The Blast Testnet is Now Live
The rollout of Ethereum layer-2 scaling network Blast has faced controversy, but it has still attracted over $1.3 billion from users in search of yield and airdrop rewards. Blast has now launched its test network and is aiming to bring app developers into its ecosystem through a “Big Bang” competition. Developers who enter their Blast apps into the competition will have the chance to earn token rewards in the upcoming airdrop. The winning apps will be promoted to the mainnet when it goes live in late February. Blast founder Tieshun “Pacman” Roquerre and other team members will judge the contest and provide guidance to developers.
The Blast Testnet is OFFICIALLY LIVE
With it, the Blast BIG BANG competition officially begins.
Dapps can compete to get in front of 100k users & $1.3B in TVL, connect with top investors, and earn the Blast Airdrop. pic.twitter.com/Cajnmtxtd3
— Blast (@Blast_L2) January 16, 2024
Blast’s Strategy: Token Incentives
Blast’s launch strategy mirrors that of Blur, the leading NFT marketplace founded by Tieshun “Pacman” Roquerre. By offering substantial token incentives, Blur handed out over $800 million worth of BLUR tokens in 2023 to NFT traders. Blast plans to distribute half of its total airdrop to users and the other half to developers. Over 100,000 wallets have already locked up more than $1.3 billion worth of cryptocurrency to earn “Blast points,” which will convert to airdropped tokens once the Blast mainnet is live. The Big Bang competition aims to attract decentralized app (dapp) creators to build and earn a share of the airdrop.
Controversy and Backlash
Blast faced pushback during its November launch due to its approach of launching a bridge before the network was ready and blocking users from withdrawing funds until the mainnet debuts in February. Paradigm, a prominent backer of both Blast and Blur, criticized the team for crossing lines in messaging and execution. Despite these challenges, Blast has managed to gain significant deposits and user participation.
Hot Take: Blast Takes Off with Testnet Launch and Developer Competition
Blast’s testnet launch and developer competition mark significant milestones for the Ethereum layer-2 scaling network. With over $1.3 billion locked up by users in search of rewards, Blast aims to incentivize app developers through token rewards and mentorship opportunities. The “Big Bang” competition allows developers to showcase their apps for a chance to be promoted to the mainnet when it goes live in late February. While facing controversy and criticism, Blast’s strategy draws inspiration from its sister platform, Blur, which saw massive success with token incentives for NFT traders. As Blast continues its journey towards mainstream adoption, it remains poised to make waves in the crypto space.
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