Just two days after the launch of Blast, an Ethereum layer-2 network from the founder of dominant NFT marketplace Blur, hundreds of millions of dollars have flowed into newly created protocols living on the network—and buzz is growing about several other projects emerging in the ecosystem.
The network already boasts a total value locked (TVL) north of $2.4 billion, according to the Blast website. Many users have flocked to Blast in order to capitalize on future airdrops that may reward early users of applications and protocols within the network.
Already, clear winners have emerged, with some DeFi protocols receiving huge sums of investment, and other games and tokens garnering sizable attention on social media. Here’s a glance at some of the projects dominating Blast in its first days.
Orbit Protocol
With a TVL of over $200 million, Orbit is currently the hottest DeFi protocol built within the Blast ecosystem. The protocol allows users to lend and borrow assets while remaining within Blast, and incentivizes users by letting them earn liquid rewards in the process. It also boasts its own native token, ORBIT.
Spacebar
Spacebar, which refers to itself as an “on-chain playground,” is a gamified platform on which users are encouraged to interact and engage with each other to earn various types of points. Users connect their profile picture (PFP) NFTs to the ecosystem to create an avatar, and also mint new NFTs within the Spacebar game world.
Spacebar also incentivizes users to stake ETH within the platform to earn additional rewards. A major pull to the project appears to be the promise of an upcoming airdrop to early and active participants.
Degens, we are live on @Blast_L2 with Phase 1 🧑🚀
If you’re looking for the best playground to play and farm, you found your home. 🏡
In Phase 1, you can:
– Choose a PFP NFT as your digital identity on Spacebar.
– Mint a free Blast Protoship NFT.
– Stake $ETH.
– Refer friends.
-… pic.twitter.com/6I1koiIpLX
— Spacebar 🚀 (@spacebarxyz) February 29, 2024
Pac Finance
The first hybrid lending protocol to launch on Blast, Pac Finance facilitates both peer to peer loans, and peer to pool loans on the Blast network. The project includes features like self-repaying loans, one-click leverage trading, and instant lending loops. The platform is currently pledging quantities of Blast’s yet-to-launch native token, which it received after winning the blockchain’s “Big Bang” app development competition, to early adopters.
PacMoon
The self-proclaimed “community meme coin” of the Blast ecosystem, PacMoon is a decidedly independent token project that took off this week to much fanfare. The token, PAC, has yet to launch—it will via airdrop at some point “soon,” according to the project’s team. But in the meantime, it has generated a frenzy on Twitter, where posts about the coin noticed by the PacMoon team are purportedly being rewarded with PAC allocations.
1. Create content about PacMoon
If we like or rt your post, you get $PAC.
A rt will get you more $PAC than a like.
You can stack likes and rts for more $PAC.
— PACMOON (@pacmoon_) February 29, 2024
Zerolend
Another lending market on Blast, Zerolend incentivizes users to borrow and lend a range of tokens in exchange for rewards in ETH, BLAST, and ZERO, the protocol’s native token. Unlike Orbit Protocol and Pac Finance, Zerolend already exists on two other blockchains: Manta and zkSync Era.
DistrictOne
DistrictOne is a gamified, incentivized group messaging platform built on Blast. By liking messages and engaging with posts, DistrictOne users can collectively earn rewards and compete for jackpots. A key element of the ecosystem are “gems,” which are rewarded to users for high engagement, and earn them spots in weekly and ongoing airdrops.
3. 🎮 Gamified Spaces
D1 transforms group interactions into thrilling rallies with jackpots. Participate in daily sessions, support your favorite spaces, and stand a chance to win big. It’s all about community power and shared success. pic.twitter.com/S6WCqCqMJe
— DistrictOne (@DistrictOneIO) February 15, 2024
Juice Finance
Juice Finance is a protocol that enables levered cross-margin trading. Users can yield farm and spot trade on other Blast protocols through Juice, and in the process, lenders and borrowers can earn various rewards. Holders of certain Ethereum NFT projects, including Pudgy Penguins, Wassies, CryptoPunks, Azuki, DeGods, and RektGuy, are automatically eligible to claim the platform’s native Juice points. At writing, Juice has a TVL of nearly $35 million.
Edited by Andrew Hayward
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