Blast Points, Gold and Multipliers - Hint Stop Doing Calculations
Level 1 - NGMI
Welcome Avatar! Since a lot of you are on Blast we’re just going to explain how it works and why you shouldn’t bother doing Gold valuations or Point total valuations. It is quite literally impossible to tell if you’re doing well, poorly or in-between right now.
Some of you are not involved with this project, however, it will serve as a good post to explain incentives, human emotions and absurd expectations.
Part 1: Proof That Nothing You Calculate Works
From the Blast website you can tell that 50% of the airdrop is due to your point total. 50% of the airdrop is due to the gold you get from Dapps.
It means nothing beyond 50/50 can be calculated.
It could be 1,000,000 trillion billion points and 500,000,000,000,000 Gold
It could be 1 Trillion points and 50 million Gold.
They can just change the multipliers or issue more gold. They can even change the value of gold to points ratio with a button click.
Follow Incentives: Now that you put the calculator down, we can move onto what makes logical sense from an incentive perspective and a reward perspective: 1) you want to reward people who try the dapps - hence 50%, 2) you have to give money to initial funders of the projects who bridged early - hence 50%, 3) if people bridged and used *zero* dapps, they are farmers who will dump all coins on day one and 4) they punish this with the 50% gold and with the multipliers.
What This Means for You: You can conclude that if you do not use any of the Dapps, you will lose 90% of your airdrop value. Read that again if you must. If you simply leave everything on there and do nothing, your airdrop value likely goes down by 90%.
This is simple to calculate with math: 1) they said max 10x multiplier and 2) they said 50% goes to gold… This means if someone gets 1 point, and everyone else does all the multipliers he is diluted by 90% instantly. 10 vs 1 point is massive.
In addition to this, you do not qualify for the second half of the airdrop (the gold section!)
Minimum Interaction Points vs. Gold
On the Points Side: If you only want to qualify for *half* of the airdrop, this means your bare minimum is simple: 1) leave your ETH bridged and 2) you use a hot wallet with some dust eth to do the multipliers.
We were worried we had to do some long post to explain how to delegate. Luckily Blast already integrated it and has a clear tutorial for free. (source)
On the point side you simply need to do two things: 1) don’t bridge off and 2) do the multipliers with a dust account to avoid any smart contract risk.
On the Gold Side:
Surprise! No one knows still!
While 10,000,000 Gold was handed out in distribution number 1 there is no way to calculate the total gold issued by the end of the entire project.
As a simple example, say they realize too much Gold was given to project A. It ended up being a bad project and the users left. Well… there is an easy solution to that!
Just give millions of gold to other projects and dilute them!
The project is going to balance out the Gold to create a robust ecosystem. Doing otherwise would be foolish since it would kill the chain.
If you want to maximize your Blast Gold, follow incentives and follow your own stack of coins. If you deposit 1 ETH into a lending project with 100,000 ETH in it, don’t expect to get much. If you find a popular gaming project early, you will probably get outsized rewards since it’s a popular app that everyone wants to play! (decide if you’re small, medium or large and pick your horses)
Part 2: Calculate Your Standing
The next topic is even more complicated. We’re seeing people claim that being top 63,000 is the top 10% in Blast since there are 634,000 wallets.
While you’re mathematically correct, the majority of those extra 200,000+ wallets are just signing wallets and dust.
Some Quick Math
Follow TVL: When the project went live and you could interact with Dapps, the TVL was… drum roll… $2.3B. The TVL today is…. drum roll… $2.6B
Since we know a large chunk of those wallets are just used for signing transactions and likely contain next to no ETH, we can go ahead and figure out what it takes to get to the top 1% or so.
You can do this by pulling historical data.
See Bottom of Article Snapshot 157,638 wallets.
Add this all up and we know the following: 1) on launch day there were 157,638 users, 2) the TVL went up by $2.6/$2.3B = 13% and 3) some people bridged off since they were airdrop farmers hoping to game the system.
Conservative True Ranking
Using the TVL change we can calculate the real rankings. If the increase in TVL was 13% but we know some people bridged off instantly, we can just use 10%.
Total Users was 157,638 x 1.1 = 173,402. We can round up to 175,000 to make the number easier to remember.
Therefore, if you’re #17,500 and you are doing: 1) all the multipliers, 2) you never bridged off and 3) you are using the dapps, it means you’re probably in good standing.
While many of you are probably tired of the warnings from the past 4 months, for any liquidity pool project you need to be in the top 10% minimum (likely top 5%) to be a significant player in the eyes of the L2.
If not, there is just no situation in which someone would reward a loss leader in a cyber bank.
This is all just banking in cyberspace. Don’t expect JP Morgan to cater to a $500 checking account when in comparison to the multi-millionaire with thirty mortgages and 500 credit cards.
Incentives rule the world anon!
Part 3: Summarizing All of This
Points: If you don’t do the multipliers you will be diluted by around 90%. This means if you put in 10 ETH and do nothing, the system will reward you as if you bridged 1ETH.
For those with no risk tolerance, just use a separate signing hot wallet with $100 in it to be safe as explained in the Blast video here (source)
Gold: 100% of all calculations are worthless. Yes we realize it says ~30K points per gold. The problem is that we don’t know how much gold will be issued in the end and they can just change the multipliers to 10x 30x 100x to balance out the value of the gold.
Just because someone did well this round does not mean the same system repeats next round.
“Top 1%”: Follow the TVL which is the true increase in users. Dust accounts don’t matter and lots of people likely sign up and link but never even deposit. Some might even deposit pennies just to see the system. The true number is probably closer to 175,000 real users not 630,000 users. The term Real User means actual money deposited (will draw the line at $5,000 minimum)
Follow Incentives and Chill: If you want to try and get the max value: 1) do all multipliers and 2) be active on as many dapps as possible.
If you’re risk averse and never want to do anything, you have to set up a signing wallet and do the multipliers. This means you qualify for the maximum on the points side but you will receive $0 on the dapps side.
How to On Multipliers
We tested it and you can just use a linked wallet as explained in the video. Use some dust ETH on the dex and perp dex. After that click disconnect.
Congrats you’re done.
No real need for any further explanation since practically all of you are probably doing this on a daily basis anyway!
Good Luck and Stay Toon’d! We’re closing this one for comments since we’ve had enough of the insane calculations. If you have a real question you can leave it on the post Wednesday or the post on Sunday.
Disclaimer: None of this is to be deemed legal or financial advice of any kind. These are *opinions* written by an anonymous group of Ex-Wall Street Tech Bankers and software engineers who moved into affiliate marketing and e-commerce.
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