Blast: Ethereum layer-2 airdrop

This article introduces Blast, a new Ethereum layer-2 infrastructure that is set to launch as an airdrop in May 2024. It appears to be the first of its kind to provide native yield for cryptocurrencies like ETH and stablecoin.

The chain hasn’t been launched yet, and it’s actually not feasible to bridge funds within it.

Nevertheless, we can deposit ETH into a multi-signature wallet, which will allow us to take advantage of airdrop opportunities while also ensuring a payout in the upcoming months.

The project has received $20 million in funding from two well-known cryptocurrency investors, Paradigm and Standard Crypto, because of its potential to totally transform the Ethereum L2 environment.

BLAST: The first layer-2 service from Ethereum that offers native ETH and stablecoin yields

Blast is a brand-new layer-2 ZK from Ethereum that is an optimistic rollup variety. It offers an airdrop-style rewards program and guarantees customers returns that outpace dollar inflation just by allowing them to keep tokens on the crypto network.

Blast describes itself in detail as the first EVM infrastructure that is compatible and able to provide native yields for ETH and stablecoins.

In essence, holders of these cryptocurrency balances within the L2 passively receive interest created by MakerDAO and Lido staking, entirely automatically and without requiring outside intervention.

In order to encourage the creation of successful goods, the project team also intends to give all decentralized application developers the whole amount of fees recorded on the chain.

The chain is still in construction as of right now; airdrops will be allowed around two months after the mainnet launches in February.

For the time being, early adopters of the project can only deposit ETH and other currencies into a multi-signature wallet, which is a true safe haven. One cannot, however, bridge cryptocurrency within it.

No testnet or mainnet ready phases seem to exist

Leading a $20 million round, prominent cryptocurrency investors Paradigm and Standard Crypto were present in person at Blast’s financing.

A number of other businesses and private organizations, including eGirl Capital, Primitive Ventures, Andrew Kang, Hasu, Foobar, Blurr, Will Price, Hsaka, Santiago Santos, Larry Cermak, Manifold, and Jeff Lo, were involved in the project’s development.

We anticipate Blast to see a similar outcome, given the existence of significant participants on this list who have previously sponsored infrastructure that has released numerous airdrops.

However, the team behind the new rollup is still unknown. All that is known about them is that they have worked for several well-known web3 and DeFi protocols, especially those that are active on Ethereum and Solana, and that they have attended esteemed universities like the FAANG, Yale, MIT, Nanyang Technological University, and Seoul National University.

The idea behind Blast is sound: considering the project’s history and the chain’s next-generation architecture, it’s possible that this layer-2 may challenge the top players in the cryptography market in the years to come.

But let’s not forget that Blast hasn’t produced anything yet, so being overly excited about a premature product could be a mistaken strategy that results in an exaggerated perception of reality.

How to take advantage of BLAST’s cryptocurrency airdrop

Obtaining an invitation code is the first step in taking part in Blast’s cryptocurrency airdrop, as access to the platform during its “early access” period is restricted.

Finding one on X is as simple as typing the phrases “Blast code” into the search box, going through the different user postings, and reading the comments.

The community attempts to invite as many individuals as possible to join their “team” in order to maximize airdrop, which is why there are so many invitation codes available.

All we need to do is deposit ETH, stETH, or stablecoins like DAI, USDC, or USDT once we have a valid code.

Take caution, as these monies won’t be released until February 2024, when the Blast mainnet will be launched.

We will receive an approximate 4-5% annualized yield in exchange for points that grant us the ability to receive airdrops.

The rewards program has gamified components to make investing a “fun” experience, and it is structured similarly to Friend.Tech.

It is advised to deposit cryptocurrency valued at least $1,000 if you intend to lock your cash into Blast in order to take advantage of the airdrop.

This site has raised over $230 million from a total of over 37,000 users in just 48 hours since its introduction. Recognize for yourself that there is fierce rivalry in this field, thus investing a few hundred dollars in the project might not yield the expected outcomes.

Then keep in mind that we will need to pay at least $15–20 on Ethereum fees alone between deposits and withdrawals

You do not receive an invitation code prior to investing; however, you can begin sharing it with your network of contacts as soon as you make your first transaction.

Your points will increase as more people sign up using your code, which will increase the amount of cryptocurrency deposited and, ultimately, the size of the final airdrop.

If you can, share codes at first exclusively with people you know are financially able to deposit large sums of stablecoin or ETH (limited codes at start).

With enough points, you can broadcast your code endlessly. It won’t be worth spamming every social media outlet till then.

Your group—you and your guests—must deposit 20 ETH to achieve that stage. A specific airdrop scoreboard displays your progress.

The invitations’ premise parallels ponzinomics, which promotes community participation and sharing.

Blur and other projects use similar lineaments, where your lines increase your gain.

If you’re not in a close-knit crypto degen group, this method may be inconvenient. However, it is not the best airdrop system.

Unsettlingly, a multi-signature wallet that requires three of the five signatures to authorize transactions handles the treasury of deposits, raising questions about what should be done.

However, several famous people who have worked with on previous projects and supported Blast are among the backers. This project has released airdrops worth $10,000 or more.

In conclusion, it’s critical to realize that while reserving funds for a Blast airdrop carries some inherent dangers, there’s also a chance that it might all end up being quite advantageous in the long run.