What Are Blast Points?

Blast Points are the on-chain reward units that automatically accrued in user wallets on the Blast L2 network based on ETH, WETH, and USDB balances — not transferable tokens, not purchasable, and not the same as Blast Gold.

Blast L2 launched in late 2023 as an Ethereum rollup built by the team behind the NFT marketplace Blur, led by Tieshun “Pacman” Roquerre. Before the network had a live token, it used Blast Points as its incentive layer: hold ETH on the chain, and points accumulate automatically in your wallet. They later converted to BLAST tokens during the June 2024 airdrop. The story of what happened after that conversion is where things get interesting.

Key takeaways

• Blast Points were automatic, non-transferable reward units on the Blast L2 Ethereum network — not tokens you could buy or sell.
• They differed from Blast Gold, which went to dapps rather than users directly. Both pools funded the June 2024 BLAST token airdrop.
• The Phase 1 claim window is now closed. The BLAST token launched, dropped sharply, and Blast’s TVL fell roughly 97% from its peak of $2.2 billion.

What Blast Points Are

Blast Points are the specific reward mechanism that Blast L2 used to build user deposits before its native token existed. Think of them as a loyalty-point tally running silently in the background: as long as you held ETH, WETH, or USDB in your Blast wallet, your points balance ticked upward with every Ethereum block. No staking, no clicking, no compounding by hand.

Blast sat inside a broader pre-token incentive wave — the trend where new L2 networks launch reward systems to attract bridged capital before they have anything else to offer. Blast was one of the earliest and most prominent examples of this playbook. It attracted over $2 billion in TVL at peak largely because the mechanism was automatic. You did not need to actively do anything after bridging. That simplicity is exactly why it worked as a TVL magnet: the barrier to participation was close to zero.

The reward system had two separate pools running in parallel. Blast Points went directly to individual wallets based on balance. A separate currency called Blast Gold went to dapps, which the incentives committee distributed manually. Most users only ever interacted with Blast Points directly — Gold came back to them only if the protocol they deposited into chose to share its allocation. Understanding that split from the start saves a lot of confusion later.

Blast Points were not tokens in any legal or technical sense during the earning period. They had no market price, no contract address, and no transfer mechanism. Their value was entirely speculative — proportional to whatever the eventual BLAST token would be worth, multiplied by your share of the total points pool. That is a meaningful distinction: you could not sell them, trade them, or even verify their dollar value until the June 2024 airdrop resolved the question.

How Blast Points Work

The earning mechanism had four distinct channels, and understanding all four explains why some wallets accumulated points far faster than others.

When you deposited ETH or WETH into your Blast wallet, points accrued at a fixed rate of approximately 0.06504987 points per block per ETH. USDB — Blast’s native stablecoin — earned at a variable rate tied to the ETH price. BLAST token holders earned at roughly 2x the standard ETH rate during the earning period. The fourth channel was dapp deposits: when you moved assets from your wallet into a Blast protocol, the protocol itself earned points and was expected to pass a share back to its depositors. The Blast community typically called this last channel “farming.”

The reason balances compounded over time was structural. Blast passed through native ETH yield (approximately 4% annually, sourced via liquid staking protocols like Lido Finance under the hood) and approximately 5% yield on USDB. Because your underlying balance grew from yield, and points accrued proportionally to that balance, points also grew faster over time without any extra action.

Here is a summary of the four earning channels:

Earning Channel	How It Works
ETH / WETH wallet balance	~0.065 points per block per ETH, accrues automatically
USDB balance	Variable rate tied to ETH price, accrues automatically
BLAST token holdings	~2x the ETH rate during the earning period
Dapp deposits	Dapp earns points on deposited assets and should redistribute to users

The dapp channel is where most active crypto farming happened. Protocols like Thruster Finance and ZeroLend on Blast attracted capital specifically because their point distribution to depositors was competitive. The tradeoff was smart contract risk — moving assets from your wallet into a protocol added another layer of exposure.

Blast Points vs. Blast Gold — What Is the Difference?

This is the most common confusion among Blast newcomers. The difference is worth getting right because the two systems funded the airdrop from different directions.

Blast Points went directly to individual users. Blast Gold went to dapps. The incentives committee distributed Gold manually every two to three weeks to protocols on the Blast network, and those protocols were then responsible for passing the Gold allocation on to their depositors. As a regular user, you received Gold indirectly — only if the dapp you deposited into decided to share its allocation.

Both pools were large. In Phase 2, Blast set aside 5 billion BLAST tokens for Point holders and 5 billion for Gold holders — each representing half the Phase 2 airdrop pool. Gold was scarcer because the distribution chain was longer and less transparent. The rough community exchange rate circulating in 2024 was approximately 108,000 Blast Points equal to 1 Blast Gold, though this ratio was approximate and shifted as the incentives committee adjusted allocations.

Here is how Blast Points work as a standalone mechanism:

Feature	Detail
Who receives it	Individual wallet holders
How it accumulates	Automatically, based on ETH / WETH / USDB balance
How users access it	Direct — shows in your wallet
Phase 2 airdrop pool	5 billion BLAST tokens
Scarcity for regular users	Lower — passive accrual requires no action

Blast Gold works differently across every dimension:

Feature	Detail
Who receives it	Dapps / protocols
How it accumulates	Distributed manually by Blast every 2–3 weeks
How users access it	Indirect — dapp must redistribute its allocation to depositors
Phase 2 airdrop pool	5 billion BLAST tokens
Scarcity for regular users	Higher — depends on dapp generosity and distribution choices

The practical implication: if you simply held ETH on Blast and never deposited into a protocol, you only accumulated Blast Points. To earn Gold, you had to use a protocol that received Gold from the committee and chose to pass it back to depositors. Not all did.

Blast Points Multipliers Explained

Multipliers let active users earn Blast Points faster than passive holders. They applied both retroactively to your existing balance and prospectively to your earning rate going forward.

The numbers make this concrete: if you had 100 Blast Points and were earning 20 per hour, a 2x multiplier would immediately raise your balance to 200 Points and your earning rate to 40 per hour. This retroactive component was genuinely significant — it meant that getting a multiplier late in the earning period still helped more than many users expected.

Multipliers in Phase 1 were earned by interacting with “highlighted” dapps — specific protocols that Blast featured in a given period. There were 12 total multipliers available before the June 2024 redemption window opened. In Phase 2, the Blast App (a mobile application) replaced some of this functionality, offering App users roughly 2x the earning rate of non-App users alongside a “Golden Tickets” mechanic that added an additional reward layer.

The honest answer to the most common multiplier question — “should I chase multipliers or just hold?” — is that exact calculations were unreliable. Blast could adjust point distribution parameters or Gold allocations at any time, and the overall pool size fluctuated with new deposits. Several community discussions reached the same conclusion: engaging with featured dapps mattered more than trying to optimize a specific points-per-day number.

What Happened to Blast Points After the Airdrop

Phase 1 Blast Points no longer exist as an active earning mechanism. They converted to BLAST tokens during the Phase 1 claim window, which opened on June 26, 2024 and ran for 30 days.

The scale of the distribution was significant. Over 17 billion BLAST tokens were distributed in Phase 1, with roughly 14 billion going to Point and Gold holders. BLAST launched at a fully diluted valuation of approximately $2.9 billion, which promptly triggered a wave of selling. Wallets that had accumulated points over months converted them to tokens and sold within hours. The community later described this pattern as early farmers acting as exit liquidity — a dynamic that hit new participants particularly hard.

The network’s activity numbers reflected the sell-off clearly. Blast’s TVL had peaked at roughly $2.2 billion in the weeks before the airdrop. Within weeks of the token launch it fell over 60%. By mid-2026, TVL had declined approximately 97% from peak, sitting around $65 million. The exit dynamic — where later-arriving participants absorb the sell pressure from earlier ones — played out visibly here.

Phase 2 introduced a fresh 10-billion-token pool, split equally between Points and Gold on the same accrual logic. It added the Blast App and Golden Tickets as new engagement layers. But Phase 2 launched into a very different environment: the Blast network had a fraction of the deposits it once commanded, and the Season 2 system never generated the speculative interest that Phase 1 did.

If you found a 2024 farming guide and want to know if the opportunity still exists: Phase 1 is over. Phase 2 is live but operating at low volume relative to peak. The BLAST token trades on secondary markets. Any question about Blast Points’ worth now applies to the secondary token market, not a pre-launch conversion.

Blast Points and the Scam Question

Blast attracted serious criticism in late 2023, and the concerns were specific enough to deserve a direct answer.

Three issues drove most of the controversy. The referral-based earning structure gave users a 16% bonus on the Blast Points earned by people they invited, plus an 8% bonus on second-tier invitees — a two-level referral chain that resembled multi-level marketing. The second concern was technical: before the mainnet launched, user funds sat in a 3-of-5 multisig smart contract with no actual L2 chain to bridge to. Funds were inaccessible, and users had to trust that the multisig signers would not disappear. The third concern was that Blast’s codebase appeared to borrow heavily from Optimism’s open-source code without significant original engineering.

What actually happened: Blast did launch. The airdrop did execute. Funds were not lost or misappropriated. The multisig risk that many users warned about in late 2023 did not result in any losses.

The more accurate criticism, in hindsight, is that the airdrop farming dynamic built a reward structure that benefited early depositors and project insiders most, while later participants who bridged near the peak absorbed the most sell pressure from the token launch. That pattern is common in airdrop farming broadly, and it is not unique to Blast. The 97% TVL collapse post-airdrop was a real outcome, and it reflected the reality that most of the capital on Blast was there for the points, not because the network offered something useful that people would otherwise pay to use.

Blast was an aggressive but real project. The referral mechanics were designed to maximize TVL and generate hype. The post-airdrop outcome disappointed many participants — especially those who arrived late — but it was a poor incentive design outcome, not a fraud.

FAQ

What are blast points in crypto?

Blast Points are the automatic, non-transferable reward units that accrued in user wallets on the Blast L2 Ethereum network based on ETH, WETH, and USDB balances. They functioned as a pre-token incentive layer and converted to BLAST tokens during the June 2024 airdrop. They are specific to the Blast L2 protocol and are not related to the Star Wars podcast of the same name.

How are blast points different from blast gold?

Blast Points went directly to individual wallet holders based on their balance. Blast Gold went to dapps, which the incentives committee distributed manually every two to three weeks. Users received Gold only if the protocol they deposited into chose to redistribute its allocation. Both funded equal halves of the Phase 2 airdrop pool (5 billion BLAST tokens each), but Gold was harder for regular users to accumulate.

How do blast points multipliers work?

Blast Points multipliers increased both your existing balance and your future earning rate simultaneously. A 2x multiplier on a wallet with 100 Points earning 20 per hour would immediately raise the balance to 200 and the rate to 40 per hour. Multipliers were earned by interacting with specific dapps that Blast featured in a given period. In Phase 2, the Blast mobile App gave users roughly 2x the earning rate of non-App users.

Can I still earn blast points today?

Phase 1 blast points are no longer earnable — they converted to BLAST tokens during the 30-day claim window that opened June 26, 2024. Phase 2 introduced a new points system tied to the Blast App and Golden Tickets mechanic, but the network’s total deposits are a fraction of their 2024 peak. The BLAST token now trades on secondary markets if you want exposure to the network’s token directly.

How much were blast points worth when the airdrop launched?

BLAST launched at a fully diluted valuation of approximately $2.9 billion, which made early blast points worth relatively meaningful sums for large depositors. But the token sold off sharply in the days after launch as point holders converted and exited. The return depended heavily on when you sold: those who held expecting price appreciation saw significantly lower returns than those who sold immediately.

Where To Start With Blast Points

If you want to understand what blast points were and whether any opportunity remains, here are the most useful next steps.

Check the BLAST token price on a secondary market like CoinGecko if you want to assess the current state of the network’s token. The token trades freely and gives you a real-time signal on the project’s current standing.

Understand the broader context. Blast was one chapter in a multi-year wave of L2 networks launching pre-token incentive systems to attract capital. This L2 incentive playbook has repeated across dozens of chains since 2023 — recognizing the pattern helps you spot the next iteration before it peaks.

Before participating in any future airdrop farming campaign, understand how exit liquidity works at the structural level. The Blast outcome illustrated the dynamic clearly: early depositors converted to tokens and sold into the open market, while later participants who bridged near the peak absorbed most of the sell pressure. That pattern has repeated across dozens of similar campaigns.

If you are interested in yield strategies that do not depend on a pre-token points system, look into established farming mechanics — liquidity provision, lending protocols, and yield aggregators — that generate returns without the airdrop timeline dependency. Those approaches reward patience more predictably than points-based systems. Understanding yield basics before committing capital is worth more than any multiplier.