
Summary
BLAST: Ethereum’s first layer-2 offering native yield of ETH and stablecoin
Blast is a new layer-2 ZK from Ethereum of the optimistic rollup type, which promises its users yields that beat dollar inflation simply by holding tokens on the crypto network, as well as offering an airdrop-style rewards campaign.
In detail, Blast presents itself as the first compatible EVM infrastructure capable of granting native ETH and stablecoin yields.
Basically, those who hold a balance of these cryptos within the L2 passively get interest that is generated by going to Lido staking and MakerDAO, in a fully automated way and without the need for external actions.
It should also be noted that the project team has planned to donate the entire proceeds of fees recorded on the chain to all decentralized application developers, so as to incentivize the development of successful products.
At this time the chain is still under development, with the mainnet being launched in February and airdrops being unlocked about 2 months later.
For now, one cannot in fact bridging crypto within it but only deposit ETH and other stables at a multi-signature wallet that is a real safe for early adopters of the project.
There appears to be no testnet or mainnet readiness phases.
Well-known crypto investment signatures Paradigm and Standard Crypto have been personally present at Blast’s funding, leading a $20 million round.
Other companies and private entities participated in the development of the project: these include names such as eGirl Capital, Primitive Ventures, Andrew Kang, Hasu, Foobar, Blurr, Will Price, Hsaka, Santiago Santos, Larry Cermak, Manifold, and Jeff Lo.
Given the presence of major players on this list, who have funded infrastructure that has released voluminous airdrops in the past, we expect the same to happen for Blast.
On the other hand, the names of the team for the new rollup are not yet known: all we know is that they come from prestigious institutions such as the FAANG, Yale, MIT, Nanyang Technological University, Seoul National University, and that they have worked for some popular web3 and DeFi protocols particularly active on Ethereum and Solana.
The premise for Blast seems to be respectable: given the backgound of the project and the next-generation architecture of the chain we could easily see this layer-2 compete with the major players in the cryptographic industry in the coming years.
Let us not forget, however, that to date Blast has created NOTHING yet: being too optimistic about a premature product could turn out to be a completely wrong approach such that it leads to an overstated interpretation of reality.
How to participate in BLAST’s crypto airdrop
To participate in Blast’s crypto airdrop, the first thing to do is to retrieve an invitation code because access to the platform in its “early access” phase is limited.
The easiest way to find one is to search for it on X by selecting the keywords “Blast code” in the search bar and scrolling through the various user posts and browsing through the comments.
There are many invitation codes available because to maximize airdrop, the community tries to invite as many users as possible to join their “team.”
Once we get a valid code, all we have to do is deposit ETH, stETH or stablecoins such as DAI, USDC, USDT.
Be careful because these funds will remain locked until February 2024, at which time the Blast mainnet will be realized.
In return we will get an annualized yield of about 4-5%, as well as points that will entitle us to collect airdrop.
The rewards program is organized in the same style as Friend.Tech, which includes gamified elements within it to provide a “fun” investment experience.
If you plan to lock your funds into Blast to participate in the airdrop, the advice is to deposit crypto worth at least $1,000.
In just 48 hours since its launch, this platform has raised about $230 million from a total of more than 37,000 users. Understand for yourself that the competition here is very high, hence allocating a few hundred dollars to the project may not bring the desired results.
Then consider that just for fees on Ethereum we will spend a minimum of $15-20 between deposit and withdrawal.
Immediately after making your first deposit you can start sharing your invitation code within the network of contacts you are part of (before depositing you do not get an invitation code).
The more crypto deposited by individuals who sign up with your code, the more points you can get and consequently the larger the final airdrop.
If you have the opportunity, share codes initially only with those you know have the financial readiness to deposit substantial amounts of ETH or stablecoin ( codes only limited at first).
As you move forward with your score you will reach a level where you can share your code endlessly, and hence only at that point will it become a wise idea to spam it everywhere on all existing social media.
To get to that point your team (you and everyone you invited) will have to deposit at least 20 ETH. You can view your progress through a dedicated airdrop leaderboard.
The logic of the invitations follows somewhat the same ponzinomics concepts typical of projects that incentivize sharing and engagement among communities.
Blur and other projects also exhibit similar lineaments, where the greater the contribution of your lines the greater your personal gain.
To be honest, this system does not represent the absolute best system for launching an airdrop and may prove inconvenient for some if you are not part of a close crypto degen community.
Also, the fact that a multi-signature wallet with 3 out of 5 signatures needed to approve transactions is handling the treasury of deposits does not reassure and still raises many questions about what to do.
In any case, it is worth mentioning that as backers on Blast there are renowned names who have collaborated on other projects in the past that have released very high value airdrops, sometimes even exceeding $10,000.
In conclusion, it is important to understand that blocking one’s funds for Blast airdrop presents its own not insignificant risks, but at the same time the whole thing could turn out to be extremely profitable in the future.
