Blast Releases Mainnet, Expected Airdrop Redemption Schedule

Blast, the layer-2 solution affiliated with the NFT platform Blur, officially launches its mainnet after a 3-month trial period. Starting today, users can withdraw their staked assets.

The Blast Mainnet is NOW LIVE

Early Access users can bridge to Mainnet and use Blast-native Dapps that don’t exist anywhere else👇 pic.twitter.com/mt5dJOADMp

— Blast (@Blast_L2) February 29, 2024

Blast gained prominence since late November 2023 due to its Ethereum (ETH) staking model and “interest compounding” stablecoin. While Ethereum offers a basic interest rate of 3-4%, Blast utilizes customer funds for staking elsewhere, thereby generating additional profits to redistribute.

At that time, Blast began attracting users to bridge assets to accumulate Blast Points, which are the criteria for token airdrop redemption in May 2024.

Additionally, Blast introduced a “referral recruitment” program, offering additional points based on the number of friends they refer. Blast commits to adding an extra 16% bonus if users successfully refer someone and an additional 8% if that person invites others.

Blast’s operating model has been heavily criticized as a “ponzi airdrop farming” scheme, particularly because the project does not allow users to withdraw funds until the mainnet launch. Even the investment fund Paradigm has voiced opposition. Nevertheless, the platform’s Total Value Locked (TVL) continues to soar.

As of now, Blast holds over $2.3 billion TVL from 182,000 community members, including 469,000 ETH, 77.3 million USDC, 67.1 million USDT, 148,000 stETH, and 24.7 million DAI.

Related: What Is Blast? What’s Remarkable About The Layer-2 Project Calling For 20M Capital?

Blast Announces Airdrop

Regarding the airdrop, the project announces a 50% allocation based on Blast Points and 50% for Blast Gold (for ecosystem dApps). The project plans to redeem Blast Points on May 24th.

POINTS AND GOLD

50% of the Blast Airdrop is allocated to Blast Points (users), and 50% to Blast Gold (dapps). Gold will be distributed to Dapps every 2 weeks. Dapps can keep Gold for themselves, but the best Dapps have already committed to giving all their Gold to users. pic.twitter.com/wKfsQnSUsa

— Blast (@Blast_L2) February 29, 2024

Arnold Toh, representing The Block, provides insight on Blast:

Blast has accumulated over $2 billion TVL even before the mainnet launch, directly competing with layer-2 giants like Arbitrum One and OP Mainnet. It remains to be seen how this ecosystem will evolve, not to mention when the project announces its airdrop.

Blast has successfully raised over $20 million from reputable investment funds such as Paradigm, Standard Crypto, eGirl Capital, and various other prominent figures in the crypto community. The team behind Blast also includes the founder of the NFT platform Blur, Pacman.