The ETH layer2 public chain Blast airdrop has been distributed and listed on the exchange. Is there anything you need to pay attention to?
中文版本（Chinese Version）:https://followin.io/zh-Hant/feed/11568578
Highlights of this week (22/6–28/6)
- The ETH Layer 2 public chain Blast airdrop has been distributed and listed on the exchange. What should you pay attention to?
- Binance blocks Megadrop witch users
The ETH Layer 2 public chain Blast airdrop has been distributed and put on the shelves. What should you pay attention to?
Last week, the Ethereum second-layer network Blast distributed airdrop rewards to users and was listed on multiple exchanges, including Bybit, Gate, Bitget, and Coinbase, making $Blast tokens tradable. Since its launch in the fourth quarter of 2023, Blast has quickly attracted the attention of the market with its innovative revenue mechanism and strong project team (built by the same team as the famous Blur project), with the total locked value (TVL) rising within a few days. It exceeded 100 million US dollars, attracting many people to capture airdrop rewards in the Blast ecosystem.
Although Blast has always been known for relying on a new revenue mechanism, compared to other Layer 2, Blast can be regarded as a very unconventional approach at the time. I also thought the Blast project method was very attractive at the time. However, with the development of the crypto in the two quarters of 2024, the technical content of developing Ethereum L2 has been greatly reduced compared with other technologies. Users are more concerned about other ecological projects on the chain.
Blast’s goal is to increase user revenue. They will pledge your deposited $ETH in Lido and Makerdao to earn income at an annual interest rate that cannot be obtained in previous layers (although we can also use this method in normal times). In addition, their upcoming token means that interacting on their platform can earn Blast Rewards (currently points, which may be redeemable for tokens in the future), allowing users to earn higher returns.
Although Blast has continued to activate its own ecological projects in the past six months, I think Blast’s response in the market seems to be limited. The main activities still revolve around staking and capturing airdrop rewards, and there are not many prominent projects in the Blast ecosystem. Even though Blast’s TVL reached 2.3B at some stage, the daily transaction volume on the Blast chain is still sluggish, with an average of less than 100m. What’s even more ridiculous is that the day when blast reached the highest trading volume of 300m was the day when the airdrop was unlocked on June 26, which shows that most users’ participation may only be short-term profit-driven. I don’t think it’s surprising that the total locked-up volume of Blast plummeted after the airdrop was issued.
I think the trend of Blast will come to an end in the future. With the strong performance of other competitors such as Arbitrum and Base, I don’t think Blast will have too many conditions to challenge after the token is unlocked, unless they will in the future A new narrative or more innovative project has been developed, otherwise I think the Blast chain and Blast token will only be a short-lived masterpiece in this bull market cycle.
Binance blocks Megadrop witch users
In the cryptocurrency world, capturing airdrop rewards has always been an activity where users can obtain high returns at low cost. In order to attract users, various projects often provide potential token rewards. These rewards can not only promote user participation, but also increase the exposure of the token in the market. Some projects can even get support from centralized exchanges like Binance to further promote their airdrop campaigns.
A few months ago, Binance launched an innovative feature called Megadrop. This feature combines Binance Earn and Binance Web3 Wallet to provide users with a richer and diversified airdrop experience. Megadrop not only promotes the usage of Binance’s own Web3 wallet, but also attracts more users to participate in investment in different projects, further strengthening the interaction between users and projects and enhancing the market appeal of the project.
However, just last week, Binance publicly pointed out their latest Megadrop event — Lista DAO ($LISTA). According to reports, the event had more than 1 million participants, but Binance identified more than 100,000 accounts suspected of using Sybil attacks to commit fraud. It was also announced that risk measures will be formulated to prevent users from maliciously obtaining airdrop rewards from the event.
A Sybil attack is an act of using a large number of false identities or robots to participate in activities and illegally obtain airdrop rewards.
Although I don’t think users will stop using Sybil attacks to participate in airdrop activities because of these incidents, these incidents may force the project to further strengthen the security threshold of airdrop rewards. As for how to better design and manage the airdrop reward system, I think there is still no completely effective solution. The anonymous nature of blockchain and the greedy nature of humans makes this problem particularly prominent in crypto. If we keep using the current airdrop operation method, whether it is points or airdrops, it will only end up causing the project team and users to enter a cycle of mutual wrestling.
