What to Farm on Blast

By  Will McKinnon March 5, 2024

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Summary

  • Blast, new Ethereum Layer 2 network backed by Paradigm and Standard Crypto, has launched with over $2B in TVL and traders are going crazy for farming.
  • The new system for farming may seem complicated, so in this article we highlight Juice Finance and Ring as two protocols you can focus on.

Blast Farming in a Nutshell

The Blast Layer 2 network has been highly anticipated for months and is now finally here. There are a number of ongoing problems with the incentives system for the network which has caused some users to get upset, however with over $2B in TVL on the chain there is tons of opportunity.

When you login to the main Blast page, you'll see a massive dashboard under the airdrop tab with a long list of protocols, points, and other numbers. This can be confusing, so Beluga is here to help you figure out what to focus on.

Juice Finance

Juice Finance is a lending and farming protocol built by the team at Omega, and is one of the most popular dApps on Blast so far with $40M in total value locked (TVL) and thousands of users. Juice has raised money from a number of funds including Borderless Capital, Delphi Ventures, XBTO, and more. In a nutshell, Juice allows its users to deposit USDB to be lent out for yield, or deposit Ethereum as collateral to then direct borrowed funds out to other protocols for yield farming.

Source: Juice Finance

This may sound complicated, but in this meta of points farming, Juice offers a solution to farm many different protocols from one place. While it may not be advisable to crank the leverage, you can get up to 3x your collateral to direct out for farming. This means you can gain Blast points, Juice points, and the points of another protocol all at the same time, with the same money and all with the boost of leverage. Right now only Thruster is live on the Juice platform, but as more protocols are added Juice will become the central hub for point and yield farming on Blast.

Ring Protocol

Ring Protocol is currently the largest dApp on Blast by TVL, after reaching over $100M in the first week of week. Since Blast is allocating points and Blast Gold (a new currency with unknown value) to protocols based on their TVL, it's a good idea to use Ring and get your share of the distribution. Ring raised from a number of notable investors including Manifold and Synergis, and was also a winner of the Blast Big Bang competition.

Source: Ring Protocol

Ring features a simple interface, and to farm all you have to do is navigate to the earn tab and deposit Liquidity Pool tokens into any of their farms. Since they also offer single token pools, you can keep it simple and just deposit Ethereum instead.

Conclusion

While there hasn't been that one Blast app to really pop off yet, there is still a ton of liquidity on the chain. We have until May to get ready for the airdrop, so in the meantime if you're bullish on Blast there are still a ton of points to be earned. Be sure to keep an eye out for more posts from Beluga if you're interested in airdrop farming!