A complete step-by-step guide with tips. tricks and warnings
Blast is the latest Layer-2 network built on top of Ethereum, and it’s making headlines as degens bridge their ETH, participate in onchain activity, and collect BLAST points and Blast Gold. In this guide we will take a look at how you can get started within the Blast ecosystem.
We know, it’s always a bit intimidating to move your valued tokens over to a new L2 network. That feeling was even stronger with Blast, which opened a multisig deposit wallet months before the network went live. Now that Blast launched its mainnet, those who deposited ETH are already reaping the rewards. They earned Blast points, and those points will result in a BLAST token airdrop. In addition, activity on Blast can result in project distributing their share of Blast Gold with the community.
You have enough opportunities to join the degeneracy. Below you will find a step-by-step guide on how to get started with Blast.
Bridge ETH to or from Blast
Blast has its own bridge. But this bridge turned out to be highly inefficient, resulting in very high gas fees for users. Therefore we advise you to use an alternative. Think about Rhino Finance or Orbiter Finance. In the following example we will use Rhino.Fi.
- Go to Rhino.Fi
- Click “Connect wallet” in the top right of the page
- Select your wallet software, and sign the signature
- Then press “Authenticate Wallet” in the pop-up
- When authenticated, press “Enable L2 access”
- Sign another signature in your wallet software
- Optionally register your email address, we skipped it.
- And now your wallet is connected.
- Now you say which token you want to move from which chain
- And at the bottom you select the destination: ETH on Blast
- Press “Bridge”
- Switch network in your wallet software, if needed
- And then “Confirm” the transaction in your wallet software.
Bridging will now happen, and may take a few minutes or even hours depending on the chains you’re using.
Bridging to and from Ethereum is always expensive, and can cost $20 or even $200. However, bridging between different Layer-2 networks will cost you just $2.
If you would still want to use the native Blast bridge, please continue reading to change your mind.
Do not use Blast’s native bridge
Developed by Pacman, the creator of Blur, it should come as no surprise that Blast has some interesting and disrupting mechanics. This includes of course native yield, which is great. But there’s more. Those who want to move their profits from Blast back to Ethereum mainnet, will discover there’s a withdrawal delay when using the native bridge developed by the Blast team.
Users who initiate their withdrawal first need to wait 1 hour or more, then prove their withdrawal. After that there’s another waiting period of 14 days before the actual withdrawal takes place.
ETH and stablecoins on Blast earn native yield, but it’s important to note that funds initiated for withdrawals will no longer earn you anything. No yield. No points. No rewards. Likely, yield on ETH will go to the Blast development team during that time.
What are Blast Points and the BLAST airdrop
Participants who move ETH over the Blast, will start accumulating Blast Points. Early contributors receive 10x the normal amount of points, but only if they leave their ETH on Blast for the time being.
The more points you accumulate on Blast, the bigger your share of the BLAST token airdrop will be. You can earn more Blast Points by being active in the ecosystem, for example by swapping memecoins.
What is Blast Gold?
Blast Gold points are a reward mechanism distributed to decentralized applications (dapps), while Blast supports the idea that developers redistribute their Gold to their users. A recent Gold distribution event allocated 15 million Gold points across various categories, including Spot DEX, Perp DEX, Lending, GameFi, SocialFi, and NFT infrastructure. These points are allocated based on a weighting formula that takes into account various factors.
Users earn Blast Gold points through various activities, including staking assets, participating in the platform, and inviting others to join. These points can eventually be redeemed for rewards, incentivizing user engagement and liquidity provision on the network.
Join other crypto token airdrops on Blast
The interesting part about this current status of the Blast ecosystem, is that almost every project on Blast has its own point system as well. This means that swapping on or interacting with DYORswap, MangroveDAO and ThrusterFi will earn you not only Blast Points, but also point for the particular DeFi protocols.
This in addition also explains why so many memecoins launch on Blast right now, because it’s all part of the point farming. We’ve seen the same in the past on Solana. For true degens, become a DappRadar PRO member and get access to Hot Contracts on Blast. Then you can see which new token launches every minute, optimizing your point farming activity.
Stay safe on Blast
Important thing to note about Blast right now. It’s a degen heaven where new memecoins launch every 10 minutes. In addition, not all dapps will stick around for years. There may be scams. Therefore it’s good to know that Revoke.Cash has enabled support for Blast through their dashboard.
Revoke.Cash allows you to revoke token approvals, which should protect you against certain type of scams. If you approved tokens and aren’t sure about their legitimacy. Then make sure you revoke the approvals as soon as possible.
Learn more about Blast
Follow the links below to learn more and dive into the data that makes up the Blast ecosystem.
