Blast, an Ethereum layer-2 scaling network, has recently launched its test network. Despite facing some controversies, it has successfully attracted over $1.3 billion from users. These users are motivated by the potential of earning yield and airdrop rewards. The network’s primary goal is to entice app developers to join its ecosystem.
The Big Bang Competition
To attract developers, Blast has initiated the “Big Bang” competition. This competition encourages developers to create apps using Blast’s platform. The winners of this competition will not only receive token rewards in an upcoming airdrop but also have their apps promoted to the mainnet, which is set to go live in late February.
Guidance and Mentorship
The competition will be judged by Blast founder Tieshun “Pacman” Roquerre and representatives from investor firms like Paradigm and Standard Crypto. Pacman, who is also the founder of the leading NFT marketplace Blur, and other team members will offer guidance and mentorship to participating developers.
Strategy and Incentives
Blast’s strategy seems to mirror that of Blur, which previously distributed over $800 million in BLUR tokens to NFT traders. This strategy involves using significant token incentives to attract users and developers. According to Blast, half of the total airdrop will be allocated to users, and the other half to developers.
User Engagement
More than 100,000 wallets have locked up over $1.3 billion in cryptocurrency to earn “Blast points.” These points will eventually be converted into airdropped tokens once the Blast mainnet is live.
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Controversies and Criticisms
Despite its success in attracting funds, Blast faced criticism for its approach to launching a bridge for deposits before the network was fully operational. This led to users being unable to withdraw their funds until the mainnet launch. Paradigm, a major backer of both Blast and Blur, expressed concerns over the launch’s messaging and execution.
Conclusion
Blast’s launch represents a significant step in the Ethereum ecosystem, aiming to bring more developers and users into the fold through innovative competitions and incentives. Despite facing initial challenges, the network’s potential for growth and development remains high.
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