Absinthe Network
In the rapidly evolving world of Web3, Blast has emerged as a pioneering force, introducing a groundbreaking marketing strategy that leverages point-based incentive systems to onboard massive users in just 8 months. Built by the ingenious Pacmanblur, known for his successful implementation of point systems in previous projects like Blur, Blast represents a new era in Ethereum Layer 2 (L2) solutions. This article delves into the remarkable journey of Blast, its unique offerings, and its transformative impact on the DeFi landscape.
Pacman and his team have a track record of building successful products in the Ethereum space. His previous project, Blur, gained significant traction due to its innovative use of point incentive systems as a form of marketing, which led to the most successful NFT marketplace launch in Web3.
With Blast, Pacman and his team have taken their marketing genius to new heights, creating an L2 platform that not only offers native yield but also incorporates a dynamic point-based incentive program aimed at rapidly acquiring users. This approach has proven to be a game-changer, attracting a vast user base and fostering a thriving ecosystem.
Blast is the first Ethereum L2 that offers native yield for both ETH and stablecoins, with a 4% yield for ETH and 5% for stablecoins, far surpassing the 0% on other L2 platforms. One of Blast’s most innovative features is its auto-rebasing mechanism for ETH and its native stablecoin, USDB. Unlike other platforms, ETH balances on Blast automatically increase, ensuring continuous returns for users.
By focusing on offering high yields, Blast strategically attracts both users and developers within the Ethereum ecosystem. For users, these high yields provide a strong incentive to migrate and retain their assets on Blast, while the auto-rebasing feature ensures continuous returns effortlessly. For developers, sharing net gas revenue fosters a profitable environment for Dapp creation, encouraging innovation and ecosystem growth. This approach not only maximizes returns for users but also drives adoption, increases total value locked (TVL), and solidifies Blast’s competitive edge in the L2 landscape.
Since its inception, Blast has utilized both its high yield and an ingenious points system to attract and retain users. The platform began posting updates in November 2023, and by early 2024, it had already achieved remarkable milestones.
The Blast Points system is a core component of Blast’s strategy, designed to reward user participation and foster a vibrant ecosystem. The total airdrop of the Blast space was split into two distinct classes: 50% for Blast Points directed at users and 50% for Blast Gold directed at developers.
The Blast airdrop officially started on November 21, 2023, when Blast early access went live. The early access was invite-only, and users who were invited were rewarded with Blast Points. Within 48 hours, Blast reached $230 million in TVL from a community of 37,131 new members.
Blast Gold was directly allocated to developers and Dapps in five batches called distributions, to promote development and user engagement. This ensures that Dapps have a continuous incentive to grow and innovate. For network marketing in Web3, it is necessary for any chain to first acquire developers to build existing apps on the chain, which would further attract users to explore the chain's perks. In the case of Blast, this was achieved beautifully with the help of Blast Gold.
The team launched the Blast Big Bang Competition in January 2024, which was strictly directed at Dapps. It encouraged developers to build on Blast and receive quality rewards, allowing them to compete for the Blast Airdrop by showcasing their projects, with the winners featured at the mainnet launch.
This incentive, coupled with the famous Yoots marketing model of announcing any new project that joins the Blast Bang competition, brought a massive influx of awareness to the chain and its airdrop benefits. Upon announcing the winners of the competition, the Blast team encouraged them to use the Blast Airdrop to incentivize growth for their apps on the Blast Mainnet.
The integration of Blast Gold into the ecosystem's Dapps has been highly effective, allowing brands like Thrusterfi to successfully go from $0 to almost $1 billion worth of transactions in just 2 weeks. The Blast Gold was distributed in five batches to the Dapps, who were instructed to disburse their Blast Gold to their active community.
This campaign helped ensure that Dapp founders stayed on the network and empowered them to have funds they could share with their community. Users could also earn +16% on top of any Gold their invites earn and +8% on top of any Gold their invite’s invites earn. The more their invites use and earn Gold from Dapps, the more they earn.
Blast Points are earned by users through various activities on the platform, including:
Bridging assets
Holding funds on-chain
Inviting others to join
Blast Points can be redeemed for rewards and provide users with an engaging way to benefit from their participation. As of February 2024, during the mainnet launch, Dapps went live and withdrawals were enabled. By May 2024, users were able to redeem their accumulated points, solidifying the value of their early participation.
The team also introduced a Multiplier system to ensure that users were encouraged to interact with Dapps beyond just the Blast Gold. With Multipliers, users could increase their Points balance and earnings rate. For example, if a user has 100 Points and is earning 20 Points per hour, after earning a 2x Multiplier, they will now have 200 Points and will earn 40 Points per hour.
Users can earn Multipliers by using certain highlighted Dapps. When a user clicks on a Multiplier, they will see the Dapps that they can use to earn it. As long as users interact with the highlighted Dapps, they will earn the Multiplier. This encourages everyone, from whales to new users, to interact with Dapps.
On March 22, Blast introduced the public Blast Dapp Leaderboard, an innovative feature that gamifies the engagement with Dapps. Any Dapp can now add themselves to the leaderboard, allowing users to track their Points and Gold earned through interactions. This transparency encourages competition among Dapps and motivates users to engage more actively. If users notice a Dapp they have used isn't on the leaderboard, they can prompt the Dapp to add themselves via the Points API, fostering an inclusive and dynamic ecosystem.
On May 3, Blast unveiled another exciting feature: the Blast Jackpot. This new mechanism offers Blast token and NFT holders an opportunity to earn Gold through a lottery system.
Every block, there's a small chance the Jackpot will be hit, randomly selecting a Blast asset as the winner. Holders can add up to 8 Blast tokens or NFTs to their “Deck” to be eligible for the Jackpot. The starting Jackpot contains 1,000,000 Gold and grows continuously, providing substantial rewards for the lucky winners. This gamification element adds a layer of excitement and engagement, incentivizing users to hold and interact with Blast assets.
Timeline and Benefits of the Blast Point System
Early Access: Users bridge assets to earn yield and Blast Points ahead of the Mainnet launch.
Mainnet Launch (February 2024): Dapps go live, and users can withdraw their assets.
Redemption (May 24, 2024): Blast Points become redeemable, providing tangible rewards to early participants.
Final Airdrop (June 26, 2024): The culmination of the points system, distributing significant rewards to users and Dapps.
The Blast Point system has not only driven rapid user adoption but also incentivized Dapp development. By distributing Blast Gold to Dapps, Blast has empowered developers to reward their users and foster a thriving ecosystem. Users can hold funds on-chain to receive Blast Points or use Dapps to receive Blast Points, Gold, and individual Dapp airdrops (as applicable). This stable growth structure encourages more Dapps to build on Blast, creating a healthy growth cycle for the network.
In the span of just 64 days from the Blast mainnet launch, the platform has achieved remarkable growth, bridging over $2.64 billion from 907,018 users and reaching $1.52 billion TVL from over 100 Dapps.
During this period, ETH and USDB holders earned Points, while Dapp users earned Gold. The Blast Jackpot further enhances this ecosystem, offering a new way for token and NFT holders to earn Gold. This gamified approach not only keeps the community engaged but also drives continuous growth and innovation within the platform.
In the First 100 days of Blast Dapp, it reached a TVl of over $2 Billion, which served as the fastest growing chain in history.
Blast is also the 6th largest on-chain economy globally by both Dapp TVL and Dex Volume. Blast is also a top 5 chain by user fees paid.
Towards the launch of the Final Airdrop, the Blast team introduced the Blast Foundation to support the community in achieving its vision. The Blast Foundation Airdropped the BLAST token to its users on June 26.
To learn more about Blast and $BLAST tokenomics, check out the full Q2 report, with 30 days to claim phase 1 airdrop.
Blast has set a new standard in the DeFi space with its innovative marketing strategy and point-based incentive system. Under Pacman's visionary leadership, the platform has rapidly grown, offering unique benefits and fostering a vibrant community. As Blast continues to evolve, it promises to drive further growth and adoption in the decentralized finance sector, heralding a new era of engagement and innovation in Ethereum Layer 2 solutions. The introduction of features like the Blast Dapp Leaderboard and Blast Jackpot showcases Blast's commitment to gamifying the user experience, ensuring continuous engagement and rewarding participation at every level.
By integrating these new developments, Blast not only enhances its appeal but also solidifies its position as a leader in the DeFi landscape, paving the way for future innovations and broader adoption.
About Absinthe Labs
Absinthe Labs is building the first incentives affiliate network, and our first product is a no-code points-as-a-service platform. In addition to rewarding on-chain actions, it makes tracking campaigns easy by aggregating points from questing platforms like Galxe and Layer3 into the project's native points. Absinthe also allows for easy allocating to communities such as token holders, stakers, NFT holders, and Discord roles. This article was written in partnership with Absinthe Labs and @jidekelekun on X . Check them out at absinthe.network.
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