Blast Off: $BLAST Airdrop Is Here

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Good Morning.

We saw another memecoin hit $1B FDV overnight before it all came crushing down. At this point investing in a memecoin factory might yield a higher DPI then your next L3, but I digress.

In Today's Email:

• What Matters: Blast airdrop 🪂 

• Case Study: How to build a pitchdeck ✍️ 

• Governance & Features: Solana blinks 🖼️ 

You read and share. We listen and improve. Send us feedback at [email protected].

WHAT MATTERS

Blast Airdrop Details

State of play: Blast announced that its airdrop will happen on June 26th at 10 am EST — it has also introduced the Blast Foundation, which will govern and support the protocol.

• BLAST will be used to govern and control key parameters of the

  Blast chain and align incentives with the Blast community.

• BLAST's total supply is 100B, with 17B allocated for the initial airdrop.

• 50% of the total supply is allocated to the community, 25.5% to core contributors, 16.5% to investors, and 8% to the foundation.

• From the 17B token airdrop, 7B is allocated for Blast Points holders, another 7B is allocated for Blast Gold holders, and 3B is allocated for the Blur community.

• The top 0.1% of users (around 1000 wallets) will vest part of their airdrop linearly over six months.

What’s next: Blast hints that more announcements will come today, including the details of Blast Vision and vesting for the top users.

Why it matters: With the launch of Blast Foundation and the governance token, Blast will have a more decentralized governance structure. Other things to watch are whether there will be a sharp decline in TVL and active users after the airdrop concludes.

Our take: It will be interesting to see how Blast navigates the current altcoin markets as it arguably missed the golden window for Blast TGE when it had peak market attention in Q1 of this year.

For builders and investors: The built-in yield mechanism will remain to be an interesting Blast-specific feature that enables new types of financial applications; albeit we’re seeing how this is quickly abstracted away in other chains with the commodification of LST.

CASE STUDY

How to Build a Pitch Deck

Credits to Alana and Back of the Envelope for the original piece

State of play: A pitch deck, like a work of art, requires specific elements to be effective. Here's the key takeaways from Alana’s piece on “How to Build a Pitch Deck”:

Six Ingredients to a Good Deck:

• Project Overview: Briefly state your project and the problem it solves.

• Market Dynamics: Identify existing tailwinds and how they will change the market landscape in the near future.

• Unique Advantage: Explain how your project uniquely benefits from these market changes.

• Current Status and Future Plans: Show what has been achieved and outline future milestones.

• Team: Highlight why your team is uniquely suited to succeed.

• Fundraising Details: Provide current fundraising goals and previous funding history if applicable.

These elements should flow in a logical order to build a compelling narrative. While the deck's core should focus on persuading the audience, the appendix can address detailed questions to prevent cluttering the main presentation.

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INSIGHTS

Mt. Gox $9B Payback in July

Creditors of the bankrupt Mt. Gox exchange will start receiving $9.2 billion in Bitcoin and Bitcoin Cash in July, potentially releasing over 140,000 Bitcoin into the market before the final repayment deadline on October 31.

• The specifics of the Bitcoin sell-off from Mt. Gox claims are uncertain, but Brian Dixon from Off The Chain Capital stated that his firm would be methodical in selling the Bitcoin they receive.

• Brad Howell, managing director of Keyrock UK, told DLNews that the market can absorb the selling pressure from Mt. Gox, with its impact more tied to sentiment than actual market dynamics.

• Howell also said that the claimant will likely to hodl, “anyone who had assets in Mt. Gox is an early adopter, and more likely to lean towards the Bitcoin maxi end of the spectrum.”

FEATURES & GOVERNANCE UPDATE

Solana New Feature: Actions & Blinks

Solana announced the release of tools that aim to transform any website or application into a gateway for crypto transactions called “Actions” and “Blinks”.

• "Actions" allows users to conduct on-chain transactions via websites, social media, and QR codes.

• "Blinks," a blend of blockchain and links, turns any "Action" into a shareable link similar to Farcaster’s Frames, which can initiate transactions on Solana via any digital pathway displaying a URL.

• Jupiter has announced that Blinks is now available to use on the platform.

• Cubik, Sanctum, Tensor, Realms, Access, Helium, Truffle, Helius, Phantom, and Backpack plan to test the feature soon.

• The Actions API simplifies on-chain interactions to basic HTTPS requests, easing blockchain integration for Web2 developers.

Other notable feature updates:

• Rysk launched 100x.

• Moon.inc goes live on Base.

• RISC Zero launched zkVM 1.0.

• Tether launched Alloy by Tether.

• Nuri Exchange launched on Scroll.

QUICK BITES

• Bybit Card becomes available on Apple Pay.

• Julian Assange reaches plea deal with US DOJ.

• Jump’s Kanav Kariya is leaving the trading giant.

• VanEck plans to waive fees for spot Ethereum ETF.

• Tether to stop USDT minting on Algorand and EOS.

• Solana unveils $60M colosseum accelerator program.

• Alex Lab attributes the $4M exploit to Lazarus Group.

• Ava Protocol acquires blockchain data startup Openstory.

• Memecoins flood Dexscreener's newly released Moonshot.

• Paradigm, Haun Ventures co-lead $37M round in Conduit.

• Bitwise CIO predicts Ethereum ETF will attract $15B in 18 months.

• CoreWeave exercising option for 70 MW of additional infrastructure.

NOTEWORTHY READS & MEME

• Teng Yan’s read on AO big computer.

• Blockchain Capital’s read on the future of MEV: part 2.

• Alex Hook’s read on some steps toward rollup interoperability.

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Disclaimer: All the information presented in this publication and its affiliates is strictly for educational purposes only. It should not be construed or taken as financial, legal, investment, or any other form of advice.