You can earn native yields on ETH and stablecoins with auto-compounding directly from your wallet while also farming the confirmed Blast airdrop which will be distributed in May 2024.
PS: Read and understand everything in this post before you even register or deposit on Blast. You’ll thank yourself later if you did.
What is Blast?
Blast is a Layer2 (L2) network that offers native yield with auto-compounding on the ETH and stablecoins in your wallet.
The network generates income by staking your ETH and stablecoins on Lido and other protocols and shares the profits with you.
Currently, you earn a base return of 4% on ETH and 5% on your stablecoins deposits.
Who is behind Blast L2?
Blast is being developed by Pacman —the team behind the famous Blur NFT marketplace which distributed the 5th largest airdrop in Ethereum history.
The project is backed by Paragism, Standard Crypto, eGirl Capital, and other prominent institutional and private investors who have collectively contributed $20 million towards its development.
How does Blast Work?
- You deposit ETH or stablecoins (USDC, USDT, or DAI) in your wallet on the Blast network.
- The ETH in your wallet is staked on the Ethereum mainnet to earn staking rewards via Lido.
- When you deposit stablecoins, you get USDB (Blast’s auto-rebasing stablecoin). Your asset is then deposited on MakerDAO’s on-chain T-Bill protocol to earn yields.
- All yields generated by Blast are automatically transferred to your wallet and auto-compounded.
- You can redeem your USDB balance back to USDC or withdraw your ETH to the Ethereum main network at any time.
PS: You can deposit to Blast now but withdrawal is not possible until the mainnet launches in February 2024.
How to Earn Blast Airdrop Points
You earn Blast airdrop points through Spins, Referrals, and Wallet History.
1. Blast Spins
For every 1 ETH you deposit on Blast, you earn 1 Spin per week.
So, if you deposit 0.1 ETH you earn 0.1 Spin every week and if you deposit 5 ETH you earn 5 Spins per week, etc.
If you deposit less than 1 ETH you have to wait until you complete 1 Spin to be able to earn points.
For example, if you deposited 0.5 ETH you must wait 2 weeks to earn 1 Spin before you can earn points.
The More ETH you deposit, the more spins you get per week, and the more points you’ll earn. Currently, you earn about 1,000 points per spin.
There’s no minimum or maximum to deposit. Deposit everything you can if you want to earn more points.
2. Blast Referrals
When you register and deposit on Blast you get 10 invite codes for 10 users for a start.
You earn 16% of all points your direct invites earn and 8% of the points their own invites earn.
People who join with your invite code are your direct invites and make up your squad. Your Blast squad is very important as you will see below.
- When you and your squad collectively deposit 5 ETH in total, you unlock 10 more invite codes to refer more people.
- It will also boost your Luck with the Spin for a chance to get 2x to 10 more points when you spin (Super Spins).
- When you and your squad collectively deposit 20 ETH or more you unlock a permanent invite code to refer unlimited people.
- So, you need rich (whales) in your squad to earn more points faster and move up the points leaderboard.
You’re welcome to join the CryptoSorted squad as we support each other. We will include your invite code below this post for others to use.
PS: Scroll to the bottom of this page for Blast invite codes you can use.
3. Wallet History
Based on your wallet history, you can claim some initial Blast airdrop points when you join with an invite code and deposit any amount.
The amount of initial airdrop points you receive depends on various factors such as you…
- total gas spent on Ethereum and L2 networks YTD (year to date).
- trading volume on Ethereum and L2 networks YTD.
- 30-day average balance on L2 networks, liquid staking protocols, and real-world assets (RWAs) staking protocols.
You can check all your wallets to see which ones qualify to claim the initial points airdrop during the registration process.
So, take your time and read the on-screen instructions carefully while registering so you don’t miss claiming the initial points airdrop.
As you can see from the above screenshot, my wallet did not qualify for the initial points airdrop.
If it’s the same for you, then you have to earn the points via the weekly Spin and referrals.
PS: Don’t bother signing up if you are not going to deposit ETH because it doesn’t help with anything. Depositing ETH is compulsory both to claim your initial Blast points airdrop or earn through Spin and referrals.
My thoughts on Blast
Farming the Blast airdrop is probably the most profitable thing you can do with your idle ETH right now.
- benefiting from potential ETH price appreciation,
- earning at least 4% yield, and
- farming Blast points for the potential airdrop.
You will earn the Blast airdrop and get back the original ETH you deposited on the network any time you like from February 2024.
It’s highly unlikely that Blast will rug as they’re a known team and backed by reputable institutional and individual investors.
But there’s the risk of a potential hack or exploit. So, it’s best to deposit only an amount that will not ruin your life if lost.
Also, this is mostly a rich people’s game as you need to deposit a good amount of ETH to earn anything reasonable before May 2024.
Or you get whales to use your invite code for you to accumulate blast points through referrals.
But I like the fact that the game is transparent and the rules and expectations are clear. So you can choose whether or how to participate or not.
Blast official links
Blast Invite Codes
The following Blast Invite codes are still available for you to use. We’re updating the list daily with our squad members’ codes to support the team.
If you registered with any code on this page, DM crypto_sorted on Twitter or Telegram if you want to add your free codes here as we work to help each member of the squad grow.