Blast Ecosystem grows on new “Jackpot” incentive

After the announcement of Jackpot, tokens in the Blast ecosystem—an Ethereum Layer 2 solution—have surged in price. PacMoon has risen over 30%, Juice Finance is about 40%, and notable NFTs like Blastopians are up nearly 50%. Interestingly enough, this rise in token prices within the Blast ecosystem is in stark contrast with the lackluster performances seen by major cryptocurrencies such as Ether or Bitcoin over the same time period.

According to DeFiLlama data, total value locked (TVL) across the Blast platform has only increased a modest 1.7% in the past week despite widespread token price increases throughout its ecosystem. This could indicate that new features temporarily impacted adoption rates, creating a buzz around them. However, they failed to significantly impact wider usage levels within this particular crypto-ecosystem.

Essentially, Jackpot allows users to put their Blast tokens and NFTs into a pool, giving them chances at winning different amounts of Blast Gold. Essentially, users can farm these points within the system, either by farming with blast gold or by holding onto them until an airdrop is released. Both point holders and gold holders will receive half of the airdrop equally.

This represents another move towards experimenting with different ways in which projects can distribute tokens or points among their communities. This is something that has recently come under scrutiny due to several high-profile cases involving large-scale backlash from community members against centralized distribution systems employed by EigenLayer, Kamino Finance, Friend.Tech, etc., while striving toward both attracting long-term users through incentive design and trying to comply with current/future regulatory constraints.

Blast went live on Mainnet in February of this year with the support of Paradigm Ventures. However, it has been the subject of ongoing controversy ever since November 2023, when it introduced its one-way deposit contract. However, TVL has continued to expand since then and is now valued at $1.5 billion, placing Blast, according to L2Beat, as the fourth largest L2 solution.

Users deposit assets into a non-custodial deck containing a maximum of eight distinct tokens or NFTs for the Jackpot to function. Each block concludes with a small possibility of winning the jackpot, which is determined at random using a Blast asset. Following this, the “gold” is distributed as a percentage throughout the deck.

The PacMoon and Fantasy Top communities have been rewarded for the two occasions since Friday that users have won the windfall. Presently, Blast Gold is worth approximately 37,000 Blast points; however, this value is speculative and subject to change based on the availability of points and “gold.”

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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