Description of what the Shortcut does:
Enables users to send ETH or other eligible assets (e.g. USDC, USDT, DAI) to an ENS address that deposits those assets into the new BLAST L2 bridge contract. In doing so, this provides two key benefits to users:
(1) Allows users to participate in the BLAST L2 airdrop effortlessly without creating their own BLAST account (which requires connecting one’s Twitter and Discord accounts) and
(2) Creates the potential for more points farming and therefore larger future airdrop allocation than users could receive by depositing assets on their own, explained below in greater detail.
Per the BLAST documentation, users will receive 1 “spin” per week per whole unit of ETH deposited. This resulting spin then issues points to that user’s account. If a user deposits less than a whole unit of ETH, the time required until the spin is earned is pushed out accordingly: 0.5 ETH means 1 spin every 2 weeks; 0.25 ETH means 1 spin every 4 weeks, etc. It would appear at a low enough deposit threshold, the farming event would end before the user’s first spin would be unlocked. However, by pooling their funds together, users with micro deposits could earn spins that may otherwise not be available on their own.
Additionally, and perhaps more importantly, there is the concept of a “squad” which is comprised of the user and any other users that joined via a direct invite from that user. When the squad reaches deposit increments of 5 ETH, it unlocks the opportunity to increase its “Luck” which amplifies the points earned per spin. In the context of this shortcut, the entire squad would be just the ENS address as a single entity. It is the ability to unlock these luck-based point amplifiers via aggregated ETH deposits that truly creates a leveraged potential for points farming.
Once the BLAST airdrop is distributed in ~Feb 2024, the ENS address will be the recipient of the airdropped tokens. These airdropped tokens will then be redistributed to users that sent to the ENS address proportional to the amount of ETH or other eligible assets they deposited. Users will also receive their underlying deposits back, and the associated yield earned while in the BLAST bridge contract.
Which community it serves:
Anyone looking for exposure to the upcoming BLAST L2 airdrop.
Flow chart of description of actions the Shortcuts does
(i) onthis.xyz creates a BLAST airdrop account using the official X and Discord accounts of onthis.xyz to register.
(ii) Users sends eligible assets to ENS address (contract).
(iii) Contract deposits those assets into the BLAST bridge (deposit) contract.
(iv) Admin(s) of the onthis.xyz BLAST airdrop account execute the recurring point spins and luck card flips as necessary to accrue points (note these are offchain actions executed via the BLAST airdrop site frontend UI).
(v) At the conclusion of the airdrop farming event (~Jan/Feb 2024) the BLAST L2 native token will be claimed to the ENS address (contract) by the onthis.xyz admin.
(vi) The ENS address (contract) will then execute the distribution of the airdropped tokens, along with the underlying deposits (+yield) back to the users that sent to the ENS during the airdrop farming event. Airdropped tokens will be proportional to user’s deposits as % of total ENS TVL.
Shortcut Complexity Score (1-3)
I defer to the onthis.xyz team, but will use a complexity score of 3 for now, in part due to the fact that in addition to developing the initial contract to receive funds and relay deposits into the BLAST bridge (deposit) contract, there will also need to be logic implementing the airdrop distribution later on.
Proposed fee
TBD pending more discussion with onthis.xyz team, but assume 0.1-0.3% fee would be reasonable, possibly up to 0.5% due to maintenance of having to execute the spins, luck card flips, and eventual airdrop distribution.
Thank you @mogie we will review this at 11AM ET (standup).
This post should and will be used as a framework for other posts. Well-detailed and covered all the requested parts by the Onthis team in order to expedite our understanding and move to development.
Key Take Aways (For Technical Build Out):
USDC/USDT/DAI as acceptable assets (we only do ETH now, but are working on a solution for this as we speak…or type haha)
Create Pooled Blast acc w. Onthis represented by a Shortcut (ENS), bulk ETH deposits unlock point amplifiers
Ensure Spins (or other actions taken on behalf of pool
Redistributed Airdrop to all who deposited into Shortcut
We will organize our priority list for the week and get back to everyone in a transparent forum post based on all the Shortcut ideas submitted.
Helloo, great idea.From technical perspective it will be a bit tricky to do, since blast deposit contract doesn’t allow to specify the receiver of bridged tokens more over if we’ll do any deposits through sc we’ll not be able to access bonuses that blast provides. The only way of creating shortcut in this case is -** create an sc that will keep track of users deposits amount but all funds will be redirected to an EOA account, this EOA will be responsible for claiming all weekly bonuses(it will be done by our team), once blast network will be launched we’ll create contract at blast that will allow to withdraw all deposited funds
Thanks for the prompt reply Danil. So even a Gnosis Safe (which I know is a SC) can’t be connected as a wallet to the registered Blast account UI? The site only integrates with EOAs?
What about a delegation option: SC delegates to EOA…not sure if Blast contract allows this. I’m thinking something like delegate.cash: https://delegate.xyz/
Though looking over the docs it appears the project that you wish to claim / interact with must incorporate the delegate registry into their contracts.
Having a sole EOA in control of all the user deposits certainly creates a major centralization concern / risk. Just thinking out load on any other design options.
A couple other ideas, running with the constraint of a single EOA being the wallet that ultimately receives user deposits, claims the points, receives the airdrop / deposited funds on Blast L2:
You could add some mitigations on the EOA only getting incremented allowances from the SC, and onchain confirmation that the EOA transferred to the Blast deposit contract before additional funds are transferred to the EOA. Something like:
Users deposit to SC > SC approves 5 ETH increments to EOA > EOA sends 5 ETH to Blast deposit contract > SC confirms EOA sent the 5 ETH to Blast deposit contract, then releases another 5 ETH > continue cycle
This at least mitigates the risk around the EOA just having access to all the funds in the SC and never actually depositing into the Blast contract.
Of course, there is still the risk on the other side that once the airdrop and underlying deposits are released on the actual Blast L2, the EOA can just run off with those. At minimum, the EOA should at least set approval to a SC on Blast to access all the airdrop tokens and the underlying principal, so that the EOA never even touches the funds on Blast. But this still doesn’t eliminate the fact that EOA could touch the funds on Blast L2.
I do see an opportunity here however…as with any investment when there is increased risk, there should be increased potential upside. With Blast, since 50% of the airdrop will be allocated to a Dev share for Devs shipping contracts on Blast, this represents a sizeable allocation most average users don’t have a way to gain exposure to. I propose the onthis.xyz team plans to actively participate in the Blast Dev airdrop, and put ~30-40% of that allocation into user deposit pool. This would provide a very attractive opportunity to users, and help provide a risk premium to them.
I know thus far there are not any tangible details on the Dev airdrop, but I am confident onthis.xyz has the technical resources to participate. This also creates a great opportunity for the onthis team to plant their flag on a brand new L2, with increased exposure to very large community.
Great idea with contract flow, we may probably use it, the only problem is that we’ll need to lock certain amount of tokens to make it work and as you’ve mentioned due to it centralized manner we cannot create a guarantee for users that tokens will be shared at l2 but it somehow matches with blast network and bridging before actual bridge & network exists
@mogie love your second point here … this is exactly what the power of pooling in defi can bring.
I was also thinking of minting - call it ‘wrappedBlastETH’ tokens back to users each time they make a deposit through the shortcut.
Once L2 is live, all ETH + possible accrued rewards are deposited into a SC where users claim their stake by burning their wrappedBlastETH tokens.
This still doesn’t negate the fact that an EOA would still need to be doing all the day to day interactions and depositing proceeds into a SC for users to claim once L2 is ready.
yup, I was also thinking about the natural progression of this idea to a liquid staked receipt token…that’s where things get really interesting, as it opens up the ability for secondary trading for those that want to exit from their locked commitment for whatever reason. We’d see this trading at a steep discount initially, but closer to unlock date it should move closer to intrinsic value peg, less the ultimate risk discount for trust in EOA.
This could be quite a novel concept, if nothing else it’s a great for marketing what onthis.xyz is doing.
By the way, I could stand up a Dune dashboard around this once it’s deployed.
Yea i think for the MVP, if beta users are ok with risks, we could set up an EOA to get the ball rolling and see if theres any interest from the community.
Summary:
Blast Shortcut Users don’t have to worry about the spins. The shortcuts account will execute all the spins and luck card flips.
All Blast Shortcut Users will go through the same invite code. Extra points accrued from referral rewards will be proportionally passed back to users who use shortcuts.
Doing everything from one account aka one eoa - would mean more pooled funds which means more spins which should on average result in increased ‘average luck factor.’
OnThis.xyz team will apply for Dev Points from Blast and proportionally pass down at least 50% of airdropped points back to Shortcut users.
Sounds good. Does creating a ERC20 “receipt” token which effectively functions as a liquid wrapper for deposits make it into this MVP? If not, would you retroactively create one and airdrop back to depositors? Reason I ask is since this initially will be word of mouth onboarding, the liquid wrapper is a very interesting selling point.
