Photo and text | Xingchen 2024.6.27
Web3 in My Eyes Issue 6
Blast airdropped last night and was listed .
It may have disappointed some DeFi users. It encountered a massive sell-off as soon as it went online. The price once fell below US$0.02 and is still facing selling pressure.
Blur TVL also fell below $100 million , down 55% from the $216 million it reached in March this year.
Compared with the insider trading suspicion of zksync and the anti-witch movement of LayerZero a while ago, the Blast community did not have noisy protests from small investors, nor did it have a resolute boycott from the LuMao studio, which seemed to be a little comforted.
It was very quiet, perhaps everyone was craning their necks to watch the big guys go crazy .
Because Blast offers a new angle: the stabbing whale .
Some big investors jumped out to curse Blast, and the curses were very harsh. Some even listed the seven sins of the founder Pacman (for details, please refer to Twitter @Christianeth).
Some big investors carry out redemption operations silently.
The big investors are really suffering from the backlash .
For example, a large investor pledged 12.52 million BLUR (the price at the time of pledge was 0.5 US dollars, and the value was 6.26 million US dollars).
However, due to the linear release airdrop rules, you can only receive 1 million BLAST (current price is 0.02 US dollars, worth 20,000 US dollars).
But now BLUR has dropped to 0.22 US dollars. The original value of BLUR is 6.26 million, which has depreciated by more than half and is only worth 2.75 million US dollars.
If you exchange 3.5 million for a business of 20,000, you lose money. When it comes to investment, there is no guarantee of winning.
If you lose money, you will feel bad. Blast can make you feel worse. For example, if you want to unlock tokens linearly later, you must continue to interact ...
It is quite harmful and extremely insulting.
This...who wouldn't flip the table?
Let's take a look at the Blast project.
Blast
one
1) Track: Public chain L2 (based on Optimistic Rollup)
2) Type: A Layer 2 protocol that provides users with gas fee subsidies and helps users earn income. Its income comes from Ethereum staking ( mainly Lido ) and the RWA protocol.
3) Project team: It is generally recognized that it is Pacman (@PacmanBlur), nicknamed Tieshun, who is also the co-founder of the NFT market Blur. It seems that there is a high degree of "Chinese" in it .
4) Investment institutions: US$20 million: Paradigm , Stardard Crypto
5) Launch time: It is a new product, and the main network will be launched in March this year
6) Listing status: It was listed yesterday (6.26), and zksync and LayerZero were not listed. Binance and OKX were not listed .
The ones I use are Upbit, Bitget, Bybit... Compared with the popularity, this is a bit shabby
7) Tokens: BLAST; native stablecoin USDB
8) BLAST buying: Huang Licheng, the top buyer, exchanged 1491ETH for 198.4 million BLAST (the top buyer on the chain and the largest individual holder)
9) Development speed:
According to the official announcement on June 26: "Within 100 days of the mainnet launch, the total locked value of Blast Dapp has grown to 2 billion US dollars, making it the fastest growing public chain among all L1 and L2 in history.
Blast is the sixth largest public chain in terms of total Dapp lock-up and decentralized exchange transaction volume, and is in the top five public chains in terms of fee payments.”
As of today, the official website announced that the TVL is US$2.5 billion and the total number of users is 1.61 million .
I don’t know what changes will happen after the airdrop and listing last night.
10) Vision: Eliminate bank accounts . (This narrative is... um... pretty good... every marketing project has a grand narrative)
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As for Blast, I don't have much say, I'm just here to join in the fun.
someone said:
The selling point of Blast is that deposits can earn interest , and any contract developed has the right to share profits from gas fees , which can attract developers.
For users, it is like a coupon for half-price sale at an amusement park. Since you are here, you will definitely spend money.
The first step is to have the endorsement of Paradigm , and the airdrop of Blur Season 2 is its endorsement . It is clearly stated that points can be exchanged for airdrops , which continuously increases the expectations of airdrops. This can attract large investors, small investors and hair-pulling studios.
Although they say that they are going to earn returns, most people really don’t care about the few percent of returns from staking. They are more likely to get points and actually try to get airdrops .
If there is no airdrop, why don't people just put their money in Lido instead of going through the pimp Blast?
someone said:
Blast’s excessive marketing campaigns have damaged the team’s serious image.
However, from a financial design perspective, Blast does demonstrate some innovation , especially in trying to solve the risk-free interest rate of crypto assets on Layer2, which is one of the reasons why a large number of users and funds have entered its ecosystem.
Despite this, Blast still has significant shortcomings in terms of technology and security .
Do you have any different opinions about Blast?
Welcome to communicate.
Finally, I would like to ask for your approval, please like, forward, collect and comment .
Attached reference materials:
1) Blast official website: (There are currently many Blast phishing official websites, so please be aware of your asset security)
https://blast.io/
2) Blast Official X:
https://x.com/Blast_L2
WeChat public account: BitGravity
Xingchen WeChat: iammm001
Telegram community: https://t.me/bitgravity
Twitter/X: https://twitter.com/biteyinli
