PLUS: Axie Comeback Is Here!

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Here’s what we got for you today:

• New L2 by Blur

• Is Axie making a comeback?

• Gaming chains on the rise

Let’s get started!

New L2 By Blur 😕

The team behind the largest NFT marketplace, Blur, launched a new project called Blast. It is a layer–2 EVM blockchain that will give yield for ETH and stablecoins like USDC, USDT, and DAI. This makes Blast the first-ever layer-2 blockchain to provide native yield of 3-5% compared to 0% on other blockchains. 

If that caught your interest, you will be shocked to see the numbers. Blast has so far added more than $500 million in TVL and 52,000+ users in less than one week. Even some of the biggest protocols and blockchains didn’t capture this much value after putting years into development. 

So how did this all happen? Why are people rushing to deposit their money? 

The main reason is token rewards. The airdrop season is upon us and people are looking to park their money. Based on the incentives given by Blur, people are expecting a huge airdrop from Blast L2. 

Despite the success, there are so many concerns surrounding Blast. First of all, it’s not even a layer-2 blockchain yet. So people are not depositing on a blockchain. They are simply depositing to a multisig address. And guess what? You can’t withdraw your ETH or stablecoins till February 2024. 

So people are worried that multisig can be exploited. The team argues that it’s one of the best ways to secure funds and highlighted that they’ll use different hardware wallets to further increase protection. 

Another concern is not directly linked to Blast but how they’re generating the native yield. Instead of setting up their own validators to earn ETH staking rewards, they will delegate Lido (the biggest LSD protocol). Many fear that Lido having more than 33% market share creates centralization risks. 

That’s for the risks. Here’s what stood out for me: 

Point system was pioneered by Blur. They are using a similar system, rewarding users points based on how much ETH they’re depositing. So more points equals more airdrop tokens. 

They further gamified by adding invites/referrals. For every person who joins with your invite code and they again invite someone else, you get 16% and 8% of the points they earn, respectively. 

Creating squads based on these invites and referrals also helped with the rapid growth. Based on the ETH deposited, you get spins every week to farm points. These spins have a % of luck. The higher the luck, the more points you’re likely to get. But to get super spins with high luck %, you need to meet your squad goals. This means you need more people in your squad with a large amount of ETH deposited. 

Lastly, the investors beside Paradigm on the seed round included some of the biggest influencers in the space. Their push added more hype, leading to more signups. While a lot of what Blast is doing sets a bad precedent, people are willing to take on risk for what’s characterized as “free money.” 

We don't know how this incentive scheme will end. But there are legitimate concerns at hand. There's also opportunity cost for investors who can earn more yield in the markets compared to the 4% in staking ETH.

Is Axie Making A Comeback? 💪

Axie Infinity is making strategic moves to reinvigorate its community and attract new players. The relaunch of Axie Classic with AXP and $AXS rewards not only introduces exciting features like the Cursed Coliseum but also emphasizes the game's commitment to dynamic NFTs that can evolve over time. 

With players now able to earn up to 2,400 AXP daily per Axie, the ecosystem becomes more dynamic, encouraging engagement across various game modes. The addition of the Grand Tournament Game Mode elevates the competitive spirit, offering a Mystic Axie as the ultimate prize. 

Axie Classic's return is not just a game update; it's a celebration of the strong community bonds formed over the years. The impressive daily and weekly active user numbers showcase a renewed and growing interest in the game. The launch of Axie Merch further strengthens community ties, providing new avenues for players to spend their tokens and fostering organic consumption. 

The significant support from the Philippines, evident in both merchandise purchases and the use of Mavis Pay for crypto payments, underscores the genuine love and emotion within the Axie community. This momentum not only opens doors for larger e-commerce partnerships but also positions Axie Infinity as a pioneer in fostering real-world utility for blockchain-based gaming ecosystems.

Gaming Chains On The Rise 🚀

Gala Games bids farewell to the Treasure Chest, ushering in the era of GalaChain. Now, players can mint their stored tokens and NFTs directly onto GalaChain without any charges. Formerly housed in the custodial wallet, these items can now find a new home on GalaChain, the sidechain where all Gala apps will reside. 

Despite some intricacies, GalaChain's primary advantage lies in fee-free purchases directly from Gala. This transition positions GalaChain as the future hub for Gala Games, hosting game-generated items and impacting rewards distribution from Founder Nodes.

Then there's the Treasure chain. The CEO of Treasure recently revealed they’ll have their own chain on Arbitrum. This led to a 20% pump in price. But let’s understand what led to this decision. 

By placing $MAGIC at the center, the chain strengthens the value narrative, providing an alternative to Ethereum. $MAGIC's role as a native gas token is emphasized, aiming to elevate it as the primary choice.

Developers and studios stand to benefit by owning a share of the network, securing and staking $MAGIC. Successful games may unlock incentives, creating a Treasure-powered growth flywheel. The chain's structure allows core gamers to play for free through ecosystem incentives, establishing a cycle that enhances the gaming experience, player retention, and overall profitability.

Game Updates

• Animoca Brands announced partnership with Ubisoft Innovation Lab to amplify their initiates, including Champions Tactics and Grimoria Chronicles. 

• Kaiju Cards went live with their Fungi Festival where players have to pass 10 levels to win unique Kaiju species. 

• RTFKT released a new competitive experience with Dunk Wars on Fortnite where players duel it out to protect their sneakers. 

• Axie Infinity announced Axie Classic is back and revealed a new game mode called Grant Tournament mode. 

• Space Falcon, the studio behind Aviatrix game, announced partnership with Immutable to build on its zkEVM, powered by Polygon.

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