The Blast Ecosystem Skyrockets with the "Jackpot" Feature, Here's the Explanation!

Bittime - The Blast ecosystem, built on Ethereum Layer 2, is buzzing! This comes after they announced their newest feature: Jackpot. 

Jackpot allows users to win prizes in the form of Blast Gold by entering their Blast tokens and NFTs into this system.

After the announcement, the prices of tokens and other crypto assets in the Blast ecosystem immediately soared. Tokens like PacMoon are up more than 30%, Juice Finance is up about 40%, and NFTs like Blastopian are up nearly 50%. Meanwhile, Ethereum and Bitcoin prices are relatively stable.

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Interestingly, even though the prices of these assets are rising, Blast's total value locked (TVL) has only increased 1.7% in the last 7 days according to DeFiLlama.

Explanation of How the Jackpot Works

To enter the Jackpot, users must put their assets into a kind of non-custodial “deck” that can hold up to eight different tokens or NFTs. 

Every time a new block is formed on the blockchain, there will be a small chance of winning the jackpot, and a random Blast asset will be selected as the winner. The “Gold” will then be distributed to the winning deck and distributed proportionally.

Since its launch last Friday, the Jackpot has been won twice, respectively by the PacMoon and Fantasy.Top communities. 

The value of Blast Gold itself is still speculative, but currently it is equivalent to around 37,000 Blast points. This value can change depending on the number of points and "gold" in circulation.

Also read: Blast (BLAST) Ready to Launch Mainnet in the Near Future, TVL Reaches IDR 31.3 Trillion

What is Blast Gold?

Blast Gold is a kind of points that can be won through the Jackpot mechanism. Interestingly, Blast Gold is one of two ways to get the Blast airdrop. 

Half of the airdrop will be given to users who have Blast points, and the other half will be given to users who have Blast Gold.

Also Read How to Buy Crypto:

Previously, Blast Points could only be obtained by holding ETH or USDB. However, with the Jackpot, Blast Gold can now be earned by holding other assets in the Blast ecosystem, such as NFTs and memecoins. This is what is most likely to cause an increase in the prices of these assets.

Also read: Uniswap Launches Mobile Application, Comes with Blast Integration!

New Experiments in Airdrop

Jackpot is the latest experiment in the world of airdrops and crypto points. Several large projects such as EigenLayer, Kamino Finance, and Friend.Tech have previously been criticized for their airdrop models. 

The Web3 project is still looking for the right way to provide incentives that can increase user activity, attract long-term users, and of course comply with regulations that are not yet completely clear.

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What is Blast?

Blast launched their mainnet in February this year. Blast is Layer 2 supported by Paradigm. Since its launch, Blast has attracted controversy because of their deposit contract which can only be done once (one-way deposit) in November 2023. 

Despite this, Blast's total value locked (TVL) continues to increase and currently stands at $1.5 billion, making it the fourth largest Layer 2 according to L2Beat.

How to Buy Crypto on Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Learn Complete Guide How to Buy Crypto on Bittime. 

Monitor price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

Also read:

Degen Wars: NFT Card Game Coming to Blast Chain!

Blast Mainnet Bounces Back: Community Again Reveals the Excitement

Blast Recovers $97 Million in Stolen Munchables Funds Through Multisig

5 Blast Based Coins That Have Soared Up To 142% in the Last 7 Days

DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.