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Step-by-Step guide: Blast

Updated: Mar 30

💥Introducing Blast, a Layer 2 (L2) platform designed to bring a fresh perspective to your Ethereum experience. In a world where interest rates on other platforms hover around 0%, Blast sets itself apart by offering a 4% return on ETH and 5% on stablecoins. This platform aims to provide users with an enhanced financial experience, allowing them to earn rewards effortlessly.

🚀The rationale behind considering Blast is simple. After the Ethereum update, users can enjoy a 4% boost on their ETH holdings, and for those holding stablecoins, Blast offers an appealing 5% return. It’s an alternative that boasts competitive rates within the Layer 2 landscape. Blast achieves this through auto-rebasing, ensuring that ETH and stablecoin holdings remain aligned with favorable rates. Additionally, by tapping into Ethereum Layer 1 staking rewards, Blast offers users an extra income stream without requiring active participation.

👀In a funding round spearheaded by Paradigm and Standard Crypto, Blast secured more than $20 million. The project is under the leadership of the pseudonymous figurehead PacmanBlur, a co-founder of the NFT marketplace Blur.

Breakdown of Blast User Airdrop

❗️Before starting any activity on Blast, we recommend taking a look at our EVM ecosystem introduction guide, where we cover the vitals of EVM navigation.

The team has initiated the mainnet launch, offering users an opportunity to receive airdrop points by signing up with an invite code, bridging ETH, and inviting friends. While engaging with the dApps on Blast will earn users Blast Gold. Both airdrop points and Blast Gold will be convertible to BLAST tokens.

➡️ To start your journey in Blast follow this link with the invite code.

Blast Points

Half of the Blast Airdrop is designated for Blast Points. Your wallet will automatically accumulate Points with each block, determined by your ETH/WETH/USDB balance. This real-time Point accrual is visible on your Airdrop dashboard.

Boosting your Points is as simple as bridging more assets to Blast. Watch your Points grow over time, thanks to Blast’s native yield (~4% for ETH/WETH and 15% for USDB) and the increasing balance in your wallet.

While ETH/WETH balances consistently generate Points, the Points from USDB balances vary based on the current ETH price. The conversion rate of USDB to ETH for Points is updated whenever your account sends or receives USDB.

Blast Gold

Half of the Blast Airdrop is set aside for Blast Gold, specifically designated for Dapps. Unlike Points, Gold distribution is a manual process. The Blast incentives committee will distribute Gold at a regular 2–3 week interval and make public announcements once the Gold distribution is completed.

To track which Dapps have received Gold, you can refer to the Airdrop Page. The purpose of Gold is to serve as an incentive for Dapp's growth. This entails Dapps allocating 100% of the Gold they earn to their users. To facilitate this, they are required to integrate with the Blast Points API.

Prominent Blast Dapps to farm Gold

🛰️Orbit Protocol —a decentralized liquidity protocol, that enables the lending and borrowing of Blast assets. Its unique approach utilizes Blast’s native yield to enhance the lending/borrowing experience, aiming to offer more competitive yields compared to existing protocols.

Key Metrics:

TVL: 425M$

Blast Points to distribute: 1.6B (97% are distributed)

💍Ring Protocol — Ring Protocol, developed over three years, is a suite of decentralized finance products with a mission to create a universal liquidity protocol. By launching a series of products, it aims to maximize asset utilization and reshape the DeFi landscape.

Key Metrics:

TVL: 274M$

Blast Points to distribute: 1.3B (43% are distributed)

🎧Ambient — a decentralized exchange (DEX) protocol that allows for two-sided AMMs combining concentrated and ambient constant-product liquidity on any arbitrary pair of blockchain assets.

Key Metrics:

TVL: 68M$

Blast Points to distribute: 190M (80% are distributed)

🧙‍♂️Abracadabra — A DeFi lending platform called Omnichain operates by using interest-bearing tokens as collateral to generate Magic Internet Money, a stablecoin denominated in USD. This platform has been in the market since 2022.

Key Metrics:

TVL: 122M$

Blast Points to distribute: 80M (62% are distributed)

🏭SynFutures —promotes liquidity concentration within defined price ranges and integrates leverage to enhance capital efficiency. Supported by Polychain, Framework, DragonFly, and more.

Key Metrics:

TVL: 22M$

Blast Points to distribute: 172M (100% are distributed)

🪐Particle — a decentralized leverage trading protocol that is open for any digital asset, offering permissionless access. This protocol operates without relying on price oracles, avoids forced liquidation, and eliminates counterparty risk. Supported by Polychain, Nascent, and Arthur Hayes.Key Metrics:TVL: 3.9M$Blast Points to distribute: 22.6M (100% are distributed)

Other ways to receive points and gold: Invites and Multipliers

You’ll receive a bonus of +16% on the Gold and Points earned by those you invite, and an additional +8% on the Gold and Points earned by the invites of your referrals. The more your invites engage with and accumulate Gold through Dapps, the higher your earnings.

👀 If you are interested in distributing risks, you can follow a 2-account strategy, connecting them through the invite code, which you need to take from the first account.

Multipliers contribute to both your Points balance and earnings rate. For instance, with 100 Points and an hourly earning rate of 20 Points, activating a 2x Multiplier would increase your balance to 200 Points and your hourly earnings to 40 Points.

These Multipliers will be gradually released, and you can find their release dates on the Airdrop page. There will be a total of 12 Multipliers available before the Points redemption in May, so ensure you acquire all of them.

You can acquire Multipliers by engaging with specific highlighted Dapps. Upon accessing a Multiplier, you’ll see the featured Dapps that contribute to its earnings. By using any of these highlighted Dapps, you can earn the associated Multiplier.

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