The 298th article of the Crypto Dog's Airdrop Compilation: A Comprehensive Guide on How to Low-Cost Acquire Master Protocol (Pendle of the Bitcoin Ecosystem)
The popular project Lingo Handbook from 2024 is about to be publicly offered.
The tutorial is as follows, take 5 minutes to complete (RWA is the global narrative; if you want to see the investment research document, I will write it later. First, understand how to quickly monetize.)
Currently, the entire airdrop environment is deviating towards "information asymmetry." The basic pattern is that users flock to projects with high exposure and loud announcements, while many well-conceived projects receive little attention, resulting in a lack of research on many niche projects.
The final result is that popular projects are essentially being exploited, such as zkSync and Blast; while niche projects like AI ARENA and Lista DAO (which had few participants when the first version of the tutorial was released) are instead yielding significant returns.
Today, we continue to explore unconventional avenues and introduce a Yield Pass NFT (total supply of 10,000) project priced at only 3u ------ Master Protocol. Let's see how to take advantage of it.
This article is mainly divided into the following sections:
- Introduction to Master Protocol
- Before the Airdrop Tutorial
- Basic Tutorial
1. Introduction to Master Protocol
Master Protocol is an emerging interest swap market and points farm accelerator within the Bitcoin ecosystem. It is a one-stop financial platform tailored for all LSD assets and will gradually support all LSTs across different ecosystems. It simplifies interactions and transactions within the Bitcoin network, aggregates users and assets, and promotes liquidity and interaction within the ecosystem. Master also acts as a central hub, connecting local Bitcoin promoters with various applications, supporting the development of new applications, and enhancing the utility of Bitcoin infrastructure. By introducing a re-staking layer, Master Protocol strengthens its infrastructure to meet the demands of rapid ecosystem expansion, facilitating connections between various DeFi protocols and Layer 2 solutions, and fundamentally addressing the fragmentation issues caused by the development and prosperity of BTC Layer 2, thereby enhancing the combinability, operability, and overall utility of BTC within the ecosystem.
After sifting through a lot of information, it may seem as confusing as reading a book in a foreign language, and I feel the same way. Therefore, this article does not attempt to write a technical analysis paper, as it holds little significance. Simply put, Master Protocol can be understood as follows:
Currently, Ethereum has been somewhat wasted by zkSync and Blast, and it will take a considerable amount of time to rebuild trust. As early as the second half of 2023, the market recognized this issue, coinciding with the time when inscriptions solved the BTC scaling problem, making BTC Layer 2 a possibility. Many forward-thinking development teams began deploying BTC Layer 2, leading to the emergence of many excellent projects, such as:
Babylon, Botanix, Bitlayer, BounceBit, B², and Merlin, among other well-known L2 solutions, were the first to adopt various methods to implement Bitcoin staking.
(1) But what does all this have to do with Master Protocol?
Most projects on BTC Layer 2 essentially ensure on-chain security through staking, similar to the concept of ETH's PoS. With so much capital staked on BTC Layer 2, if users stake all their funds on BTC Layer 2, it will lead to a liquidity shortage. The severe liquidity shortage seen in ETH during the first quarter was caused by LSD.
This liquidity shortage persisted until projects like Pendle on ETH emerged, which reactivated the market with new narratives.
Currently, BTC Layer 2 has only just begun, and it is already following the old path seen on ETH. At this point, a project like Pendle is needed to integrate the entire LSD market, and Master Protocol serves as such a presence.
(2) The value of Master Protocol lies in BTC-FI
Master Protocol can be viewed as the Eigenlayer + Pendle of the Bitcoin ecosystem, but it should not be regarded as a simple replica of Pendle. The value of Master Protocol lies in its role in the BTC-FI value chain.
This can be understood as follows:
The LST and Restaking protocols in the Bitcoin ecosystem are emerging rapidly, and having a market for pricing and interest swaps for these wrapped income-generating assets in the Bitcoin ecosystem is crucial.
Master Protocol fulfills this need with three key functions, occupying a critical ecological niche in BTC-FI (liberating the productive efficiency of BTC assets) by integrating BTC ecosystem yield assets and establishing itself as the cornerstone of Bitcoin ecosystem yields. For this reason, Master Protocol recently completed its seed round financing, with a valuation of $25 million.
Three core products of Master Protocol:
- Master Yield Market (flagship product, already launched, currently being utilized)
- Master Liquid Staking
- Master Liquid Restaking
https://x.com/MasterProtocol_/status/1794337508287000666
(3) About Master Yield Market
Currently, the focus is on Master Yield Market.
Simply put, Master Yield Market is an interest trading platform that supports multiple BTC L2s, aggregating various Bitcoin ecosystem assets and splitting them into MPT (principal) and MYT (interest) for user trading.
- MPT is equivalent to fixed income products, locking in returns in advance.
- MYT is akin to a points futures market (which can be sold at any time on DEX), allowing speculation on expected returns. Initially, the price of MYT is low, significantly increasing capital utilization.
Currently, it supports BounceBit's stBB and stBBTC, and will support more assets in the future: BounceBit --- Pell, Bitlayer --- Pell, Multiple L2 --- Lorenzo, Botanix --- Master Protocol
2. Before the Airdrop Tutorial
(1) Important Notes Before Interaction
NFT staking is completed on BASE, please ensure you have ETH on the BASE chain for transaction fees (if you are not buying NFTs, you can skip this step);
Use the following cross-chain tool to transfer ETH to BASE (if you have already transferred, please ignore this step):
Note the ETH cross-chain transaction fees; the official fees are a bit high, one is 30u, and the other is 9u.
So I chose Rhino, transferring from zkSync to BASE, where the fees can be controlled to within 1u;
https://app.rhino.fi/bridge?token=ETH\&chainOut=TAIKO
(2) About the Airdrop Interaction Methods
This is a bonus airdrop event for the launch of Master’s core product, Yield Market, with two ways to participate:
- Trading Mining Reward Pool: Earn points by trading on Yield Market (1 USDT trading volume = 1 point).
- Referral Mining Reward Pool: Staking Yield Pass can earn 200 points daily, and both the inviter and the invitee can receive a mystery box (10--200 points), provided the invitee is an active Staker or reaches a trading volume of 100 USDT. The more invitees, the higher the point bonus.
(3) About the Genesis NFT ------ Genesis Master Pass
Genesis Master Pass is the genesis NFT of Master Protocol, with a total of 6,500 pieces, which was also a Free Mint, completed in 5 minutes.
Divided by rarity:
- SSR --- 500 pieces, generates 150 points daily, one-click mining
- SR --- 1,500 pieces, generates 40 points daily, mining through daily tasks
- R --- 4,500 pieces, generates 10 points daily, mining through daily tasks
- SSR staking ratio: over 75%
- Current market prices are: 117u, 26u, 11u
In addition to earning points through staking, the Genesis Master Pass also introduces a synthesis mechanism, forming a deflationary cycle. Three R cards can be combined into one SR card, and three SR cards can be combined into one SSR card. Therefore, the number of Pass cards will become increasingly scarce.
(4) About Master Yield Pass
Master Yield Pass was launched simultaneously with the LSDFi product Master Yield Market:
- Total supply: 10,000
- Price: Free (already minted out)
- Current floor price: 3u
Do you think the Master Yield Pass (total supply of 10,000, current floor price of 3u) has greater potential for appreciation, or the Genesis Master Pass (total supply of 6,500, floor price of 11u)? How to play depends on you. This article is a low-cost airdrop tutorial, and the following tutorial takes Master Yield Pass as an example.
What are the benefits of Master Yield Pass?
Staking Master Yield Pass has the following advantages:
- Earn high points from the trading pool and referral pool to qualify for token airdrops
- Share commissions from the yield market
- Additional benefits, which will be announced by the official team in the future
Trading mining reward pool: Staking Yield Pass will enjoy a 300% point bonus;
Referral mining reward pool: Staking Yield Pass can earn 200 points daily, and inviting friends can earn unlimited Buff bonuses!
3. Airdrop Tutorial
Here it is assumed that you are interacting while holding the Master Yield Pass, which can be purchased for 3u on OKX; if you don’t have it, that’s fine, trading also earns points.
Step 1: Stake Master Yield Pass (if you don’t have NFTs, skip to the third step for trading)
Related link: https://campaign.masterprotocol.xyz/myp/referral/?referralCode=UCJ2Y
- Click Mint & Stake
- Click Stake
- Click stake twice
- After successful staking, it will display as follows
Step 2: Create an Invitation Link
- Click Referral
- Click Generate Referral Code to create your invitation link
- Then invite your alternate accounts vigorously
Step 3: Trading Mining
Trade on Yield Market to increase trading volume and earn points (1 USDT trading volume = 1 point). The specific operations are as follows (using $BB as an example):
Buy a small amount of $BB on Binance;
Withdraw to your wallet's BounceBit network address;
Go to https://portal.bouncebit.io/stake, convert BB to stBB (the transaction fee is settled in BB tokens)
- On Yield Market, convert stBB to MPT
Yield Market link: https://yield.masterprotocol.xyz/markets
- Generally choose the fixed income method (low risk)
- After entering, trade the data volume, converting stBB to MPT
This is the entire interaction process. Currently, the official team has bonus activities, and as early users, increasing trading volume is the best strategy.
The project may issue tokens in the third quarter, and during this time, we can use alternate accounts to mutually increase our trading volume. If you can rank within the top 5,000 in points, there will be rewards (but don’t aim for the top 100).
