With the help of the previous airdrop feast of Blur, the L2 project Blast has quickly attracted a massive amount of funds totaling up to $2.3 billion within just over three months, thanks to the high expectations of the airdrop. Riding on this astonishing momentum, the Blast mainnet was officially launched on March 1st, with 50% of the airdrop being distributed to Blast Point (users) and the remaining 50% being allocated to Blast Gold (DApp). In order to retain market liquidity and accelerate ecosystem development, Blast not only allows mainnet users to continue earning Blast points, but mainnet DApps can now also earn Blast Gold coins.
However, the scoring mechanism and withdrawal mechanism of Blast have caused dissatisfaction within the community. At the same time, with more ecosystem projects launching similar scoring mechanisms such as Restaking, and some DApps promising to distribute all Gold to users, what are the worth-interacting ecosystem projects of Blast at present?
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New scoring rules cause dissatisfaction, over 60% of funds bridged to mainnet
Ecosystem focused on DEX and lending, multiple projects promise full developer rewards to users
Ambient Finance
Bebop
SynFutures
YOLO Games
Mangrove
Thruster
Blitz
Juice
PACMOON
InfinityPools
Blast Futures Exchange
Bloom
According to the scoring rules of the Blast mainnet, apart from being able to earn points through bridging assets (per hour) and inviting friends, it also allows users to earn up to 22 times the bonus multiplier points and gold points by using certain categories of DApps. For users who have not migrated to the mainnet, there will no longer be a weekly chance to flip the points, and they will need to withdraw their funds to the mainnet and wait for a withdrawal period of 14 days in order to cash out. All points will be redeemed in May this year.
However, regardless of the method, users need to pay high gas fees to transfer funds to the mainnet, which has led to many complaints from users, especially those with small fund sizes who face the risk of being “rekt”. The opaque scoring calculation rules and mapping errors of Blast have also been questioned by users, and the official explanation is that these are system display errors, and efforts will be made to resolve these issues.
In addition, the bonus multiplier points of Blast seem to be more friendly to new users, which has sparked dissatisfaction among users who participated in previous pledging. The reason is that if users do not participate in the mainnet scoring activities, although they still hold the points they previously received, it also means that this portion of value will be devalued, especially for large holders who are severely affected.
In response, some community members expressed, “Blast has put big holders on a ‘vehicle that can’t get off’, not only erasing their previous contributions, diluting the points they earned with real money, but also exposing them to the risks of new projects like rugs.” Twitter user @0xlianjinshu described it as, “The scoring mechanism of Blast’s mainnet is like your mother-in-law saying that a dowry of 100,000 is enough for the wedding, but on the night before the wedding, she suddenly says to add another 80,000.”
As of the time of writing, according to Scopescan data monitoring, over 60% of Blast TVL has already been bridged to the Blast mainnet, with the Bridge currently holding over $1.46 billion worth of stETH, ETH, and DAI, but there is still over $880 million in funds yet to be transferred.
From the perspective of the scoring mechanism of the Blast mainnet, the official has made no secret of its strong support for ecosystem projects. Currently, Blast has listed 26 ecosystem projects on its official website, mainly focused on lending and DEX, but also covering infrastructure, NFT, and SocialFi. This article lists 12 popular projects, many of which have raised tens of millions or even hundreds of millions of dollars in funding and have promised to distribute all developer rewards to users.
It should be noted that the official also explicitly states that it cannot guarantee the security of these designated DApps, and users should bear the risks themselves when using them. Therefore, users should prioritize selecting officially filtered projects when participating, and should also pay attention to risks such as contract security audits and account authorization management.
Ambient Finance is a decentralized trading platform that allows bilateral AMM for combining centralized and stable product liquidity on any pair of blockchain assets. In July 2023, Ambient Finance announced a $6.5 million seed round funding led by BlockTower Capital.
Bebop is a DEX launched by crypto market maker Wintermute, which allows traders to enter or exit multiple positions in a single trade, exchanging one token for a combination of tokens or vice versa.
DEX SynFutures V3 platform has officially launched on the Blast mainnet and has passed the Quantstamp contract audit. Its developer airdrop allocation will be 100% returned to the community. At the same time, SynFutures provides users with a triple airdrop opportunity lasting 3 to 4 months, which includes Blast points, Blast Big Bang champion points, and SynFutures points, hinting at token airdrop plans.
Previously, SynFutures announced investments from institutions such as Pantera, Polychain, Dragonfly, and Standard Crypto, with a total funding of $38 million.
YOLO Games is part of the Degen Gaming platform, which offers on-chain games and promises to airdrop Blast rewards to users and provide additional YOLO airdrops. The project has completed the snapshot.
Mangrove is an order book DEX that does not require locked assets, allowing liquidity providers to quote through smart contracts. It promises to return 100% of developer rewards to the community and has started Mangrove Season 1 point activities. After raising $2.7 million in seed funding in 2021, Mangrove announced the completion of a $7.4 million Series A funding led by Cumberland and Greenfield Capital last year.
Thruster is the native DEX on Blast, aiming to benefit traders, LPs, and developers with Blast’s native rewards, custom liquidity solutions, and a more streamlined UI/UX. All LPs are eligible to receive Blast points, Blast native rewards, and Thruster points. On the day of the Blast mainnet launch, Thruster’s trading volume exceeded $10 million, and it announced plans to provide full compensation to users affected by frontend vulnerabilities within one day.
Blitz is the first DEX powered by the cross-chain shared liquidity order book Vertex Edge, supporting spot, perpetual contracts, and composite currency markets. It allows users to earn Blitz points and BLAST points by depositing USBD and wETH, and it will distribute 100% of the Blast airdrop allocation to the community.
Juice is a decentralized trading protocol that allows users to access other protocol liquidity mining and leveraged spot trading on Blast directly through the Juice dashboard, earning various profits. The official stated that Blast cross-chain users, Juice testnet users, and holders of multiple NFT series such as Pudgy Penguins, Anata, ByWassies, CryptoPunks, Azuki, and DeGods are all eligible to receive Juice points.
PACMOON is a popular meme of Blast, and users who deposited to Blast before 1:00 on February 27th, Beijing time, can claim their airdrop with an invitation code.
InfinityPools is a decentralized exchange that provides infinite leverage for any asset without liquidation, no counterparty risk, and no need for oracle in decentralized contract trading. The development team Lemma Labs, which developed InfinityPools, has previously completed a seed round funding with participation from Standard Crypto, Dragonfly, Nascent, Multicoin, Coinbase, Uniswap, and Wintermute.
Blast Futures Exchange is an integrated order book perpetual futures exchange, ranking first in native rewards for DEX, which allows users to earn an additional 5% interest on their balances while providing easy-to-use trading services. Users can participate in earning Blast points and Gold by depositing USDB. Blast Futures Exchange will distribute all developer rewards to the community.
Bloom is a Perp DEX that supports 50x leverage, gas-free transactions, and automatic yield. The contract has been audited by third-party security company Zellic, and it promises to return 100% of Blast rewards to long-term users and liquidity providers. The investors in Bloom include Pantera Capital, Ankr, Founders Fund, Pyth, Galaxy, and Biconomy, among others.
This article is authorized to be republished from PANews.
