Blast L2 | Hitting $613M TVL in 7 Days

13.12.2023

Vlad Svitanko

10 min

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Let's delve into a fascinating development in the Web3 world. This budding project swiftly overtook ZkSync's TVL in just a few days.

This project gathered 66,000 users and became a TOP 5 DeFi app in the first days of its existence.

We're shining a spotlight on the latest sensation – Blast.

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Blast backed by Paradigm

People invest their time and money in those they trust. Tieshun Roquerre, the CEO of Blur, showcased his personality during the initial launch, earning admiration and trust.

And it leads to success. It's truly incredible.

• A whopping 23,368 users joined the Blast community on the first day after launch.
• Blast reached an impressive $81 million in Total Value Locked in just one day.

All of this is built on the foundation of trust, with the backing of Paradigm and the young founder, Packman, at the helm.

BLAST, an EVM-compatible optimistic rollup, elevates the baseline yield for users and developers, preserving the anticipated crypto-native experience.

What sets BLAST apart? Native yield for ETH and stablecoins – not just impressive, but on Layer 2, it's a game-changer!

With Blast, bridging assets like ETH, USDC, USDT, and DAI bring automatic yield generation. Thanks to ETH staking, users lock up their ETH, support the network, and receive rewards directly from Blast, adding to their ETH balance over time.

How rewards work here. If someone contributes and starts staking faster than others, his reward will be bigger. Of course, the reward also depends on the amount of contribution.

Blast's referral program has proven to be exceptionally effective. It follows the classic two-story referral structure, which some may interpret as a Ponzi scheme. However, Blast stands out because people trust the founder & investors, and believe in the project.

For the details of the referral program, check out below.

Participants receive a +16% bonus when their direct invites earn points and +8% when the invites of their referrals earn points.

Each participant has a "squad," a crew invited with Blast links/codes. When the squad deposits a total of 5 ETH, their Luck increases, and they unlock 10 more invite links. Luck decides how likely Super Spins are, each valued at up to 10x Normal Spins. Spins earn airdrop points, redeemable later. The more funds the squad bridges to Blast L2, the more spins they all get.

Imagine the picture: a famous team with a successful track record finds a huge market (L2s), immediate investment from Tier1 funds, and PMF right off the bat.

Surprise, this is a picture of Blast.

The founder of Blur, after taking the lead in the NFT market, and pushing OpenSea off the pedestal in less than a year, took on the DeFi and L2 market with the new project.

On the very first day, Blast received a $20M boost in funding from Paradigm and Standart Crypto.

Airdrop soon

The BLAST token airdrop is a pivotal element of the Blast ecosystem, designed to reward user engagement and support platform growth. Users can participate in this airdrop by bridging assets to Blast and inviting new members, thereby earning points.

These points, a measure of their contribution to the platform, will be redeemable as BLAST tokens in May 2024.

Paradigm & Airdrop - two points every Web3 enthusiast is eager to hear.

Let’s dive into more detail about what makes Blast such viral.

On the same day, Blur announced the end of its Airdrop, coinciding with the introduction of the new blockchain, Blast. The heightened interest from Blur users sparked a wave of excitement, propelling Blast into the spotlight.

What adds intrigue is that Blur reaps substantial benefits from this launch. After Airdrop, the token doesn't experience a price dip. With the introduction of Blast, token holders aren't quick to sell but rather choose to hold. They can potentially get a Blast reward for doing so.

Perceived value started increasing each minute, especially keeping in mind how generous Packman & Paradigm were on Airdrops.

Crypto is a hope market. Hope is being driven by perceived value. Perceived value is being produced by marketing. Marketing is a science of creating demand.

Now, is it clear?

Demand was there, and it multiplies each second.

It is important to understand that it was very profitable for influencers. Below we will talk about the referral program and bonuses. And you will understand why Web3, NFT, and DeFi influencers wrote about Blast. By inserting their referral links, of course.

Participants' funds don't end up in a new contract; they go directly to Lido & MakerDAO. Blast is not in competition with the top DeFi projects; it's in alliance with them!

A perfect move, having in mind that staking + land market are $46B cap.

The project team plans to allocate BLAST tokens to both developers and community members, with a 50-50 split.

Developers can anticipate their rewards shortly after the main network launches in February. As for users, their rewards are scheduled for May when the native coin is officially launched.

This tokenomics model, which is unusual for Web3, shows that Blast is committed to long-term work, and there is definitely potential in this project.

At Blur, the team showed a clear positioning and understanding of their target audience - they want to make a marketplace for pro-NFT traders.

And now a similar situation is happening on Blast - making the conditions of the airdrop such that small wallets will be cut off. Only whales and users with good balance will remain.

Blast makes airdrop distribution a game with "Spins" – each bridged ETH gets one Spin/week. Luck impacts Super Spins, offering up to 10x more airdrop points. Increase Luck by bridging more or having the squad bridge more.

Achieve squad goals for better Super Spin luck or more airdrop invites. For every five ETH the squad bridges to Blast L2, choose a card with a random Luck probability. If the chosen card has better Luck than the previous one, the squad's Luck increases.

Here's another genuine rule in launches: create scarcity, while maintaining growing demand. Blast's team has made an impermanent buzz around getting these invites. Bravo!

1. Choose Huge Market & Demanding Product
2. Got somebody famous to join your team (Trust)
3. Secure investments from Tier1 fund (Trust)
4. Create limited access (Scarcity)
5. Build a contribution template (Contribute first, earn then)
6. Provide gamification (Spins, lucky strikes & so on)
7. Build an incentive campaign to keep people spreading the word (engagement Layer)
8. Pin a referral system (Viral effect)
9. Don't be 100% perfect (Ensure people gossiping)
10. Bounty (Airdrop: be generous)

What would you add?

There's a strong feeling that Blast will make headlines next year with its accomplishments. Will there be a Season 2 airdrop like Blur? Only time will tell. Yet, the team guiding this journey shares invaluable lessons.

Gather these insights and fuel your project's growth. Join a call with our team, and together, let's build something remarkable.

Of course, at this point KOLs went crazy and started to flame out.

So, shilling on X, Discord, Telegram was fuelling off a FOMO.