In mid-May, Blast announced that the airdrop would be delayed until June 26, stating that there would be two final distributions of Dapp Gold before the airdrop. https://x.com/Blast_L2/status/1790839049521123350

This means that most DAPP users in the Blast ecosystem will be able to obtain Blast Gold. This article explains how to obtain a large amount of Blast Gold through practical operations in the final phase, mainly divided into the following three parts:

• What to focus on at this stage? Set goals
• Introduction to SynFutures, the leading DEX on Blast
• Specific interaction tutorial for SynFutures
  Introduction: What should we focus on?
  Many people have been asking me what to focus on, and I always tell them to focus on public chains + key ecosystem projects on major public chains, so that they can benefit from multiple sources.

So in June, our focus should be on Blast, as the official announcement states that the airdrop will take place on June 26. Since we missed May, we can just focus on it in June.

(1) Setting Goals for June

Now that we have our goals for this month, we need to consider what to focus on with Blast.

Blast has divided the airdrop into two parts:

• Blast Points
• Blast Gold

Both parts have a distribution quota of 50%: https://docs.blast.io/airdrop/users

• Blast Points: This part of the reward is divided into two sections: one is directly given to users, where users earn points by transferring ETH/WETH/USDB into the Blast wallet. The other part is for DAPPs, where funds are transferred into DAPPs, and DAPPs return the points they earn to you.
• Blast Gold: Blast Gold is designated for DAPPs, and unlike Points, Gold is manually allocated. The Blast Incentive Committee will allocate Gold at intervals of 2-3 weeks and will publicly announce the completion of Gold distribution.

From the leaderboard, we can see that the Points data pool is very substantial, while the Gold data pool is less than one-thirtieth of Points.

The key point is: Both pools for the airdrop from Blast are 50% of the total allocation, with the total amount of Points being very high, while the total amount of Gold is less than one-thirtieth of Points. By conservative estimates, 1 Blast Gold = 20,000 to 30,000 Blast Points, and many believe that the price of Blast Gold should be between $5 and $10.

So we can basically confirm that our goal before June 26 is Blast Gold.

(2) How to Obtain Blast Gold (Multiple Benefits)

According to the official Blast documentation, Blast Gold is allocated to DAPPs, so we must participate in DAPPs.

There are three benefits to participating in DAPPs on Blast:

• DAPP token airdrop distribution
• Blast Points
• Blast Gold

Participating in DAPPs does not mean we should try to earn from every single one, as this would limit our funds and energy. We also need to note that Blast Gold is manually allocated to DAPPs by Blast, which means it depends on chance, and according to investment research, the allocation of Blast Gold to project parties is not a completely linear relationship with TVL.

To determine how to earn, we should look at which DAPPs are officially supported and which DAPPs we can accumulate points quickly…

For earning airdrops, we have many directions, such as:

• Testnets: long cycles, low allocations, competitive, no cost;
• Check-ins: long cycles, low allocations, unpredictable returns, competitive, minimal cost;
• Public chains: long cycles, high allocations, relatively high returns, competitive, high cost;
• Tasks: moderate cycles, moderate allocations, competitive, moderate cost (similar to Odyssey);
• Staking: moderate cycles, high capital requirements, returns linked to capital;
• Trading mining: short cycles, high allocations, moderate capital requirements, small amounts of capital can yield high points;

If we have missed all of Blast's airdrop activities, the fastest way to participate now is through trading mining; other projects won't yield high amounts of Blast Gold in the short term.

We have basically determined the general direction, focusing on trading mining, and now let's see which trading mining options we can pursue.

In the first round of Gold distribution announced by Blast, SynFutures, as a DEX project, received the second most Gold incentives in the entire ecosystem. SynFutures previously announced that 100% of Blast Gold would be rewarded to users, meaning that the value of the first round of rewards from SynFutures alone has reached between $2.5 million and $5 million.

So let's take a look at what SynFutures is and how to earn from it.

2. About SynFutures

DEX has always been an important track for various public chains to attract funds, generate trading fees, and accommodate more user interactions, and it is also a project that various public chains strongly support, making it a place where new public chains allocate the most airdrops and resources.

(1) Introduction to SynFutures

SynFutures is a decentralized and high-performance perpetual contract exchange (DEX) that has accumulated a trading volume of over $48 billion since its V3 version went live on Blast on February 29 this year, ranking among the top three in daily trading volume in the Blast derivatives sector.

Founded in 2021, SynFutures has raised $38 million from well-known industry institutions such as Pantera, Polychain, Dragonfly, Standard Crypto, and Framework.

Currently, there are two commonly adopted solutions in the derivatives sector:

• One is the Vault model of GMX, where LPs act as counterparties, with prices determined by Oracles;
• The other is the order book model of dYdX, which matches off-chain and settles on-chain, such as AEVO, Vertex, and dYdX V3/V4.

The former has counterparty risks and oracle attack risks, while the latter has risks of opacity and exchange malfeasance.

SynFutures V1 and V2, like UniSwap V2, were based on the xyk AMM model, which had issues with low capital efficiency and poor depth, so they were discontinued before Blast and upgraded to SynFutures V3.

SynFutures V3 introduced an oAMM specifically designed for contract trading by borrowing the concentrated liquidity model from UniSwap V3, allowing LPs to concentrate liquidity within specified price ranges, maximizing capital efficiency and liquidity depth while providing a good trading experience for traders and minimizing trading slippage.

It is particularly important to mention oAMM, which is the core of SynFutures V3. Anyone can create trading pools on it, including any user from the memecoin community. This means that if you are bullish on a memecoin that is not yet listed, you can create a pool on SynFutures to earn profits. The specific mechanism is as follows:

(2) Introduction to oAMM Mechanism

If we compare UniSwap V2 to a stream, UniSwap V3 is like erecting two dams in the middle of the stream, forming a large reservoir. The small stream can only support small fish and shrimp, while the large reservoir allows whales and sharks to swim freely, creating a more complex ecosystem. SynFutures V3 operates similarly.

SynFutures has the following main features:

• Permissionless token listing --- --- Quickly capture trading opportunities (especially for memecoins)
• Supports any ERC20 Token as collateral
• Single-token concentrated liquidity for derivatives --- --- Improves capital efficiency
• Fully on-chain order book --- --- Maintains efficiency while being transparent
• Limit orders can earn trading fee sharing --- --- Highest industry sharing ratio
• User protection stable mechanisms

Expanded introduction

(1) Permissionless Token Listing

Currently, all token listings on decentralized derivatives exchanges are decided by the project parties or their communities, which leads to a frustrating issue: if you discover a token you want to profit from by "pre-listing," this was previously impossible.

The core of SynFutures' upgrade to V3 is oAMM, which is essentially a smart contract deployed on-chain, allowing anyone to freely create perpetual contracts or expiration contracts without permission, similar to most spot AMMs.

This makes it easy; if you believe that a certain token can be profitable as an LP, you can create the corresponding contract market on SynFutures.

For example, if you have a new MEMEcoin and see that the community is very active, and the spot trading is decent, but no exchange supports trading its contracts, you can secretly pre-list it on SynFutures, attracting significant attention from both the MEME community and the SynFutures community, which will naturally increase your earnings.

(2) Supports Any ERC20 Token as Collateral

In oAMM, the permissionless single-token liquidity supply model allows trading pairs to use any asset as collateral and allows users to trade any quoted asset against any collateral asset.

This is possible because each pool in oAMM is independent and does not affect each other. This design theoretically allows oAMM to support the use of all ERC20 Tokens on the market as collateral without increasing the overall system risk. This is not achievable in systems like Hyperliquid or dYdX.

Take the currently popular MEMEcoin as an example; if someone creates a contract with a meme coin on Hyperliquid, you can trade using the meme coin as collateral.

In the words of the project party: Suppose half of the top 500 altcoins by market cap create corresponding pools on SynFutures to provide liquidity, even if each pool only has $1 million in liquidity, that would be a very significant number. The project party can also empower their tokens based on this, allowing token holders to use their tokens as collateral for trading or earn SynFutures points and trading fees by providing liquidity, achieving a true win-win situation.

If these two points seem unclear, it's because the mechanism hasn't been fully explained yet, so keep reading:

(3) Single-token Concentrated Liquidity for Derivatives

oAMM allows LPs to add liquidity to specified price ranges, greatly improving the liquidity depth and capital utilization of AMMs, supporting larger and more transactions while creating more fee income for LPs.

Each derivatives trading pair has a separate liquidity pool, which does not lead to systemic risks; when providing liquidity, only a single token needs to be added, avoiding the complexities of bilateral liquidity; concentrated liquidity based on Uniswap V3 improves capital utilization; the AMM model democratizes market access and even provides automated market-making functions for niche assets, enhancing diversity.

From its documentation, we can see that its capital efficiency can reach up to 26,666.6 times the original.

(4) Fully On-chain Order Book

The liquidity of oAMM is distributed across specified price ranges, which consist of several price points. For example, if an LP provides liquidity in the range of [3000, 4000] for ETH-USDB-PERP, this price range can be divided into several price points, each allocated an equal amount of liquidity, which is the order book model.

DYDX, AEVO, and Vertex all use the order book model, but they employ off-chain matching and on-chain settlement, which carries risks of opacity and exchange malfeasance.

In contrast to off-chain order books like dYdX, oAMM is a smart contract deployed on the blockchain, with all data stored on-chain, allowing anyone to verify it, making it fully decentralized, and users do not need to worry about exchange manipulation or false trading.

oAMM simulates order book trading behavior by allowing users to provide liquidity at specified price points, further improving capital efficiency.

Compared to traditional AMM market-making methods, centralized exchange market makers are more familiar with and willing to participate in limit orders. Therefore, the oAMM that supports limit orders can better attract market makers to engage in proactive market making, further enhancing the trading efficiency and depth of oAMM, achieving a trading experience comparable to centralized exchanges.

(5) Limit Orders Can Earn Trading Fee Sharing

OAMM employs a smart contract structure called "Pearl," which maintains a single concentrated liquidity position and opens limit orders at specific price points. Each "Pearl" on the AMM price curve represents the market depth at that price. When a trade occurs, limit orders are executed first, minimizing slippage and allowing Oyster AMM to achieve efficiency comparable to centralized exchanges.

This means that:

Since OAMM operates on an order book model, users can place limit orders. When users place limit orders on SynFutures, they are essentially providing liquidity for oAMM, and as long as they provide liquidity, they can earn a share of the trading fees.

Trading fee sharing in centralized exchanges is typically only available to specific institutional clients and VIP users, with certain settlement periods.

In oAMM, trading fee sharing is directly returned to the user's collateral account when an order is filled. For example, in the BTC-USDB-PERP pair, the current sharing ratio is 0.01% of the trading amount; for the riskier MEME Coin WIF-WETH-PERP, it can be as high as 0.5%. This may be the highest rebate ratio in the derivatives sector in the industry.

(6) User Protection Stable Mechanism

Oyster AMM introduces financial risk management mechanisms that enhance user protection and price stability. These mechanisms include a dynamic penalty system that penalizes significant deviations between trading prices and marked prices to prevent price manipulation, and a dynamic fee system that balances LPs' risk-return profiles. Another mechanism is a stable marked price mechanism that uses an exponential moving average process to mitigate the risks of sudden price fluctuations and large-scale liquidations.

3. SynFutures Airdrop Interaction Tutorial

(1) SynFutures Airdrop Expectations (Multiple Benefits)

SynFutures has launched the Epoch 3 event, where inviting friends, adding liquidity, market-making through limit orders, and trading can all earn points for future airdrop rewards from SynFutures.

In addition to the native token airdrop, users can also earn Blast Points, Blast Gold, and Blast native yields. To elaborate, users can receive rewards including:

• SynFutures O_O Points (SynFutures' Oyster Odyssey points program), which can be redeemed for tokens.
• Blast Points rewards: By depositing ETH or USDB on SynFutures, users can earn Blast Points rewards (new users can receive double points), which can share in 50% of Blast's future airdrop.
• Blast Gold rewards: By trading and providing liquidity on SynFutures, users can earn Blast Gold rewards, sharing in 50% of Blast's future airdrop.
• Blast native yields: Depositing ETH on SynFutures earns 4% annualized, while USDB earns 15% annualized.

If SynFutures' valuation aligns with $AEVO, calculating at $3 billion, a 5%-10% airdrop ratio would result in approximately $150 million to $300 million in airdrop distribution. Adding the rewards from Blast, a conservative estimate would be a return of 3-5 times.

(2) Interaction Strategies

There are many ways to participate in SynFutures interactions, and any method can earn SynFutures points/Blast Points/Blast Gold rewards, specifically:

• Add liquidity to earn points
• Trade to earn points
• Earn points through market-making with market orders
• Trade and arbitrage using the SDK
• Invite others to earn points

You do not need to do all of the above sections; just do what fits your capacity. The key is to climb the leaderboard to earn more Blast Gold allocations. If you are in a hurry, focusing on trading volume is the fastest way.

(3) Interaction Tutorial

The following tutorial is not beginner-level, but you should be able to follow along without issues.

(1) Add Liquidity to Earn Points

• Visit the official website: https://oyster.synfutures.com/#/earn
• Switch to Earn
• Click Add Liquidity to add liquidity

Similar to providing liquidity on UniSwap V3, adding liquidity on SynFutures also requires selecting a price range.

The narrower the price range, the more fees and points you earn, but the corresponding impermanent loss is also higher. If the market price exceeds the price range, your liquidity will be removed and may be liquidated. To avoid this, we can choose a wider price range to prevent liquidation.

(2) Earn Points Through Trading

If you are trading manually, it is recommended to open two accounts for wash trading. Suggest Account A invite Account B, then hedge as follows:

• Open a long position in Account A, then click Buy; a confirmation window will pop up, do not confirm yet;
• Open a short position in Account B, click Sell; a confirmation window will pop up, do not confirm yet;
• Once both sides are ready, first confirm the Buy confirmation window, then confirm the Sell confirmation window. This ensures that your closing trade follows your opening trade, preventing others from arbitraging. Set a larger slippage to avoid failures.

Trading mining is the fastest way to earn points, with controllable costs. If you want to make larger trades, you can start with smaller amounts.

Trading volume is settled once every 24 hours for point rewards. If you have multiple accounts, you can see your trading volume and points earned from the previous day in the team section.

(3) Earn Points Through Market Orders

Similar to market orders on centralized exchanges, just input the price and quantity, then confirm.

The larger the order amount, the more points you earn. If the order is filled within 12 hours, the system will calculate points based on 12 hours; if filled after 12 hours, points will be calculated based on the actual duration, with a maximum of 7 days.

Limit orders here have a 0.01% rebate, meaning if you trade $10,000, you can earn an additional $1. Additionally, your own orders can be filled by your own market orders. So you can use accounts A and B for wash trading, which will reduce slippage.

(4) Trade and Arbitrage Using SDK

The official SDK is now open, link as follows:

https://www.npmjs.com/package/@synfutures/oyster-sdk

If you have the technical skills and experience, you can use their SDK for automated arbitrage and trading, which is quite convenient. Additionally, there are often price discrepancies between their prices and centralized exchanges, allowing many to capture 3-5 points during significant drops.
That's all for today. There are only 20 days left for the Blast airdrop. Given the current hype, it seems promising. If you have missed all previous activities, focus on trading mining in these 20 days, as you can leverage a small amount of capital to move a large market, quickly accumulating points.

Not all projects need to be participated in for trading mining; the distribution of Blast Gold is focused on core projects. SynFutures has already become the leading DEX on Blast, and DEX is a track supported by most public chains, so the resources obtained will be much greater. Therefore, if we are to earn, we should concentrate our efforts on leading projects, as this will yield higher expected returns.