A notable trader has staked an amount equivalent to $7.3 million, aligning with expectations of substantial returns from the platform’s evolving reward program. BLUR, which was originally launched by OpenSea in October 2022, operates on an incentive-based transaction system and has announced plans for a revamp across three seasons. This includes integration with new “blast” networks and an exclusive “Redacted” member airdrop set for late 2024, following Blast’s $20 million funding milestone.
The recent surge in the BLUR token’s value can be partly attributed to the marketplace’s innovative approach to user incentives. For example, during Season 2, a JPEG flipper notably benefited from these incentives, as reported by Dune dashboard data. Additionally, the Ethereum layer-2 network Blast has raised $20 million from investors like Paradigm and Standard Crypto. This funding will enable depositors to earn native yields on cryptocurrencies, promising that they will receive half of the forthcoming season’s airdrop rewards by staking BLUR tokens.
The marketplace’s success is also reflected in its volume outpacing that of OpenSea since February. As part of its Season 2 rewards, the marketplace distributed 300 million BLUR tokens to users. Among the recipients was Hanwe’s hanwe.eth wallet, which received one of the largest single claims at 22.85 million tokens—valued at about $14 million post-surge.
BLUR has also revised its compensation scheme to require participants to take half their rewards in BLUR tokens, ensuring deeper integration with the platform’s ecosystem and aligning users’ interests with the long-term success of the token.
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Source: Cryptocurrency - investing.com
