Author: Jessy, Golden Finance
The multiple rounds of Blast airdrops targeting users have finally come to an end. Airdrops cannot satisfy everyone, and this time the airdrop was all-inclusive. As long as users participated in the interaction, they could basically receive the airdrop, which was almost effortless, but the amount of money was indeed small, equivalent to less than 1U. The largest holder received about 23 billion points, which roughly translates to 50 million tokens, based on the initial issuance price of 0.03 USD, amounting to approximately 1.5 million USD.
This all-inclusive airdrop method has been criticized by the community, especially its "killing of large holders," which has sparked strong dissatisfaction among them. User X, @Christianeth, stated that they deposited 50 million USD on Blast but only received a 100,000 USD airdrop. Some also complained about the severe inflation of Blast points.
In the past few months, including Blast, Ethereum Layer2 projects that have conducted airdrops have been criticized to varying degrees by the "lurkers." The reason for the cursing is simple: they did not achieve the expected returns. Indeed, the era of large returns during the ARB period is unlikely to be reproduced in the Ethereum ecosystem.
The conclusion of this round of Blast airdrops also marks the transition of the airdrop era. After the token issuance, the focus should be on Blast's own development. Is the founder, Tieshun, really a scammer as many claim? Is Blast just a Ponzi scheme?
The Airdrop Issue is Not Significant
In this round of airdrops, 17% (17 billion tokens) of the total BLAST supply will be distributed to users. The 17% composition includes: Blast points 7%, Blast Gold points 7%, and Blur Foundation 3%.
The specific details are as follows:
Blast points: 7,000,000,000 (7%). Users who connected ETH or USDB to Blast and contributed to the initial liquidity of the Blast ecosystem in the first phase will receive 7% of the total BLAST supply as a reward.
Blast Gold points: 7,000,000,000 (7%). Users who contributed to the success of the Dapp will receive Blast Gold points and will be rewarded with 7% of the total BLAST supply.
Attribution: The top 0.1% of users (approximately 1000 wallets) will linearly attribute a portion of the airdrop within 6 months. Based on the activities in the first phase, attribution requires reaching a monthly points threshold.
Blur Foundation: 3,000,000,000 (3%). The Blur Foundation will receive 3% of the total BLAST supply for distribution to the Blur community for tracing and future airdrops.
Currently, the top few rankings for individual airdrops are as follows:
From the above rankings, it can be seen that true large holders can actually receive a considerable amount of tokens and returns. Although the act of targeting large holders exists, as mentioned by user X, @Christianeth, who deposited 50 million USD on Blast but only received a 100,000 USD airdrop.
Since the launch of the Blast mainnet in March, there have been numerous criticisms of Blast's airdrop. At the time of the Blast mainnet launch, users who staked Ethereum on the testnet found that they needed to transfer their assets and staking points to the mainnet themselves, requiring a significant amount of gas fees, at times exceeding 50U. Blast's contract security was also questioned. Before the mainnet launch, it was just a smart contract that stated users' funds would be deposited into a multi-signature wallet, and these funds would then be deposited into Lido for investment.
However, these minor issues did not hinder Blast's development. This year, the airdrop finally landed. It was thanks to the airdrop method that Blast's marketing was successful.
Blast differs from previous Layer2 airdrop methods in that it provides a platform for staking and earning interest. Users who deposit mainstream assets into Blast not only have airdrop expectations but also have their assets on Blast's chain placed into platforms like LDO for staking and earning interest.
After users pledge tokens to Blast, they will be involved in other staking protocols based on the type of token. For example, if you deposit DAI, Blast will place it in MakerDAO, and if you deposit ETH, it will be placed in Lido. Blast's native stablecoin USDB is used to settle earnings and return them to users.
Blast uses straightforward airdrop incentives to attract users and increase the amount locked in. The incentive method for airdrops is a simple and direct "three-tier hierarchical pyramid scheme," which has been proven effective multiple times. Currently, Blast's TVL ranks third in the Ethereum Layer2, following ARB and Base.
In this sense, this kind of influence is undoubtedly very effective. Although Blast has been criticized by the "lurkers," airdrops are actually a win-win situation. It's not just Blast's airdrop; from the recent airdrops, the "lurkers" should realize that the era of zero-cost or low-cost airdrops through a large number of accounts is coming to an end. Now, it's about the amount of funds and depth of participation.
Surface Stake Layer2, Inside Wants to Create a Full-Stack Chain
Blast positions itself as a "Stake Layer2" narrative distinct from other Layer2 solutions, but in reality, it is through Blast that users engage in Ethereum staking mining and contract mining. Users depositing money into platforms like Lido is the same, but by depositing through Blast, they can earn airdrop points.
In addition to using airdrop marketing to create a high TVL, Blast's technical implementation itself is also innovative in the Ethereum Layer2.
While many technical teams are continuously optimizing their own chains, Tieshun directly leveraged OP Stack to quickly establish the Blast chain, and then laid out a full-stack chain based on this. The Blast Foundation announced that it would do this in the second phase and stated that it would collaborate with the community to develop desktop and mobile wallets designed specifically for native crypto users, aiming to provide a better experience than Metamask and accelerate user adoption through incentive measures. It is evident that Blast is not satisfied with just being an L2 public chain; it aims to create a full-stack chain that integrates from the chain to the wallet and then to CEX.
Currently, public chains share a commonality in that they all have a similar end-to-end user experience. Each chain focuses on optimizing the chain's technology itself while relying on third parties to complete the rest of the stack. This approach is similar to Android; they optimize the operating system and rely on third parties to complete the remaining work.
So far, the Android approach has been effective for public chains, but it has also led to a fragmented and friction-filled ecosystem.
In contrast, Apple adopts a full-stack approach. They have built everything from software to hardware and optimized the entire stack. This approach has greatly accelerated the evolution to the mobile end and has created the world's most valuable mobile ecosystem.
In this regard, it seems that Blast wants to do what Apple is doing.
In this light, Tieshun is actually a very ambitious developer. Although the price of the NFT market project Blur has been declining, perhaps more attention should be paid to the innovation in the industry and whether it truly materializes.
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