theblock101

    Guidance on Hunting Metastreet Airdrops - Hunting Blast Gold (Part 2)

    ByElly Nguyen11/05/2024
    Metastreet, an infrastructure protocol for generating yields on the Blast platform, is currently running Season 2 of its airdrop program, with over $49 million allocated for users. In this article, we will explore how users can participate in earning XP on Metastreet and also have the opportunity to acquire Blast Gold before the token launch.

    1. What is Metastreet?

    Metastreet is a project with a primary focus on developing a protocol that facilitates the generation of yield from various types of assets, ranging from highly liquid ones like Ethereum to less liquid assets such as non-fungible tokens (NFTs). One key feature introduced by Metastreet is the Liquid Credit Token (LCT), which serves as a representation of users' lending and borrowing activities.

    For users who lend Ethereum (ETH), they stand to earn interest rates of up to 2x%. Additionally, when users deposit ETH into the platform, they receive LCT tokens, enabling them to explore additional profit opportunities across different decentralized finance (DeFi) platforms. Notably, platforms like HyperLock, Wasabi, and Thruster currently accept liquidity pools from these LCT tokens.

    Similarly, users can leverage their NFTs, and potentially other assets like luxury goods or physical assets in the future, to borrow up to 90% of the asset's value (based on its floor price). This functionality not only provides immediate liquidity for assets with low liquidity but also helps safeguard their minimum value.

    Metastreet has successfully concluded three fundraising rounds, amassing a total of $49.1 million in funding. These rounds, held in February 2022 and February 2024, saw participation from reputable investors such as Dragon Fly, OpenSea Ventures, theLAO, as well as prominent individuals like Andrew Kang and Dingaling.

    2. Guide to Participating in Metastreet Airdrop Season 2

    Metastreet is currently conducting its Season 2 airdrop program, following the conclusion of Season 1 on May 2nd. In Season 2, users can earn XP points through the following activities:

    • Purchasing and Holding LCT in Wallet
    • Holding Apollo NFTs (NFTs from the project)
    • Adding liquidity or depositing into DeFi DApps within the Blast ecosystem (Wasabi, Hyperlock, Thruster...

    To participate in Metastreet, users need to use access codes. Below are some codes that can be used:

    • l83xh
    • b2tws
    • sdnuv
    • uffbi
    • tsigc
    Metastreet airdrop hunting strategy
    Metastreet airdrop hunting strategy

    2.1. Purchasing and Holding LCT in Wallet

    LCT, or Liquid Credit Token, represents the loans deposited by users in Metastreet. The LCTs supported by Metastreet include:

    • mwstETH-WPUNKS:40
    • mwstETH-WPUNKS:20
    • mWETH-PPG:10
    • mWETH-PPG:5

    Metastreet

    To purchase these LCTs, users can buy them at https://app.thruster.finance.

    Important notes:

    • The exchange rate between ETH and these tokens remains constant, allowing users to sell them back and recover ETH at any time. Additionally, these tokens pose no asset liquidation risk and are generally safe to hold.
    • Each type of LCT mentioned above, when held in the wallet, will accrue points daily as per the specified rules. For example, holding a mwstETH-WPUNKS:40 token will earn 50 XP per day.

    2.2. Purchasing and Holding Apollo NFTs

    Apollo NFTs are NFTs with a total supply of 7777 NFTs issued by the project on May 7th. These NFTs are priced between 0.045-0.05 ETH/NFT and are currently trading at around 0.06 ETH/NFT in the market.

    Users can purchase them at Blur or Mintify.

    NFTs offer various benefits to holders, including earning XP, borrowing ETH at up to 80% of the NFT's value (0.042 ETH/NFT), earning Blast points, Blast Gold, and other benefits (with a high potential for receiving Metastreet token airdrops in the future).

    Metastreet

    To earn XP from Apollo NFTs, users can follow two methods:

    • Holding in the wallet: Holding Apollo NFTs in the wallet will earn users 25 XP per day.
    • Borrowing using these NFTs as collateral: Users can collateralize NFTs and borrow against them at 0.042 ETH/NFT. When this action is performed, each NFT will earn 100 XP per day.

    2.3. Adding Liquidity for LCTs into DeFi DApps within Blast

    Once users have LCTs as in case 1, they can choose to hold them in the wallet and earn passive XP. However, users can also add liquidity in DeFi DApps within Blast to earn XP, ranging from 100-150 XP per day.

    As mentioned above, the value of LCTs will change depending on changes in the price of ETH, so this liquidity pair will avoid impermanent loss (IL), the greatest risk being that the DApp is hacked or ceases operations. Due to the potential risk, this activity also helps users earn a significant amount of XP from Metastreet. Additionally, adding liquidity on Thruster, Hyperlock, or Particle Trade also helps users earn Blast points, Blast GOLD, and platform-specific points. This is an interesting form of stacked DeFi for those willing to take the risk of farming points on the Blast platform.

    Steps to follow:

    Step 1: Prepare a certain amount of LCTs and WETH (these two tokens have approximately equivalent values).

    Step 2: Add Liquidity on Thruster to receive LP tokens.

    Step 3: Stake LP tokens on platforms like Hyperlock, Particle,...

    Metastreet has just launched Airdrop Season 2, so currently, only XP from holding and borrowing using Apollo NFTs is displayed in the Dashboard, while other points will be displayed after May 15th.

    3. Conclusion

    Users are encouraged to engage in independent research to determine the most suitable method for accruing XP. Each individual's risk tolerance may vary based on their available capital. Personally, I am presently opting to borrow Apollo NFTs to amass a substantial amount of XP from the project. Moreover, I am also participating in providing liquidity on Thruster to accumulate a diverse array of points from various DeFi DApps on Blast in anticipation of the impending launch of the BLAST token by the end of May.

    Readmore:

    Disclaimer: This article is for informational purposes only, not financial advice. Join the Bigcoinchat chat group to update the latest information about the market.

    Further discussion at

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    Twitter: https://twitter.com/BigcoinVN 

    Elly Nguyen

    Elly Nguyen

    Builder at Bigcoin - Learning to share, sharing to learn

    5 / 5 (2binh_chon)

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