Controversy Erupts as Blast Mainnet Launches: New Points System Criticized as “PUA,” Over Half of TVL Already Migrated

Controversy Erupts as Blast Mainnet Launches: New Points System Criticized as "PUA," Over Half of TVL Already Migrated

Controversy Erupts as Blast Mainnet Launches: New Points System Criticized as "PUA," Over Half of TVL Already Migrated

Author: Nancy, PANews

With the previous airdrop feast of Blur, the L2 project Blast quickly attracted a huge amount of funding of up to 2.3 billion US dollars within just over three months, thanks to the high expectations of the airdrop. With the astonishing momentum of attracting funds, Blast’s mainnet was officially launched on March 1st and announced that 50% of the airdrop would be distributed to Blast Point (users), while the remaining 50% would be allocated to Blast Gold (DApp). In order to retain market liquidity and accelerate ecological construction, Blast not only allows mainnet users to continue earning Blast points but also enables mainnet DApps to earn Blast Gold (coins).

However, Blast’s point mechanism and exit mechanism have caused dissatisfaction within the community. At the same time, with more ecological projects launching similar point mechanisms like Restaking and some DApps promising to distribute all Gold to users, which ecological projects of Blast are worth interacting with?

Table of Contents:
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New point rules causing dissatisfaction, over 60% of funds have bridged to the mainnet
Ecology primarily focused on DEX and lending, multiple projects will fully distribute developer rewards back to users
Ambient Finance
Bebop
SynFutures
YOLO Games
Mangrove
Thruster
Blitz
Juice
PACMOON
InfinityPools
Blast Futures Exchange
Bloom

According to Blast’s mainnet point rules, in addition to earning points through bridging assets (per hour) and inviting friends, users are allowed to earn up to 22 times the bonus multiplier points and gold points by using certain categories of DApps. For users who have not migrated to the mainnet, there will no longer be a weekly point flipping opportunity, and to withdraw funds, they need to transfer the funds to the mainnet and wait for a withdrawal period of 14 days. All points will be redeemed in May this year.

However, regardless of the method, users need to pay high gas fees to transfer funds to the mainnet, which has led to complaints from many users, especially those with small fund volumes who face the risk of being “rekt”. The opaque point calculation rules and mapping errors of Blast have also been questioned by users, to which the official explanation is that it is a system display error and efforts will be made to resolve these issues.

In addition, the bonus multiplier points of Blast seem to be more favorable for new users, which has caused dissatisfaction among users who participated in staking previously. The reason is that if users do not participate in the mainnet point activities, although they still hold the previously earned points, it also means that the value of these points will depreciate, especially for large holders who suffer significant losses.

In response to this, a community member stated, “Blast has put big holders on an ‘unstoppable train’, not only erasing their previous contributions and diluting the points they earned with real money, but also exposing them to the risk of new projects being rug pulled.” Twitter user @0xlianjinshu described it as, “The point mechanism of Blast’s mainnet is like your mother-in-law saying that a dowry of 100,000 is enough for the wedding, but on the night before the wedding, she suddenly says, ‘Let’s add another 80,000.'”

As of the time of writing, according to Scopescan data monitoring, over 60% of Blast TVL has been bridged to the Blast mainnet. The Bridge currently holds over 1.46 billion US dollars of stETH, ETH, and DAI, but over 880 million US dollars of funds have not yet been transferred.

From the perspective of Blast’s mainnet point mechanism, the official support for ecological projects is evident. Currently, Blast has listed 26 ecological projects on its official website, mainly focusing on lending and DEX, with others covering infrastructure, NFT, and SocialFi. This article lists 12 popular projects, many of which have raised tens or hundreds of millions of dollars in financing and have promised to fully distribute developer rewards to users.

It should be noted that the official also explicitly states that it cannot guarantee the security of these designated DApps, and users should bear the risk themselves when using them. Therefore, users should prioritize selecting officially filtered projects when participating and should also pay attention to contract security audits and account authorization management risks.

Decentralized exchange Ambient Finance allows the composition of centralized and stable product liquidity for any pair of blockchain assets in a bilateral AMM. In July 2023, Ambient Finance announced a $6.5 million seed round financing led by BlockTower Capital.

Bebop is a DEX launched by the crypto market maker Wintermute, which allows traders to enter or exit multiple positions in a single transaction, exchanging one token for a combination of tokens or vice versa.

DEX SynFutures V3 platform has officially launched on the Blast mainnet and has passed the Quantstamp contract audit. It will fully distribute developer airdrop shares back to the community. At the same time, SynFutures provides users with a triple airdrop opportunity lasting 3 to 4 months, including Blast points, Blast Big Bang champion points, and SynFutures points, implying a token airdrop plan.

Previously, SynFutures announced investments from institutions such as Pantera, Polychain, Dragonfly, and StandardCrypto, with a total financing of $38 million.

YOLO Games is part of the Degen Gaming platform, which provides on-chain games and promises to airdrop Blast rewards to users and distribute additional YOLO airdrops. The project has completed a snapshot.

Mangrove is an order book DEX that does not require locked assets. It allows liquidity providers to quote through smart contracts and promises to fully distribute developer rewards back to the community, as well as initiate Mangrove Season 1 point activities. After raising $2.7 million in seed round financing in 2021, Mangrove announced the completion of a $7.4 million Series A financing led by Cumberland and Greenfield Capital.

Thruster is the native DEX on Blast, aiming to benefit traders, LPs, and developers with Blast native rewards, customized liquidity solutions, and a more concise UI/UX. All LPs are eligible to receive Blast points, Blast native rewards, and Thruster points. On the day of Blast’s mainnet launch, Thruster’s trading volume exceeded $10 million and announced plans to provide full compensation to users affected by frontend vulnerabilities in the next day.

Blitz is the first DEX powered by the cross-chain shared liquidity order book Vertex Edge. It supports spot, perpetual contracts, and composite currency markets, allowing users to earn Blitz points and BLAST points by depositing USBD and wETH. It will distribute 100% of the Blast airdrop shares to the community.

Juice is a decentralized trading protocol that allows users to directly access other protocol liquidity mining and leveraged spot trading on Blast through the Juice dashboard. The official stated that Blast cross-chain users, Juice testnet users, and holders of multiple NFT series (Pudgy Penguins, Anata, ByWassies, CryptoPunks, Azuki, and DeGods, etc.) are eligible to receive Juice points.

PACMOON is a popular meme of Blast. Users who deposit to Blast before 01:00 on February 27th (Beijing time) can receive its airdrop through an invitation code.

InfinityPools is a decentralized exchange that provides unlimited leverage for any asset, without liquidation, counterparty risk, or the need for oracles. The development team Lemma Labs, which completed seed round financing with participation from Standard Crypto, Dragonfly, Nascent, Multicoin, Coinbase, Uniswap, and Wintermute at the end of 2021.

Blast Futures Exchange is an integrated order book perpetual futures exchange and the top-ranked DEX in terms of native rewards. While providing user-friendly trading services, it allows users to earn an additional 5% interest on their balances. Users can participate in earning Blast points and Gold by depositing USDB. Blast Futures Exchange will fully distribute developer rewards to the community.

Bloom is a Perp DEX that supports 50x leverage, has no gas fees, and supports automatic interest generation. The contract has undergone an audit by the third-party security company Zellic, and it promises to fully return 100% of Blast rewards to long-term users and liquidity providers. The investors of Bloom include Pantera Capital, Ankr, Founders Fund, Pyth, Galaxy, and Biconomy, among others.

This article is authorized and reposted from PANews.