The Ethereum Layer 2 network, Blast, recently unveiled its Season 2 rewards structure and future vision for the chain, sparking significant market reactions.
Season 2 Incentives and Structure
On July 2, Blast released a blog post detailing the incentives and rewards for Season 2, causing its native token to drop another 15%. The post compared Season 1 and Season 2, highlighting changes in the incentive structure and outlining Blast’s long-term vision. Despite a lackluster launch on June 26, token holders responded negatively to the announcement.
Golden Ticket System
The year-long second phase maintains a 50-50 airdrop split between Blast points and Blast gold but introduces a new Golden Ticket system in its progressive web app (PWA). Users can earn tickets based on their ETH, WETH, and USDB token holdings. These tickets offer a scratch-off mechanism, allowing users to win points, gold, Blast merchandise, and even Tesla Cybertrucks.
Long-Term Vision and PWA
After the token launch last week, Blast revealed its long-term vision and PWA, branding itself as the “full-stack chain.” To claim their airdrops, users must download the app. Blast’s future plans include a comprehensive ecosystem with native desktop and mobile wallets to compete with Metamask, enabling seamless interaction with Blast L2 and its native dApps.
Market Reaction and Future Plans
Despite the ongoing incentives, Blast’s Total Value Locked (TVL) has dropped 21% in the last seven days, and the native token’s price is down 37% from its all-time high on opening day. As sentiment surrounding Blast worsens, market participants are reflecting on Blur’s roadmap, which was announced in February 2023 but has yet to deliver on promises like ERC-1155 integration, Artblocks integration, and the “F-Switch.”
