#128 Reflections On 5 Figure Blast Airdrop
Was the $2.5B FDV chain worth the time and effort?
GM - this is The Snapshot, edition #128.
This is what I’ve got for you this week.
This Week In NFT World - Blast Vision Drops; Solana ETF
Notable Sales - CryptoPunks, Bored Apes, Milady, XCOPY
Investor Focus - 5 reflections on blast 5 figure airdrop
For sponsorship enquires, please DM me on Twitter.
Have a great day,
B
This Week In NFT World - Blast Vision Drops; Solana ETF
Van Eck applies for Solana spot ETF: Solana rips to $150 before retrace
VanEck announced the first application for Solana spot ETF in the United States. VanEck said that Solana is a commodity that provides a better user experience than Ethereum. In 2021, Grayscale launched the Solana Trust Fund, which is aimed at institutional investors and high net worth investors.
Wu Blockchain
Market liked it with 8% jump on the day.
the chart
Blast L2 launches at $2B FDV, trading between $2B-$3B: vision extends to a wallet & onramping and compares itself to Apple
Blast’s overarching purpose is to accelerate the market’s transition from an offchain economy to an onchain economy. To understand how to do that, let’s first take a look at the present state of the world.
If you look at existing chains today, you’ll notice they all have a similar end-to-end user experience. Each chain focuses on optimizing the chain itself, while relying on third parties for the rest of the stack. This approach is effectively the Android approach, where they optimize the operating system, and rely on third parties for the rest. The Android approach has worked for chains so far, but it has resulted in an ecosystem that is fragmented and filled with friction.
Unlike Android, Apple takes a fullstack approach. They build everything from the software to the hardware and optimize across the full stack. This approach drastically accelerated the transition to mobile and resulted in the most valuable mobile ecosystem in the world.
The focus of the next phase of Blast, Phase 2, is to create the fullstack chain.
Without giving away too much, in Phase 2 the Blast Foundation will work with the community to create a desktop and mobile wallet, specifically for cryptonatives.
Solana announces Blinks: quick links to buy crypto from X and other social media
"Today, we connect Solana to the entire internet. Vote, Donate, Mint, Swap, Pay — use Solana, everywhere."
"w/@solana's new blinks feature @X just became a crypto social app with 250M daily users and in-app instant trading functionality of perps, altcoins, and NFTs"
You can read more about it here.
Arbitrum committee recommends $27M investment in 6 RWA protocols inc. Blackrock fund
"The six products include BlackRock’s BUIDL Fund with Securitize, Ondo Finance’s US Dollar Yield Token, Superstate’s USTB Fund, Mountain Protocol’s USDM, OpenEden’s TBILL Fund, and Backed Finance’s bIB01 asset The investments would be made as part of Arbirtum’s Stable Treasury Endowment Program (STEP), which aims to support the network’s real-world asset ecosystem by investing into stable and liquid products that generate a yield independent of crypto market volatility."
Read more here.
Elements announces first investment fund which tokenizes mineral rights
"1. Make commodity investments (e.g. mineral rights) more capital efficient (reduce transactional friction, cost, etc) 2. Bring on-chain attractive yields that aren’t correlated with other crypto assets We can start to bring liquidity to an illiquid asset, decrease transaction costs, and at the same time bring yield to DeFi that's not correlated to most other DeFi assets (in other words, won't drop 90% when the rest of crypto does)"
Read more here.
NFT market recovers and shows strength after significant liquidity pulled on Blur last week
Notable Sales - CryptoPunks, Bored Apes, Milady, XCOPY
CryptoPunk, Hoodie - 250 ETH
CryptoPunk, Pink Hair - 35.98 ETH
Bored Ape, Gold - 78 ETH
Milady, Alien - 10.81 ETH
XCOPY, Siphon - 18 ETH
Investor Focus - 5 reflections on blast 5 figure airdrop
After a five figure airdrop for me (still need to do the final maths), here are my key reflections on Blast.
I think number 4 may be the most important for many.
1. passive apy on eth was pretty great if you had some patience and didn't have warped expectations
"I put a little eth to work on $blast past 5 months. Just passive. Was very happy with the drop, was like a 55% apy on eth. I mean, people complaining have a warped sense of reality."
2. teams can't really win as if they launch high then everyone dumps + its down only, but if they launch low everyone says it's a failed launch
"$BLAST launched at 2b = low FDV = failed launch Other tokens launched at higher FDV = VC coin = unbuyable What are we exactly looking for? Serious question."
3. cults are good and one is clearly forming around pacman/blast
"Base and Blast are leading usage in the L2 landscape because they're the only chains with cult leaders (Jesse, Pacman). It's a prerequisite for a growing ecosystem. Bitcoin > Satoshi Ethereum > Vitalik Solana > Toly Cardano > Charles Tron > His Excellency BSC > 4"
4. flexing gold is absolutely worthless unless you are honest about your ETH + TIME burned.
Airdrops are NOT free: i find people get hurt when they lose eth, but really do not value their time
"blast s1 results: - 5.6k gold - 585M points / 108k = 5416 gold total gold: 11k gold most importantly: did not burn much ETH + did not burn my TIME"
Me
5. you do not know what the rules are so never bet the house on a game you don't understand
blur farmers got rugged by receiving a lot less than what they expected. key word: expected. have no expectations. protect your eth. earn the points, have fun, enjoy yourself. don't be in a position where you are praying on airdrop day. be grateful - and up - in the projected worst case scenario
Me
Have a great day,
B
Disclaimer: The content covered in this newsletter is not to be considered as investment advice. It is for informational and educational purposes only.
I hold some of the NFTs mentioned in these newsletters