Mitchell

@mitchell

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What are the top Base projects I should look into?

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Crypto has already achieved "mass adoption". It's an integral part of the global economy, with two established usecases: a) BTC & ETH as alt assets b) Stablecoins + several more niche usecases, more coming Desperately fawning over racist memecoins & trashy celebs is wasteful, focus on improving a) and b) instead

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What do you think? What am I missing?

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Now it's time to lean into apps that are working, and that take advantage of Blast's unique offerings: native yield and native gas fee sharing. The airdrop is around the corner. Blast needs to make sure liquidity & users stick around afterwards Leaning into core differentiation from other L2s is key to retaining both

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3. So what!? IMO, this means Blast is entering a new phase in its gold incentive program It bootstrapped robust liquidity markets with Thurster. It captured attention by leaning into the socialfi and gamefi meta

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Dapps that maintained their dapp weight from distribution 4 to 5 saw only a slight dip in their gold captured. See Thruster and @fantasy-top Dapps that increased their dapp weight got a massive gold bump. See Blitz, Wasabi, Blastr Dapps that decreased their dapp weight got knocked. See DistrictOne and CryptoValleys

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Effectively, Blast is bringing all categories to a more even playing field. 2. Dapp weight is king That means Dapp weight (platinum, gold, silver, or bronze) is even more important. It determined the winners and losers of distribution 5:

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1. Category weights nerfed After fourth gold distribution, I argued category weights were secret kingmakers. That's no longer true with distribution 5 Previously highly weighted categories (spot dex, socialfi) were nerfed. Lower weighted categories stayed the same

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. @Blast_L2 just dropped its fifth gold distribution Here's my quick thoughts and insights👇

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"0/ v1.2 of @electric's NFTPulse.org is here! We added secondary trading stats for two new chains: i) Zora ( @zora ) ii) NEAR Here is how NFT trading on these two chains look ⏬"

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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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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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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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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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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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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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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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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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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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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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