The Blast Big Bang Competition: Your Complete Handbook26 Feb 2024
Blast Network has generated significant buzz, boasting over 1.3 billion TVL and a user base exceeding 100,000. Now, developers have a chance to step into the limelight with the Big Bang Competition, running from January 17 to February 17, 2024.
Let's explore the intricacies of the competition, providing developers with valuable insights to seamlessly integrate into the dynamic ecosystem of Blast.
Table of Contents:
Blast's Meteoric Rise
The Blast Overview
What Is Blast Big Bang Competition
Opportunities and Rewards for Blockchain Projects
How Rock’n’Block Can Help
☄️ Blast's Meteoric Rise
Blast, announced in November 2023, has gained attention in the decentralized finance (DeFi) space for its Total Value Locked (TVL) achievements. Surging to popularity, the project attracted 66,000 users within the initial days of its existence, swiftly securing a spot among the top 5 DeFi applications. Notably, by the end of the first week of December 2023, Blast's Web3 protocol successfully reached a remarkable $823 million in TVL, just weeks after its unconventional launch. As of January 30th, 2024, its TVL has soared to $1.323 billion, as reported by DeFiLama. This meteoric rise places Blast at the forefront of DeFi discussions.
The Blast Overview
Blast is a new Ethereum Layer 2 (L2) blockchain project that introduces unique features, primarily focusing on providing native yield for both Ethereum (ETH) and stablecoins.
According to Blast documentation, Blast introduces native yield for ETH and stablecoins, utilizing ETH staking and RWA protocols. In a post-merge scenario, Ethereum yields 4% on ETH, while on-chain T-Bill protocols provide 5% on stablecoins. As an EVM-compatible optimistic rollup, Blast uniquely incorporates these yields, presenting new opportunities for DApp business models. Auto-rebasing with native ETH, L1 staking, USDB stablecoin, gas revenue sharing, and community governance further distinguish Blast in the blockchain space.
In summary, Blast aims to provide a comprehensive Layer 2 solution with automatic rebasing, attractive interest rates, L1 staking integration, stablecoin bridging with yield, and a unique gas revenue-sharing model, all governed by the Blast community.
Overview of Yield in the Blast Ecosystem
In the context of the Blast ecosystem, yield represents the total return earned by users, combining two key elements: Blast native yield on Ethereum (ETH) and the native stablecoin USDB, along with Blast Points.
Blast Native Yield on ETH and USDB
Users receive a yield on their holdings of ETH and USDB within the Blast ecosystem. This yield is generated through various mechanisms, such as ETH staking and Real World Asset (RWA) protocols, providing users with additional value on their deposited assets.
Blast Points serve as an additional component contributing to the overall yield. Deposits made to smart contracts on the Blast Mainnet earn Blast Points, enhancing the total yield accrued by users.
In essence, yield in the Blast ecosystem is a comprehensive measure of the returns users receive on their assets, encompassing both native yield on specific cryptocurrencies and the accumulation of Blast Points through smart contract deposits. This dual-layered approach aims to provide users with a multifaceted and rewarding experience within the Blast network.
💥 What Is Blast Big Bang Competition
Blast Big Bang Competition is a call to developers and innovators to explore the capabilities of their Layer 2 solution. With a focus on native yield for both ETH and stablecoins, Blast encourages participants to leverage their platform to create innovative decentralized applications (DApps) that capitalize on their auto-rebasing mechanism and unique features.
The Big Bang competition invites participation from early-stage teams with new ideas as well as advanced late-stage teams looking to engage with the Blast community. Late and early-stage teams will be evaluated separately.
Participants can choose to submit their work anonymously, either as independent contributors or as DAOs. English proficiency is also not a barrier. You can submit your project in your native language with confidence. Live translation services will be provided for the competition's concluding live stream to ensure inclusivity for all participants.
Application Process for Blast Big Bang Competition:
Step 1 Register:
Open the gateway to innovation by registering at any time before February 16. Simply become a part of the Blast Builders community on Slack, where ideas are exchanged, and creativity thrives.
Step 2 Submit:
Take your project to the next level by submitting it along with a captivating 3-minute demo video. Ensure that your dApp is live on the Blast Sepolia testnet by the submission deadline. While feature completeness is not mandatory, the live demonstration is crucial to showcase your project's potential.
Step 3 Results Announcement:
Brace yourself for the exciting culmination on February 21 as judges live-stream their reactions to the top projects. This is the moment when winners will be selected, recognized, and celebrated. Your journey from concept to creation reaches its climax, and the Blast Big Bang Competition concludes with the acknowledgment of the most innovative and impactful projects.
Assessment Criteria Overview: Blast Big Bang Competition
The assessment criteria for the Blast Big Bang Competition encompass three key dimensions, ensuring a comprehensive evaluation of each project:
Is the project idea exciting and valuable to end-users? This criterion delves into the novelty and user-centricity of the project, assessing its potential to captivate and deliver tangible value to the intended audience.
Is the project designed and built well? This dimension evaluates the project's execution, examining the quality of its design, implementation, and overall functionality. Attention to detail, user experience, and technical prowess are essential elements under scrutiny.
Does the project use native Blast features to build something that can't be built on other chains? This criterion emphasizes the utilization of native Blast features, gauging the project's ability to leverage unique capabilities that distinguish it from solutions on other blockchain platforms. Projects are encouraged to showcase innovation by incorporating Blast-specific features in their development. For those lacking Ideas we have collected an overview of Blast project Ideas mentioned in the Blast Docs below.
💡 Blast Big Bang Competition Ideas
Distinct categories will feature unique sets of DApps and winners within each category. The judging process will be conducted separately for Late Stage and Early Stage projects, ensuring fair assessment and recognition for both.
If you lack inspiration, Blast provides an extensive list of ideas that you can develop for each category:
Source: Blast Big Bang Competition
Blast's Perpetual DEX Ideas:
User-Centric Yield-Passing Dex: Develop a Perpetual Dex that prioritizes users by directly passing yield generated from deposits in USDB, ETH, and WETH back to them.
Zero Fee Monetization Dex: Create a "Robinhood for Perpetual Dexes" model that monetizes through yield on deposits and gas fees while offering a unique approach of charging zero trading fees.
Inclusive Lottery-Style Distribution Dex: Design a Perpetual Dex that promotes inclusivity by implementing a lottery-style distribution of yield and gas fees to top traders. Use trading volume as the weight for a fair and random distribution.
Maker-Preferred Yield Dex: Craft a Perpetual Dex that directs yield from takers to makers, fostering market-making activities and liquidity provision.
Token Holder Incentive Dex: Develop a Perpetual Dex that passes yield, gas fees, and trading fees directly to token holders, creating sustainable incentives for long-term community engagement.
Vault-Boosted Yield Dex: Innovate a Perpetual Dex that transfers yield from users to vault depositors, amplifying the baseline yield of Liquidity Providers (LPs) beyond standard levels.
Blast's Spot DEX Ideas:
Yield-Passing Spot Dex: Develop a Spot Dex that prioritizes Liquidity Providers (LPs) by directly passing the yield generated from LP positions back to them. This model aims to enhance the overall profitability and engagement for LPs within the Blast ecosystem.
Yield-Rebalancing Spot Dex: Create a Spot Dex that dynamically rebalances LP positions with the accumulated yield. This approach ensures that LPs can benefit from optimized position management and increased yield over time.
Trader-Engaging Lottery-Style Distribution Spot Dex: Innovate a Spot Dex that awards traders with the yield from LP positions in a lottery-style distribution. For example, utilizing trading volume as the randomness weight, promoting fairness and inclusivity in the distribution process.
Sustainable Zero Trading Fee Spot Dex: Build a Dex that passes yield from LPs and gas fee revenue directly to frontend administrators and token holders. This unique model aims to enable zero trading fees indefinitely, addressing the challenge of sustaining feeless transactions and avoiding the "Uniswap problem."
Blast's Lending Protocols Ideas:
Capital Efficient Lending Protocol: Develop a lending protocol that enhances capital efficiency for borrowers by distributing yield generated from borrower collateral positions directly to lenders. This model aims to improve overall capital utilization within the Blast ecosystem.
Lending Protocol with Automated Debt Health Improvement: Create a lending protocol that automatically improves the debt health of borrowers by adding yield from borrower collateral positions back onto those same positions. This innovative approach seeks to optimize and enhance the financial well-being of users engaged in lending activities.
Liquidity-Boosting Lending Protocol: Innovate a lending protocol that automatically adds yield from LP positions onto those same positions, thereby improving liquidity and reducing opportunity costs for lenders. This model aims to create a dynamic lending environment that benefits from the inherent liquidity of LP positions.
Blast's NFTs/Gaming Ideas:
Yield-Monetized Bonding Curve NFT: Create an NFT with a unique minting mechanism via a bonding curve. Monetize the yield on deposits and establish aligned incentives between creators and NFT holders, ensuring mutual benefit as the NFT's value appreciates.
Creator-Centric Net Gas Fee NFT: Develop an NFT where net gas fees go directly to the creator, maximizing earnings for content creators. This model fosters a more lucrative environment for creators within the Blast NFT ecosystem.
Automated Treasury Growth: Implement a concept similar to NounsDAO, where the treasury grows automatically via yield. This innovative approach ensures sustained growth and prosperity for NFT projects and their communities.
Yield-Priced NFT Minting Mechanism: Introduce new NFT minting mechanics where the mint price is determined by the yield generated from holding deposits in escrow. Effectively, this makes the NFT minting process "free" for users, encouraging broader participation.
On-Chain Games with User Deposit Escrow: Innovate on-chain games where the price to play is tied to holding user deposits in escrow, earning yield on deposits. This approach makes the game free to play for users, creating a sustainable gaming ecosystem.
NFT Perpetual Product with User Yield Distribution: Develop an NFT perpetual product that passes yield generated from deposits directly to users. This model ensures ongoing benefits for users engaged in the NFT ecosystem.
Blast's SocialFi Ideas:
Yield-Passing FriendTech alike Platform: Develop a platform similar to FriendTech but with a unique twist—pass the generated yield onto users. This approach aims to reduce the opportunity cost of depositing, creating a more user-centric and engaging SocialFi experience.
Yield-Monetized FriendTech Variant: Innovate a FriendTech-like platform where, instead of relying on trading fees, the platform and creators monetize through yield. This model not only improves liquidity but also aligns incentives between the platform, creators, and key holders, creating a more symbiotic and sustainable ecosystem.
Blast's GambleFi Ideas:
Onchain Daily Fantasy Sports with Yield Monetization: Develop an on-chain daily fantasy sports platform where the monetization strategy revolves around yield rather than a traditional rake. This model aims to make the game fairer for players, offering more upside and engagement.
Yield-Monetized Poker Platform: Innovate a poker platform where the monetization mechanism is based on yield rather than rake. This approach seeks to level the playing field for players, providing them with more significant upside and fairness in the game.
On-Chain Coin Flip Game with Yield Monetization: Build an on-chain coin flip game where the platform monetizes through yield, steering away from the rake. This unique model ensures fairness for players, offering enhanced upside in gameplay.
Enhanced PoolTogether with Native Yield and Blast Points: Reimagine a PoolTogether-like game but with an added twist—provide the winner with not only the native yield but also Blast Points accrued. This modification introduces an extra layer of incentive and engagement for participants.
Blast's Infrastructure Ideas:
Solidity Libraries for Yield-Passing: Develop Solidity libraries that simplify the process for developers to pass yield on deposits directly to users within decentralized applications (dApps). This initiative aims to reduce the opportunity cost for users to deposit into dApps, fostering increased user engagement and participation.
Zero Trading Fee TG Bots with Yield Monetization: Innovate Telegram (TG) bots designed for zero trading fees, with a unique twist—they monetize through users' yield. This approach aims to enhance competitiveness among TG bots by offering users a fee-free experience while simultaneously aligning incentives between the platform and its users.
Miscellaneous Ideas Category
The Miscellaneous Ideas category stands as an open invitation for participants to surprise the Blast team with groundbreaking, out-of-the-box concepts. Within this category, the emphasis lies on projects that serve as a canvas for unexpected and innovative endeavors, pushing beyond conventional boundaries. It is an exploration of uncharted territories, welcoming concepts ranging from unconventional financial instruments to unique tokenomics. This category offers participants the chance to surprise and captivate, providing a unique opportunity to redefine the decentralized landscape during the Big Bang Competition.
If you are looking for expert guidance and support in bringing your blockchain project to life in the Blast Big Bang competition, Rock'n'Block is at your service. Our team is well-equipped to bring your vision to life, whether it's Perpetual DEX development, Spot DEXs, Lending Protocols, NFTs/Gaming, SocialFi, GambleFi, Infrastructure, or your own custom ideas.
💰 Opportunities and Rewards for Blockchain Projects
The Blast Competition offers a valuable opportunity for projects to showcase their creativity and contribute to the growth of the decentralized ecosystem. Participating in the Big Bang competition allows project owners to gain recognition and receive substantial rewards through the airdrop.
$1.4B TVL and 119,915 users... All waiting to be unleashed on dapps launching with Blast. This is your chance to get in front of all of them.
- Blast Big Bang
Winning DApps will be featured to Blast users upon the mainnet launch at the end of February, significantly contributing to user adoption and overall app success. Successful teams will also have the chance to engage with judges and potential investors, providing invaluable guidance and support for the growth of their winning DApps.
Earn the Blast Airdrop
The enticing Blast airdrop is a main reward of the competition, with a substantial 50% earmarked explicitly for developers. A portion of the Blast developer airdrop is allocated for competition winners, while another portion is earmarked for Mainnet DApps. Although the precise distribution remains undisclosed, the majority, over 90%, is reserved for Mainnet DApps. The percentage designated for competition winners in the developer airdrop has not been disclosed yet. However, it is expected to be the largest point allocation to date.
⚡️ How Rock’n’Block Can Help 🚀
Rock'n'Block, as a blockchain development company, is well-positioned to assist projects looking to participate in the Blast Competition. Our team brings a wealth of experience in blockchain development, smart contract creation, and decentralized application architecture. Here's how we can help:
1. Smart Contract Development
Our expertise in smart contract development can assist projects in creating robust and secure contracts that integrate seamlessly with Blast's auto-rebasing mechanism.
2. DEXs Development
We bring a wealth of experience in secure and high-performance DEX development, like decentralized perpetual futures exchanges and decentralized token exchanges, encompassing AMMs and CLOBs.
3. DApp Development
Rock'n'Block can help you to build decentralized applications that leverage Blast's unique features, such as passing yield to users and optimizing gas fee structures.
4. NFT Solutions
For projects exploring NFTs and gaming, our team can contribute to the NFT platforms development, integrating bonding curves, maximizing creator earnings, and exploring new minting mechanics.
5. DeFi Protocols
In the realm of decentralized finance, our expertise extends to creating and enhancing lending protocols and other DeFi protocols development that align with Blast's vision.
6. Custom Blockchain Solutions
Rock'n'Block is your go-to partner for developing miscellaneous and custom blockchain projects. Our team is ready to turn your unique ideas or specific requirements into reality, even if they don't fit conventional categories.
Disclaimer: This article is a review and not an advertisement. It is not intended to endorse or encourage anyone to buy or invest in any particular project. The information provided is for informational purposes only. We strongly advise you to do your own research (DYOR) and seek professional advice before making any investment decisions.
We ❤️ Development
Follow us on social media to receive the hottest blockchain development updates