Blast Mainnet Officially Launched! Blast Incentive Competition Champion Group Project Inventory Sharing

03/02/2024·10months ago

According to official sources, the automatic interest-bearing Layer2 network Blast mainnet, newly launched by the next generation 'economic model guru' and Blur founder Pacman, was officially launched at 5:00 on March 1st Beijing time. This is one of the highly anticipated focuses from the end of February to the beginning of March. Currently, Blast's popularity and attention have surpassed any other L2 network.

Speaking through data, feel the rapid growth of Blast - just a few days after its launch in November last year, Blast's TVL quickly exceeded 500 million US dollars, and then in about 2 months, it successfully absorbed a total of 1.3 billion US dollars in TVL and over 100,000 users. As of February 29th, DeBank data shows that the Blast contract address currently holds assets worth approximately 2.33 billion US dollars. Among them, approximately 21 billion US dollars worth of ETH is deposited into the Lido protocol, 170 million US dollars of assets are deposited into the Maker protocol, and the wallet holds approximately 26.11 million US dollars in assets.

With the founder's background halo, Blast initially attracted curiosity and attention, successfully making its debut.
Further leveraging its greatest competitive advantage - automatic interest-bearing L2, attracting users to participate. Before the mainnet went live, it directly announced to users that depositing assets can earn corresponding ETH staking rewards and stablecoin interest. This alone is enough to attract a collective influx of crypto users, and there are also expectations for future airdrops for points exchange.
Before the mainnet went live, it launched the testnet and Big Bang incentive plan, extending an olive branch to major projects and developers, further building and perfecting its network ecosystem. This not only laid the groundwork for the mainnet's launch, but also completed the most important construction and enrichment of the ecosystem's integrity and diversity.
With the above excellent and successful operational strategies, it ensured that there were users and projects at the time of the mainnet launch, seemingly a ready-made ecosystem flywheel, ready to go.

Testnet and Incentive Plan Warm-up

On January 17th, Blast attracted attention with the launch of the testnet and a one-month Big Bang incentive plan, which encouraged developers to actively build applications in its ecosystem and conduct competitions based on certain rules. Winning projects can receive a 50% airdrop reward from Blast, which will be allocated to projects deployed on the network.

As shown in the image, Blast's airdrop this time is straightforward - all Blast airdrops, half to the winning projects and developers of the mainnet applications, and the other half to users who provide liquidity on Blast. This direct and clear incentive method is attractive to both developers and users. For project teams, participating in the competition has low costs and relatively low thresholds, and Blast's network already has a certain user base, it is a new L2 launch, and they can also receive the most important airdrop rewards (financial support). In addition, the types of projects supported in this Big Bang competition are very diverse, and major project teams have successively joined the Blast track.

Through this competition, the projects on the Blast network were quickly enriched and completed before the mainnet went live, injecting a strong booster for the vigorous development of the network ecosystem. The greater significance of this activity is that it has shaped Blast itself into an L2 with a Launchpad attribute, which will have a very profound impact in the future.

According to the competition results, a total of 118 potential projects were selected in this round of BIGBANG, including 47 Winners projects, 31 Runner-Ups projects, and 40 Honorables projects, covering 8 major project types including DeFi/NFT/social/gaming/infrastructure.

Image Source: Deep Tide TechFlow

To help everyone further understand the rapidly developing Blast ecosystem and to help everyone select more valuable investment targets from the massive Blast ecosystem projects, TrendX will introduce and analyze the following Winners group projects based on the above award list, according to project positioning, funding history, airdrop distribution mechanism, and other factors.

Blast Ecosystem Project Sharing

1. Ambient Finance

Funding history: In July 2023, Ambient Finance completed a $6.5 million seed round of financing, led by BlockTower Capital. Before the seed round, it received funding support from PostiveSum and Motivate in the Pre-Seed round, with the specific amount undisclosed.

Developer airdrop distribution mechanism: Not disclosed

Introduction: Ambient Finance, formerly known as CrocSwap, is an improved AMM protocol that supports centralized liquidity provision, full-range liquidity provision, and on-chain limit orders within a single liquidity pool. Ambient is a singleton contract that supports hooks, dynamic fees, automatic compounding, and gas savings.

2. Thruster

Funding history: The official statement thanked investors including DCFGod, PopcornKirby, B1lurr, CBB0FE, Casey Caruso, 0x Lawliette, Loomdart, and others, with the remaining information undisclosed.

Developer airdrop distribution mechanism: Once receiving the developer airdrop from Blast, the project will use a unique mechanism to direct the Blast incentives in the airdrop pool to some key cooperation pools to promote Thruster's liquidity fitness and attract more users.

Introduction: Thruster is a DEX designed for Blast, led by decentralized finance enthusiasts, providing fair launch mechanisms and liquidity tools for developers, offering the best LP yield opportunities for users, built-in analysis tools, and a simple trading experience. Thruster also supports multiple AMM market-making types, including centralized liquidity provision, full-range liquidity provision, and stable market-making.

3. Mangrove

Funding history: In 2021, Mangrove completed a $2.7 million seed round of financing. In February 2023, Mangrove completed a $7.4 million Series A round of financing, led by Cumberland and Greenfield Capital.

Developer airdrop distribution mechanism: 100% returned to Mangrove users

Introduction: Mangrove is an order book DEX, notable for its "re-staking" mechanism, allowing liquidity providers to redeploy liquidity deployed on other protocols to Mangrove's order book, expanding potential earning opportunities. However, Mangrove does not lock this liquidity, but only offers it, allowing users to operate their liquidity normally in other protocols, and it will only be utilized when the quote is accepted. On Mangrove, code can be attached to quotes published on the order book, aggregating all liquidity within the Blast ecosystem and doubling earnings.

4. Ring Protocol

Funding history: Not disclosed

Developer airdrop distribution mechanism: Not disclosed

Introduction: From the testnet UI, Ring Protocol is a classic AMM model DEX, and will launch a Launchpad service in the future. According to the award introduction, Ring Protocol allows liquidity providers to earn rewards by staking base assets and RWA assets. Ring Protocol opens a new era of decentralized exchanges on Blast, maximizing asset utilization.

5. InfinityPools.finance

Funding history: Lemma Labs, the development team, completed a seed round of financing in December 2021, with participation from Standard Crypto, Dragonfly, Nascent, Multicoin, Robot Ventures, Coinbase, Uniswap, Wintermute, GSR, Kronos, and Folius.

Developer airdrop distribution mechanism: Not disclosed

Introduction: InfinityPools is a decentralized derivatives exchange that claims to provide infinite leverage for any asset (officially claiming up to 10,000 times, but initially subject to the volatility of the underlying asset), without liquidation, counterparty risk, or the need for oracles.

6. SynFutures

Funding history: In 2021, SynFutures completed a $14 million Series A financing round, led by Polychain Capital. In October 2023, it completed a $22 million Series B financing round, led by Pantera Capital, with participation from SIG DT Investments and HashKey Capital.

Developer airdrop distribution mechanism: 100% returned to the community

Introduction: A veteran derivatives exchange, previously deployed in multiple ecosystems such as Polygon, with a cumulative trading volume of $23 billion. It provides up to 100x leverage and native yield perpetual DEX, supported by Blast. Oyster AMM model = CLMM + on-chain limit orders.

7. 100x Finance

Funding history: Not disclosed

Developer airdrop distribution mechanism: 100% returned to users, partners, and the community

Introduction: 100x Finance is a self-custody decentralized derivatives exchange that supports full-margin guarantees, providing perpetual contracts, MOVE contracts, and spot trading services similar to CEX. 100x Finance uses a full-margin guarantee model, allowing users to increase capital utilization efficiency, and their margin can also accumulate earnings through Blast's automatic interest mechanism.

8. Blast Futures Exchange (BFX)

Funding history: Not disclosed

Developer airdrop distribution mechanism: 100% returned to the community

Introduction: Blast Futures Exchange (BFX) is a perpetual contract exchange built on Blast, providing easy-to-use trading services while allowing users to earn an additional 5% interest on their balance.

9. Blitz

Funding history: Not disclosed

Developer airdrop distribution mechanism: 100% returned to the community

Introduction: Blitz is a branch of the perpetual contract exchange Vertex on Arbitrum, built by Blast, supporting spot and perpetual contract trading services. Blitz uses a full-margin guarantee model and will bridge cross-chain liquidity with Vertex on Arbitrum, providing users with better trading depth.

10. Bloom

Funding history: Not disclosed, the official website shows investors including Pantera Capital, Ankr, Founders Fund, Pyth, Galaxy, Biconomy.

Developer airdrop distribution mechanism: 100% returned to long-term users and liquidity providers.

Introduction: Bloom is a decentralized derivatives exchange that supports 50x leverage, gas-free transactions, and automatic interest. The Bloom contract has been audited by the third-party security company Zellic, and the report will be disclosed after the audit is completed.

Conclusion

According to the official announcement, Blast stated that a significant portion of the airdrop will be given to the 47 Winners champion projects, after the originally scheduled mainnet launch in May. However, the mainnet has already launched in March, which also indirectly reflects that the one-month testnet competition did achieve better-than-expected results, and the mainnet launch followed suit. In this context, it is clear that the Blast team is full of confidence, and the originally scheduled airdrop distribution should also quickly follow the mainnet launch, continuing to maintain the ecosystem's high level of activity. As small investors, in the diverse Blast ecosystem, choosing to participate in Winners projects should be the best way to maximize airdrop rewards after selecting projects and understanding the rules. After choosing projects and understanding the rules, it is also important to focus on multiple benefits and try different project experiences. Blast's mainnet and the team's support for the entire ecosystem will continue for some time, and if there are wool dividends in the future, TrendX will continue to pay attention and bring updates to everyone.

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