BoostBeyond Hype: Understanding the Impact of Airdrops on NFT Marketplace Performance
IntroductionThe NFT marketplace is evolving. Over the past year, OpenSea has seen increasing pressure from new competitors eating away at its market share. LooksRare, X2Y2, Sudoswap, and Blur have decreased OpenSea's NFT Volume market share from 99% to 50-30% depending on the week.Market Share for NFT Marketplaces by WeekWhile OpenSea may have been one of the darling companies of the web3 era, there is one thing that it's lacking that all of its competitors have: a token. This left ...
BoostAirdrop Design | Past, Present, & Future
When considering the future of airdrops, it's easy to feel optimistic about their potential for aligning users of crypto networks. It’s just as valid to express skepticism based on the current state of the instrument. While it's clear that more experimentation is necessary in order to properly harness their power, the required overhead and lack of tooling to execute airdrops are prohibitive. But what are they, anyway?What is an Airdrop?Simply put, airdrops distribute tokens to past,...
BoostIntroducing Quest Protocol Rewards
Deploy, refer, and complete quests for cryptoParticipation lies at the heart of the crypto ecosystem. It’s the collective effort of countless participants worldwide that ensures the functionality, security, and growth of decentralized protocols. But beyond it being a mechanism for sustaining networks, participation embodies the very ethos of crypto and why it exists - to increase economic opportunities for every individual. Earlier this year we launched Quest Protocol, making it easy for anyo...
The onchain distribution network of Boost Protocol. Target, acquire and engage users with token incentives to drive growth.
BoostBeyond Hype: Understanding the Impact of Airdrops on NFT Marketplace Performance
IntroductionThe NFT marketplace is evolving. Over the past year, OpenSea has seen increasing pressure from new competitors eating away at its market share. LooksRare, X2Y2, Sudoswap, and Blur have decreased OpenSea's NFT Volume market share from 99% to 50-30% depending on the week.Market Share for NFT Marketplaces by WeekWhile OpenSea may have been one of the darling companies of the web3 era, there is one thing that it's lacking that all of its competitors have: a token. This left ...
BoostAirdrop Design | Past, Present, & Future
When considering the future of airdrops, it's easy to feel optimistic about their potential for aligning users of crypto networks. It’s just as valid to express skepticism based on the current state of the instrument. While it's clear that more experimentation is necessary in order to properly harness their power, the required overhead and lack of tooling to execute airdrops are prohibitive. But what are they, anyway?What is an Airdrop?Simply put, airdrops distribute tokens to past,...
BoostIntroducing Quest Protocol Rewards
Deploy, refer, and complete quests for cryptoParticipation lies at the heart of the crypto ecosystem. It’s the collective effort of countless participants worldwide that ensures the functionality, security, and growth of decentralized protocols. But beyond it being a mechanism for sustaining networks, participation embodies the very ethos of crypto and why it exists - to increase economic opportunities for every individual. Earlier this year we launched Quest Protocol, making it easy for anyo...
The onchain distribution network of Boost Protocol. Target, acquire and engage users with token incentives to drive growth.
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Given the recurring hurdle of high gas fees and slow transaction speeds, Layer 2 solutions like Optimism have become increasingly important to scale Ethereum’s network. Optimism uses optimistic rollups to bundle transactions together using smart contracts on an Ethereum side-chain before moving them to Ethereum’s mainnet. With far lower fees, far lower latency, and far greater throughput compared to Ethereum Layer 1 alone, many of your favorite DeFi protocols like Synthetix and Uniswap, have already begun to deploy on the network.
If you want to be part of a faster and cheaper Ethereum future, keep reading to learn how to use Optimism.
The first step to using Optimism is to add the network, Optimistic Ethereum, to your wallet.
Open MetaMask and click on 'Ethereum Mainnet' (the network dropdown).
Select the ‘Custom RPC’ option at the bottom of the network list. Upon doing so, you’ll see this form:
Enter the following network details into their respective fields:
Network name: Optimism
New RPC URL: https://mainnet.optimism.io
ChainID: 10
Symbol: ETH
Block Explorer URL: https://optimistic.etherscan.io
Click ‘Save’ and you’ll be automatically connected to Optimism!
After you’ve connected to Optimism, the next step is to deposit funds from the Ethereum Mainnet to the Optimism Mainnet.
Go to the Optimism Gateway page and connect your MetaMask wallet.
Make sure you are connected to the Ethereum Mainnet by clicking on the network dropdown in MetaMask (the same dropdown you used to find the ‘Custom RPC’ option).
Once you’ve connected your wallet, select the amount of ETH, or other tokens you’d like to transfer. Click ‘Deposit.’
To note: If this is your first time depositing onto Optimism, you will have to pay contract approval fees.
A page will appear prompting you to again confirm your deposit by clicking ‘Deposit.’ You will then be prompted to confirm the transaction in your wallet, requiring you to pay Ethereum gas fees.
After the transaction has been confirmed on Ethereum, it can take anywhere from five to twenty minutes for the funds to become available on Optimism.
Once the funds are available, a page will display that the transaction is complete. You can also verify the transaction on Optimistic Etherscan.
Now that you’re officially on Ethereum L2, test out whether Optimism lives up to the hype by becoming a liquidity provider on Uniswap using the Optimism network. I think you’ll be happy with the results!
Given the recurring hurdle of high gas fees and slow transaction speeds, Layer 2 solutions like Optimism have become increasingly important to scale Ethereum’s network. Optimism uses optimistic rollups to bundle transactions together using smart contracts on an Ethereum side-chain before moving them to Ethereum’s mainnet. With far lower fees, far lower latency, and far greater throughput compared to Ethereum Layer 1 alone, many of your favorite DeFi protocols like Synthetix and Uniswap, have already begun to deploy on the network.
If you want to be part of a faster and cheaper Ethereum future, keep reading to learn how to use Optimism.
The first step to using Optimism is to add the network, Optimistic Ethereum, to your wallet.
Open MetaMask and click on 'Ethereum Mainnet' (the network dropdown).
Select the ‘Custom RPC’ option at the bottom of the network list. Upon doing so, you’ll see this form:
Enter the following network details into their respective fields:
Network name: Optimism
New RPC URL: https://mainnet.optimism.io
ChainID: 10
Symbol: ETH
Block Explorer URL: https://optimistic.etherscan.io
Click ‘Save’ and you’ll be automatically connected to Optimism!
After you’ve connected to Optimism, the next step is to deposit funds from the Ethereum Mainnet to the Optimism Mainnet.
Go to the Optimism Gateway page and connect your MetaMask wallet.
Make sure you are connected to the Ethereum Mainnet by clicking on the network dropdown in MetaMask (the same dropdown you used to find the ‘Custom RPC’ option).
Once you’ve connected your wallet, select the amount of ETH, or other tokens you’d like to transfer. Click ‘Deposit.’
To note: If this is your first time depositing onto Optimism, you will have to pay contract approval fees.
A page will appear prompting you to again confirm your deposit by clicking ‘Deposit.’ You will then be prompted to confirm the transaction in your wallet, requiring you to pay Ethereum gas fees.
After the transaction has been confirmed on Ethereum, it can take anywhere from five to twenty minutes for the funds to become available on Optimism.
Once the funds are available, a page will display that the transaction is complete. You can also verify the transaction on Optimistic Etherscan.
Now that you’re officially on Ethereum L2, test out whether Optimism lives up to the hype by becoming a liquidity provider on Uniswap using the Optimism network. I think you’ll be happy with the results!
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