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Mitchell
@mitchell
1/ Blast just announced its fourth gold distribution. Where is the gold going, and how is the @Blast_L2 team using it to build the ecosystem it wants? I analyzed all four gold distributions to find out, so you don't have to Let's dig in👇
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Mitchell
@mitchell
2/ First, what is Blast gold, and why is it interesting? Blast gold is an incentive meant to reward dapps for building on Blast Dapps that receive gold are expected to distribute it back to their users. 50% of the total Blast airdrop will be allocated to gold holders
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Mitchell
@mitchell
3/Unlike previous point farming incentives, Blast gold rewards dapps directly and users only indirectly It is a novel approach to ecosystem building By pointing gold incentives at dapps instead of users, Blast can direct how its ecosystem grows/behaves via its incentive program
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Mitchell
@mitchell
4/ Blast uses a four-part formula for gold: -Category weight (wt): what kind of dapp is it? -Blast native wt: how loyal is it? -Dapp wt: how well is it doing? -Incentive wt: is it rewarding users? Blast can dial up these wts for dapps it wants to grow, or dial them down
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Mitchell
@mitchell
5/ The largest factor in gold allocation is dapp wt Dapps that attract users, embrace Blast's ethos, and avoid hacks can receive a 1x, 5x, 10x, or even 15x multiplier Straight forward enough. Dapps that do well, and increase Blast's mindshare and reputation get more gold
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Mitchell
@mitchell
6/ Category wt is the second biggest gold factor Blast can (and has!) changed wts between distributions. Since distribution #1, spot dexes+socialfi wts have pumped Most other category wts went down Spot dexes now get a 3x multiplier over lending & gamblefi; socialfi gets 2.5x
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Mitchell
@mitchell
7/ The impact of category wt is real. Spot dexes and socialfi dapps have each captured ~20% of total gold distributed to date. Gamefi and perp dexes have captured ~15% each Other categories like lending, gamblefi, and NFT infra have faired less well
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Mitchell
@mitchell
8/ In fact, category weight is the true kingmaker for gold distributions Dapps that do equally well but are in different categories can have (and have had) vastly different gold outcomes. Even if all other gold formula weights are the same
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Mitchell
@mitchell
9/ For example... In the latest distribution, Juice Finance earned a platinum dapp wt (15x) multiplier alongside Thurster and Fantasty Top, but received 60-70% less gold Juice also received less gold than socialfi dapp District1, which earned a lower (10x) multiplier
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Mitchell
@mitchell
10/ This makes category wt a powerful lever for Blast as it builds its ecosystem If Blast wants to scale up a type of dapp, they can drive up that category's wt Because gold eventually flows to users, more gold in a category helps supercharge rewards to users, driving retention
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Mitchell
@mitchell
11/ More gold for category wt winners also helps attract new users Blast farmers, seeing high gold allocations for a category, are incentivized to use those dapps to earn gold for themselves More users = more traction. More traction = higher dapp wt, creating a flywheel
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Mitchell
@mitchell
12/ So why has Blast driven gold + users to the categories it has? Spot dexes help bootstrap liquidity and are core infrastructure for any ecosystem Socialfi and gamefi have captured the meta and drive attention Boosting these categories helps Blast scale its ecosystem
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Mitchell
@mitchell
13/ It's still early, but Blast's gold strategy seems to be working Gold is just one tool in Blast's belt. Stay tuned for a deep dive into Jackpot I also expect we'll see more creative incentives from the Blast team after next month's airdrop. Until then, we wait and see
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Perry
@pezlow
Great thread thank you 5 $degen
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