This is a guide on how to farm for BLAST token before its launch.
What is Blast Token and Blast L2 blockchain?
Blast is a blockchain with a token BLAST, which is a layer 2 (L2) on Ethereum. It is created by the same team as Blur, which was notorious in attracting NFT liquidity from the dominant leader OpenSea via smart token drops for trading, listing, and lending. Today, Blur is the top NFT marketplace based on volume, leaving OpenSea in dust (which has >95% share when Blur launched).
Therefore, there is a lot of excitement around the Blast blockchain as an L2 on Ethereum. BLAST, a crypto token, will be the native blockchain token of this chain, and is being airdropped to everyone who joins and participates in the network.
There is also a lot of interest because the Blast team really knows how to gamify the whole points experience – something they perfected during the Blur days. You get points based on the “squad” that you join, i.e. who referred you. Then, you get more points if you lock up more ETH now, which will be bridged to their L2 when it launches. For all these reasons, Blast has really taken crypto twitter by storm over the last few days.
How to Farm for BLAST Token from Blast blockchain
To farm BLAST, first you will need an Ethereum wallet and also a Twitter account and a Discord account (unfortunately). Note that the BLAST token is not yet live. Therefore, all you will get are points, which will convert into tokens once the network launches. You get more points the more ETH you bridge and based on whose invite code you joined.
Step-1: Go to this link or use an invite code (latest working: 43D8X). Sometimes the link doesn’t work properly on the website, so you’ll need to enter your invite code manually. If this doesn’t work, then try these below (updated 1/1/2024):
Note that due to the way this is setup, the more ETH that is in the “squad”, the more points you get. For all the above, we have already made sure to start with 1 ETH in the squad as a thank you to our readers and for using our referral code and supporting our publication.
Step-2: Connect your Twitter account. Note that they will automatically follow the official twitter account of Blast.
Step-3: Connect your Discord account. They will join the discord group for you.
Step-4: Connect your ETH wallet.
If you had any Blur points over the last 2 seasons buying, selling, bidding, or lending/borrowing against NFTs, then you can get Blast points as soon as you bridge any amount of ETH.
The Blast network has a bunch of more incentives. For example, if you’re active each week, you get more Blast points. The way to do this is via a “spin” mechanism where you spin a wheel to determine how many points you get. These types of incentive mechanisms are becoming common in the SocialFi space and Blast has taken them to the next level.
They also plan to use all the ETH collected and farm for yield in Maker and Lido. While this entails taking on additional contract and regulatory risk, the Blast team believes users will like that extra yield. Hopefully nothing goes wrong with this strategy until launch when the ETH can be unlocked by the users themselves.
Blast Network Launch
The Blast network is not live yet. It is simply a multisig vault on the Ethereum mainnet which collects your ETH. The Blast network is expected to launch in February 2024. Right now, they are simply “collecting TVL” and using it to farm basic DeFi stuff on Maker and Lido. However, the current TVL has already exceeded $100 million. Yes, welcome to crypto.
The launch is completely gamified similar to Blur. You get chances to spin for additional points, additional chances if you Tweet about them, and referral rewards. The Blur team, which is behind Blast, know how to gamify things. That’s how they were able to steal the crown from OpenSea.
Once you join, share your Blast invite code in the comments below, so others can join in a referral chain if they wish. Also mention how much ETH you have bridged, so readers know the squad they will join.