And also through this way, transaction fees will then depend on the value of the token like for example $0.1 = 0.479571177898837601 at current price, per 1m transactions = 479571.177899 blast token can be subjected to burning while market gaining $10000 to the pool. At the same time as this continue to happen $0.1 = decrease blast token for previous 0.479571177898837601 value as the token getting burned.
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I completely agree with the recommendation for the Blast Foundation to allow $Blast holders to earn points. I wish this initiative could be expedited, as it should have been decided before the TGE.
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Implementation of governance decisions seems to be faster than any other L2. We will see
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I do not think that giving BLAST points will solve the issue of alignment. If you do, it is equivalent to just staking, since points are just delayed BLAST tokens.
If we want to make BLAST a necessity for governance of Blastās TVL, we should do a tiered points multiplier system for holding a certain amount of BLAST in your wallet.
Example:
- Hold 100,000 BLAST = 1.5x multiplier
- Hold 1,000,000 BLAST = 3x multiplier
- Hold 10,000,000 BLAST = 5x multiplier
This way, you actually incentivize TVL to be retained in the ecosystem while providing utility for the token.
Also, to touch on the point of eco tokens not getting points as mentioned above. A suggestion in my mind is to change the jackpot system to account for BLAST token holding alignment. What do I mean?
If users put token A to the jackpot deck and hold BLAST tokens, the BLAST tokens holdings will be a major factor on whether token A wins the jackpot.
Last but not least, we need to tweak to Jackpot to become more frequent (fixed to be daily?) and less payout (limited to say 10k gold) at a time. This is to eliminate the windfall effect that comes with winning jackpot. This will change the behavior of folks pumping/dumping tokens with coordinated paid shilling campaign to win a major jackpot.
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The intention behind the airdrop is to decentralise the DAO, what u are suggesting will create a huge Gini coefficient
I think to fix this TVL issue, all we gotta do is increase the intrinsic value of the points. We can start by pumping the shitcoin
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seems like it might be illegal, I love it.
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It is not a blockchainās job to improve wealth equality.
If the main vision of Blast is to āunbank the bankedā, you need to first enable a liquid market by retaining TVL within the ecosystem. Then, you can work with the USDB within the ecosystem for payments/trading/socialfi etc.
I have seen too many dumb āstakingā programs that didnāt work out in the end for the token holders (e.g APE staking). Staking for the sake of getting more tokens is a useless endeavor.
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Instead of having a weird multiplier on $blast holdings I think it just makes more sense to have a multiplier on $blast points over eth points or usdb points. Token has some utility but the less risky can still earn parking their capital in safer assets.
Jackpot Blast multiplier is somewhat interesting though I think. Nice.
Certainly agree jackpot should be more frequent and typically less gold.
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For the tiered points multiplier system that you have suggested, I propose that the multiplier be applied on top of the 24x multiplier.
e.g. Assuming the default max multiplier is 24x
- Hold 100,000 BLAST = 1.5x * 24x = 36x
- Hold 1,000,000 BLAST = 3x * 24x = 72x
- Hold 10,000,000 BLAST = 5x * 24x = 120x
Since adding 5x to 24x multiplier is merely ~20% more, I think its better to do it my way
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Yea, I like the idea of blast token holdings having a major factor on whether the token wins the jackpot
Very similar to VE model and feels like its easier to implement
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Tbh it is not super weird haha, almost all the top exchanges I work with uses this tiered token holding system for more benefits within their exchange (e.g. hold BNB to get less trading fees).
It is tried and proven in my opinion. They also do lottery per se with Launchpad, which I think can be a reference for how the Jackpot system can be morphed into.
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No other L2 I have ever encountered has directly, explicitly incentivized users as heavily as Blast to utilize protocols so if in THAT environment a protocol was unable to find any pmf I agree it is unlikely they are going to find some moving forward, but I disagree that it is the responsibility of Blast to help them any further. Blast has done enough trying to hand users to dapps, it is now Blastās turn to try and retain users to the chain & token itself and this is best well served giving value/utility to and increasing the price of $Blast. If the token does not do well then the incentivization is truly totally gone and no dapp wants that.
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Agreed, we still need regular multipliers.
But tbh I think the new scratch card system is kind of like the new regular multiplier? It gave me more points than what my current TVL is giving me.
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ngl it reminds me of Luna
when its offpeg, users are incentivised to maintain peg thru certain activities
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The decision to incentivize community members to hold $BLAST is a good one. Incentivizing through s2 points is a great way to drive community strength.
There could be a built in multiplier based on the amount of $BLAST and time held. Something similar to the $BLUR holder multiplier. This should be retroactive starting from the TGE.
I believe that incentivizing a broader range of tokens with the same mechanics could create some sort of risk (outside of ETH and USDB). If parameters are given to random tokens versus the committee voting on each coin then the system could run a risk of being exploited for s2 points. Similar to how some dapps got unruly at the end of s1.
Holding $BLAST should earn you more s2 points than holding ETH or USDB to drive community growth and strength over time. Dapps should be incentivized to utilize $BLAST where possible to continue to increase the use of $BLAST.
Up and to the right with people utilizing $BLAST on the BLAST chain.
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" Dapps should be incentivized to utilize $BLAST where possible to continue to increase the use of $BLAST."
- How can we incentivize dApps to go this direction ?
āI believe that incentivizing a broader range of tokens with the same mechanics could create some sort of riskā
- I think if we actually go this route, KOL should be given the right to veto / immediately remove tokens that are malicious
āThis should be retroactive starting from the TGE.ā
- I believe everyone shares the same sentiment that it should be retroactive !
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I agree with everything kycrypto says and will vote 1.3 milly blast that way
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Have seen early use case for $BLAST on dapps, but not as appealing as using ETH or USDB.
For example, wasabi vault for $BLAST is like 1% and USDB is 10%.
Another example, juice allows you to borrow USDB against your $BLAST as collateral, not 100% certain, but I donāt think the leverage is as high with $BLAST vs ETH.
So weāre getting there with pushing $BLAST, but nowhere near the draw of sticking with the true purposeā¦generating yield with ETH and USDB.
If somehow they can figure out a way to pump the price then it will be more appealing to dapps, but for now, Iām lost with the true answer to that one.
Could be done somehow without a price pumpā¦but Iām lost on that one too. Just here to offer my perspective and feedback on what I can 
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Hi, GM. Nice to meet you. I am The Philosopher. Good to see Blast to develop this governance mechanism. Let me ask you: all blast holders can vote on snapshot at July 1st? I understood there are two groups, one proposing and another with veto power, but I did not understand how community participates. Only about the choices of representatives? Or on the proposals on snapshot?
After my questions, I would like to congratulate you for the proposal. It is very rational. Given Blast does not seem to want the token devaluated and neither centralized in the hands of few large buyers, it is of Blast interest that many people hold the token and participate on the governance, given that participate in it seems to imply participation in many other levels. So I agree with you that the best way to do this is by stimulating token holding through giving points for holding. I believe all tokens must have a mechanism to help people to lock them out of market.
(I dont feel points and gold is an interesting mechanism after blast distribution happened. I would prefer to know right now how much blast I am going to earn while I participate on the airdrop. To see blast tokens growing in number would be a incredible expression of rebasing and yeild in real time. Gold could be, as blur, mystery boxes with a certain amount of tokens or multipliers inside. But these are just ideas, and I imagine blast foundation will continue its already plan of distribution. Or this could be altered by the community too?)
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Love the proposal. The timeline seems quite good to me as well.
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