Blast Staking Rewards: Beginner’s Guide to the Blast Airdrop
Over the past few months, crypto investors have been captivated by a new ecosystem building on Ethereum.
Blast is a network built on top of Ethereum, created to enhance the speed and experience of the major blockchain. Since its public launch in November 2023, the new platform has attracted $2.2 billion in total value locked (TVL).
Blast is now TVL's sixth-largest network and presents various investor opportunities. While there are no Blast staking rewards, investors may enter the ecosystem to earn yield and position for the Blast token airdrop on June 26, 2024.
The airdrop is one of the most anticipated events in the entire crypto space and you’d be missing out by not participating in any of the Blast activities.
In this article we’ll tackle the following:
Blast is the first L2 platform to offer ETH staking native yield. Whenever you bridge to Blast and maintain ETH, USDC, USDT, or DAI, you earn staking rewards over time. This is done in two ways.
50% of the Blast airdrop is allocated to the crypto asset balance held in your Blast wallet, while the remaining 50% is based on the Gold you earned. The Blast platform gives Gold to DApps, which in turn pass this on to app users.
This incentive scheme smartly attracts TVL, liquidity in the ecosystem, and application users. By attracting people to support their apps, Blast pulls in developers and builders as it assures the latter of a customer base.
To enter the Blast ecosystem, you will need to perform a few tasks:
Once you’ve bridged crypto assets to Blast, you immediately start earning points. You can quickly see the progress in the Airdrop dashboard. Should you transfer your crypto balances to the Blast DApps, these DApps then start earning points. However, they must transfer their points back to you by integrating with the Blast Points API.
In terms of referrals, when people use your referral code and bridge to Blast, you earn 16% from each direct invite and 8% from the people they successfully invite. This invite system pushes users to bring in as many participants as possible.
The Airdrop snapshot also shows the yield you earn from ETH staking, currently at 3.1% per year and stablecoins at 8% per year.
To encourage specific DApp adoption, Blast rewards users with points multipliers. By transacting with these applications, an individual can double their points earned per hour.
You do not need to spend a lot of capital to earn multipliers. Any transaction with the app will guarantee you the multiplier. Think of it as a modern day credit card cashback system, where any transaction entitles you to rewards.
Several developers have built their applications on Blast as both the staking yield and users are very attractive. These applications range from on-chain playgrounds to decentralized finance (DeFi) platforms.
Some of the biggest Gold earners include Spacebar and Thruster Finance.
As for the referral program, when invitees use your referral code and use the apps, you earn 16% Gold from each direct invite and 8% from the people they successfully invite.
Just be wary that the majority of the apps in the pool are new. The platform cannot guarantee the security of these applications. Whether it's a crypto game or a staking platform, exercise caution.
Here's how to bridge your assets to Blast:
- What is Blast
- How to earn Points and Gold
- How to bridge to Blast
- The various risks to be aware of
What is Blast?
Blast is an Ethereum Layer-2 (L2) platform created by the team behind Blur. A Layer-2 helps scale the performance of the Layer-1 (L1) blockchain that it's built upon. In this case, Ethereum acts as the L1. Other popular L2s include Polygon and Immutable X. L2s usually address specific use cases such as non-fungible tokens (NFTs) or gaming. Meanwhile, Blur is a leading NFT marketplace known for its speed and simple interface. In terms of daily NFT trading volume, Blur and Magic Eden compete for the top 2 spots and no other marketplace comes close.
Blast is the first L2 platform to offer ETH staking native yield. Whenever you bridge to Blast and maintain ETH, USDC, USDT, or DAI, you earn staking rewards over time. This is done in two ways.
Ethereum Staking Rewards
Blast participates in ETH staking. Whenever you deposit ETH into the platform, this automatically goes towards ETH staking. In this sense, as a participant, you get to engage in yield farming. The staking rewards pass on to users and decentralized apps (DApps) engaging with the network. Let’s say you hold 1.0 ETH in your Blast wallet. Over time, this grows at the ETH staking rate of 3 to 4% per annum. Without engaging in any DeFi protocol, you earn ETH staking rewards.T-Bill Protocols
T-Bill stands for Treasury Bills and represents the risk-free rate of return. It’s called risk-free because it’s based on the performance of the U.S. economy. If this fails, most other financial instruments will probably fall as well. MakerDAO provides an on-chain T-Bill product. The yield passes back to users through USDB, the Blast stablecoin. More than the yield, investors are eagerly waiting for the Blast token. In order to qualify for the Blast airdrop, a user needs to earn Points and Gold by engaging with the ecosystem. Points and Gold will be redeemable for the airdrop in June. Do note that the expected price of Blast is still unknown at this point.Blast Points and Gold
50% of the Blast airdrop is allocated to the crypto asset balance held in your Blast wallet, while the remaining 50% is based on the Gold you earned. The Blast platform gives Gold to DApps, which in turn pass this on to app users.
This incentive scheme smartly attracts TVL, liquidity in the ecosystem, and application users. By attracting people to support their apps, Blast pulls in developers and builders as it assures the latter of a customer base.
Blast Account Setup
To enter the Blast ecosystem, you will need to perform a few tasks:
- Enter an Invite Code: This is a 5-digit referral code that you can obtain from others who have already entered the ecosystem. This will become important later on when we tackle multipliers to Points and Gold.
- Connect Your X Account: After connecting your social media account, you will also have to follow the Blast X profile. This process allows Blast to gather many social media followers.
- Join Blast Discord: Another crucial step as Blast pulls people into its Discord community where they can actively engage their audience.
- Bridge Crypto Assets: This is the final step that will enable you to start earning Points.
Points
Once you’ve bridged crypto assets to Blast, you immediately start earning points. You can quickly see the progress in the Airdrop dashboard. Should you transfer your crypto balances to the Blast DApps, these DApps then start earning points. However, they must transfer their points back to you by integrating with the Blast Points API.
In terms of referrals, when people use your referral code and bridge to Blast, you earn 16% from each direct invite and 8% from the people they successfully invite. This invite system pushes users to bring in as many participants as possible.
The Airdrop snapshot also shows the yield you earn from ETH staking, currently at 3.1% per year and stablecoins at 8% per year.
Points Multipliers
To encourage specific DApp adoption, Blast rewards users with points multipliers. By transacting with these applications, an individual can double their points earned per hour.
You do not need to spend a lot of capital to earn multipliers. Any transaction with the app will guarantee you the multiplier. Think of it as a modern day credit card cashback system, where any transaction entitles you to rewards.
Blast Gold
While points accrue automatically, the Blast team manually awards Gold to the DApps on the ecosystem. The DApps must then pass the Gold back to its users. The Gold incentives DApps growth by attracting users.
Several developers have built their applications on Blast as both the staking yield and users are very attractive. These applications range from on-chain playgrounds to decentralized finance (DeFi) platforms.
Some of the biggest Gold earners include Spacebar and Thruster Finance.
As for the referral program, when invitees use your referral code and use the apps, you earn 16% Gold from each direct invite and 8% from the people they successfully invite.
Just be wary that the majority of the apps in the pool are new. The platform cannot guarantee the security of these applications. Whether it's a crypto game or a staking platform, exercise caution.
Bridging to Blast
As blockchains run on different sets of codes and language, bridging is needed to bring crypto assets from one network to another. This is a form of cross-chain technology.
Here's how to bridge your assets to Blast:
- Setup a Wallet: You will need a wallet that can interact with the platform. A wallet such as MetMask will work. If you've done staking in the past, then this should be no problem for you.
- Purchase ETH: Use any centralized exchange to purchase your ETH then send this to your wallet via the Ethereum blockchain.
- Connect Wallet: Head on over to the Blast website and connect your wallet.
- Enter Amount: Choose an amount that you would like to bridge, then press submit.
Get Started on Blast Today
The Blast ecosystem presents an exciting opportunity for crypto investors to earn rewards with the token airdrop. By understanding the reward mechanisms, you can make informed decisions about engaging with the ecosystem. To stay updated on the latest developments and strategies for staking, be sure to check out our blog, SoloStakers. You'll find detailed guides and tips to help you maximize your returns and navigate the dynamic world of cryptocurrency staking.The content of solostakers.com is for informational purposes only and should not be considered financial advice. It represents the personal views and opinions of the author(s) and is not endorsed by any financial institution or regulatory body. Cryptocurrency and staking investments carry inherent risks and readers should conduct their own research and consult with a financial professional before making any investment decisions. The owner and author(s) of solostakers.com will not be liable for any losses, damages, or consequences arising from the use of the information on this site. By accessing solostakers.com, you agree to bear full responsibility for your investment decisions.
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