How to Participate in Blur Team’s New L2 Project Blast for Major Airdrop Gains | by codingJourneyFromUnemployment | Medium

How to Participate in Blur Team’s New L2 Project Blast for Major Airdrop Gains

🚨 Risk Warning: New DeFi projects can be highly imperfect and risky, potentially leading to total capital loss. This guide is a reference for those interested in participating in this project and is not financial advice. Always do your own research (DYOR)! 🚨

TL;DR: If you don’t want to read through the profit estimation and risk analysis, you can skip directly to Part 4, where detailed operational steps are provided. 🔑

1️⃣ Estimating Potential Returns from the Current Blast Airdrop

For airdrop hunters, nothing is more frustrating than feeling misled by project teams. After investing significant time, effort, gas costs, and even capital or node operation, receiving minimal airdrops can result in financial losses and psychological defeat. Thus, accurately estimating return on investment (ROI) significantly influences the certainty and success of a project.

Considering #Blast, we can estimate a decent ROI based on available public data — a major advantage of this project. As an Ethereum network L2 project, we can approximate its Fully Diluted Valuation (FDV) based on similar token-launched projects. The project, having raised $20 million from Paradigm, follows a typical L2 project fundraising pattern.

Although the project only launched a few days ago, current data looks promising. According to a dashboard on Dune, over 100,000 ETH are already deposited. The official website shows a Total Value Locked (TVL) of $255 million. Assuming this TVL is predominantly ETH, it approximates to 122,000 ETH, corroborating the dashboard data.

Based on DeFiLlama data, among unreleased L2 tokens, #Base’s TVL is $282 million, while zkSyncEra’s is only $147 million. For released tokens like #Polygon and #OP, their TVL’re around $0.7–0.8 billion. Since Blast’s ETH deposits are locked until the mainnet launch in February next year, its TVL is expected to grow, likely surpassing Base.

The current FDV of #OP is $7.636 billion. Conservatively, #Blast’s FDV might reach a third of that, about $2.5 billion.

Being a #Blur team project, we can estimate the upcoming May airdrop quantity based on Blur’s first season airdrop data and Blast’s announced airdrop policy. With a total supply of 3 billion $Blur, 360 million were airdropped in the first season. We can reasonably expect Blast to airdrop about 10% of its tokens in the first season. With 50% earmarked for early adopters, the airdrop’s market value could be approximately $125 million (25 x 0.05).

Assuming the ETH deposited this season doubles to about 250,000, the TVL would be around $500 million. Even conservatively maintaining the FDV at $2.5 billion, this TVL would share an airdrop worth $125 million, a 25% ROI. This means, even under these conservative estimates, participating in this project could yield an annualized return of 50%!

This is why I believe participating in this project is an opportunity not to be missed! 🤞🤞🤞

2️⃣ Potential Risks

Could there be a ‘rug pull’ risk? While the risk exists, it seems minimal for Blast. The Blast team is officially announced to be the #Blur team, making it a non-anonymous project. Blur is a highly successful DeFi project; you can verify its dashboard on Dune. In fact, industry insiders acknowledge that Blur has dethroned #Opensea as the leading NFT marketplace.

Additionally, founder Pacman has publicly disclosed his identity, coupled with support from entities like #Paradigm. While rug pull risks can’t be entirely dismissed, I’m not overly concerned.

Technical risks, such as contract vulnerabilities, are another consideration. Blast’s contract isn’t overly complex — it’s essentially depositing ETH and purchasing #Lido’s $stETH. Having observed #Blur and #Blend, other products from the same team, I haven’t noticed significant issues, indicating their technical competence.

In fact, many people have already scrutinized the contract with a magnifying glass and, so far, no fatal flaws have been discovered. The main issues under discussion are twofold. First, the contract’s multisig mechanism seems to be concentrated within the team, as all those authorized to execute multisig are apparently team members. The second issue is the absence of a time lock. Generally, the purpose of setting a time lock in DeFi projects is to provide the contract owners a buffer period in the event of a breach, allowing them to implement risk mitigation measures.

Regarding the multisig issue, it’s true that they have not publicly disclosed who is authorized for multisig, which is something we’ll see how the team addresses moving forward. As for the time lock issue, I noticed that the Blur team has deployed an upgradable contract for this project, meaning they can potentially resolve this issue through an upgrade. Of course, how they will actually handle it remains to be seen. 🧐🧐

3️⃣ Blast Event Rules and Tips

1.The core rule involves depositing ETH or stablecoins (like Dai) to earn spin or super spin chances, akin to a POS mechanism with a luck element.

Deposit 10e for 10 spins weekly, 0.059 spins hourly.

Deposit 100e for 100 spins weekly, 0.59 spins hourly.

Deposit 800e for 800 spins weekly, 4.76 spins hourly.

I deposited ETH, having previously converted my long-term held ETH to stETH (stored in LIDO). Since LIDO doesn’t offer airdrops, why not deposit in Blast for higher airdrop potential? The ETH in Blast is also converted to stETH, maintaining rebase benefits.

2. The system features a luck value mechanism. The more ETH you deposit, the more chances to draw luck values, which affect your spin scores. Luck value only increases with each draw.

For instance, if you draw luck values of 50%, 10%, and 80%, you can disregard the 10% and choose the 80% value. So, your final luck value would be 80%.

3. An invitation mechanism exists. You need an invite code to participate in Blast activities. Use my link: blast.io/ETOQE, or enter my invite code: ETOQE. But don’t deposit ETH or Dai directly in this wallet, as the invite mechanism boosts your scores.

Here’s how it works: A invites B, earning 16% of B’s points. A earns 8% from C. B invites C, earning 16% from C.

Ideally, prepare two accounts (each requiring a separate wallet, Twitter, and Discord account). Use Account 1 to register via my invite link, depositing 0.01eth, then generate a new invite link. Register Account 2 using this new link. Deposit your main funds into Blast via Account 2. This way, Account 1 earns an extra 16% points.

4️⃣ Specific Steps

1.Prepare two account setups, each with a separate wallet, Twitter, and Discord account. Deposit around 0.02 Eth in Account 1’s wallet, and your intended Blast deposit in Account 2’s wallet.

2. Account Registration:

Use Account 1 to open the registration link. Connect your Twitter and Discord accounts and sign in with your wallet. Deposit 0.01e to generate an invite code or link.

Clear browser cache, restart the browser, then use Account 2 with the new invite code. Register with the second Twitter and Discord accounts and sign in with the second wallet. Deposit your ETH or stablecoins for Blast participation.

Depositing 20e or more allows you to generate a permanent invite code, with unlimited uses. You can invite others to join the activity using this code, earning additional points. Note that your earned points don’t reduce the points of those you invite; all points are additional rewards from the project.

3. Drawing Luck Cards:

Depositing 20e or more enables you to draw luck cards. The more e you deposit, the more luck draws you get, increasing your chances to win super spins and higher points.

I was lucky to draw a 94% luck card. Apparently, friends using my invite link can share some of my good fortune! 😆🚀🚀

4. Spin for Points:

Wait for the system to refresh your spin count and spin for points weekly. Refer to the detailed data in part three above for how much ETH or stablecoins correspond to how many point draws.

Finally, here’s my lucky invite link: blast.io/ETOQE, always valid. Wishing everyone luck and prosperity in this season’s airdrop activities!

If you’ve read this far, please give me a like! ❤️❤️❤️

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