NFTs & Gaming
Infrastructure

Having a BLAST with BLUR

Expect the unexpected.

Blur surprised many with the announcement of a new L2 called Blast. While they are separate entities, Pacman (Blur founder) leads both organisations. The fate of BLUR and BLAST are intertwined like star-crossed lovers.

Overall, I think this is positive for BLUR in the short-mid term, with potential for asymmetric upside if the bullish scenario plays out

BLUR = all the fundamentals as per our previous report + future new product revenue + L2 upside (reasonably popular L2s valued between $100M – $1.5B today)

Some of my personal notes:

BLAST

  • L2 (OP) with real world yield: via Lido + Maker + Gas fees back to devs 

  • $20M raised.

  • Purpose: Blur, perps + other new products 

  • Testnet in Jan, Airdrop in May

  • 50% of community rewards to early access, 50% to devs. 

  • Devs go where incentives are. And if there are good incentives (airdrop, gas fees) to build there, they will go

  • How to participate:

    • Points earned for bridging ETH and earning yield

    • Invite your squad, earn 16% of the points and 8% of their next level invitee points (almost like a pyramid scheme)

    • Luck, Spins as gamification mechanisms

  • Could attract a good number of farmers:

    • Earn staking yield that you would earn on Lido anyway + call option on a new L2 (probably worth something)

    • Spinning + Luck feature + MLM scheme keeps game interesting for a while

    • Downside is ETH locked till Feb and smart contract/bridge risk

  • 8000 ETH ($16M) locked on Blast bridge in <24 hours (https://etherscan.io/address/0x5f6ae08b8aeb7078cf2f96afb089d7c9f51da47d)


BLUR

  • Another $40M raised

  • Perps product in development. New products will be built on Blast

  • S3 program:

    • 50% of S3 incentives for BLUR holders. Stake BLUR to earn points. Higher multipliers the longer you stake. ~5x multiplier if you hold the whole way. Multipliers drop if you withdraw

    • 50% for liquidity providers on Blur & Blend

  • Bullish unlock so far, price is up 15% after S2 tokens were distributed today

  • 225M BLUR is currently staked (~20% of circulating)

  • Circulating market cap remains the same. rewards came from the community treasury

Bullish scenario for BLUR

  • Bull market in mid 2024: NFTs revive, crypto markets are vibrant

  • NFT volumes up. NFT perps product launch. Blur fee switch on, generating significant revenue

  • Blast L2 catches wind and attract dev interest with incentives

Bearish scenario for BLUR

  • L2 gets no adoption (low end of L2 valuation)

  • Blur team split focus, loses market share on NFT volumes and fumbles L2.

Leave your comment...

I think you can only use BLAST at the moment if you have an invite code :-(
But HOLD $BLUR on your Ethereum Wallet TO EARN REDACTED (FROM BLAST) works fine from the Blur Foundation Page

top 10 leaderboard invite code for blast to get max luck/points: https://blast.io/SH8AN (disclosure: egirl invested)

Good luck guys! I've been playing around with the Blast incentive program too.