Currently, the entire airdrop environment is deviating towards the direction of "information asymmetry". The basic pattern is that users gather together on projects with high exposure and high volume, while many projects with good concepts have no one paying attention to them. As a result, almost no one pays attention to the investment research of many unpopular projects.
The final result is that popular projects basically lost money, such as zkSync and Blast; while unpopular projects such as AI ARENA and Lista DAO (which had few participants when the first version of the tutorial was released) actually lost a lot.
Today, I will continue to take a side path and introduce a project with a Yield Pass NFT (total amount of 10,000) of only 3u - Master Protocol. Let’s see how to get it.
This article is mainly divided into the following parts:
Master Protocol Introduction
Before the airdrop tutorial
Basic Tutorial
1. Master Protocol Introduction
Master Protocol is an emerging interest rate swap market and points farm accelerator in the Bitcoin ecosystem. It is a one-stop financial platform tailored for all LSD assets and will gradually support all LST in 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, providing support for the development of new applications, and improving the utility of Bitcoin infrastructure. By introducing the re-staking layer, Master Protocol enhances its infrastructure, meets the needs of the rapid expansion of the ecosystem, promotes the connection between various DeFi protocols and second-layer solutions, and thoroughly solves the fragmentation problem caused by the development and prosperity of BTC Layer2, and improves the composability, operability and overall practicality of BTC in the ecosystem.
I feel the same way when reading a lot of information. Therefore, I will not write a technical analysis article in a profound way. It is meaningless. The Master Protocol can be simply understood as follows:
Ethereum has been ruined by the two idiots zkSync and Blast, and it will take a long time to rebuild trust. The market was aware of this problem as early as the second half of 2023. At that time, Inscription solved the BTC expansion problem, making BTC Layer2 possible. Many forward-looking development teams began to deploy BTC Layer2, and many excellent projects have emerged, such as:
Well-known L2 solutions such as Babylon, Botanix, Bitlayer, BounceBit, B², and Merlin have pioneered various approaches to enabling Bitcoin staking.
1. But what does all this nonsense have to do with the Master Protocol?
Basically, many projects on BTC Layer2 use staking to ensure on-chain security, just like the POS concept of ETH. With so much capital staked on BTC Layer2, if all users stake their funds on BTC Layer2, it will cause a liquidity shortage. The severe liquidity shortage of ETH in the first quarter was caused by LSD.
This liquidity shortage continued until the emergence of projects such as Pendle on ETH. The emergence of this new narrative once again activated the market.
At present, BTC Layer2 has just started and the old path of ETH has appeared. At this time, a project like Pendle is needed to integrate the entire LSD market. Master Protocol is such an existence.
2. The value of Master Protocol is to do BTC-FI
The Master Protocol can be seen as the Eigenlayer+Pendle of the Bitcoin ecosystem, but it cannot be regarded as a simple replica of Pendle. The value of the Master Protocol lies in the BTC-FI value chain.
This sentence is understood as follows:
The LST and Restaking protocols of the Bitcoin ecosystem have sprung up like mushrooms after rain. It is crucial to have a market that can price these Wrap interest-bearing assets and interest rate swaps for the Bitcoin ecosystem.
The Master Protocol has the following three functions, which can seize the key ecological niche of BTC-FI (liberating the productivity efficiency of BTC assets) and become the cornerstone of Bitcoin ecological income by integrating BTC ecological income assets. For this reason, Master Protocol has recently completed its seed round of financing with a valuation of $25 million.
Master Protocol has three core products:
Master Yield Market (flagship product, launched now, this is what I’m buying now)
Master Liquid Staking
Master Liquid Restaking
(III) About Master Yield Market
The current main product is Master Yield Market.
To put it simply, Master Yield Market is an interest trading platform that supports multiple BTC L2s, aggregates a variety of Bitcoin ecosystem assets, and splits them into MPT (principal) and MYT (interest) for users to trade.
MPT is equivalent to a fixed-income product, locking in income in advance
MYT is equivalent to the points futures market (can be sold at any time on DEX), so there is room for speculation on expected returns. The unit price of MYT is low in the early stage, and the utilization rate of funds will be greatly improved.
Currently 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. Things to know before interaction
NFT staking is done on BASE. Please make sure you have ETH as a handling fee on your BASE chain (you can ignore this step if you are not buying NFT);
Use the following cross-chain tool to cross ETH to BASE (if you have already crossed, please ignore it)
https://bridge.base.org/deposit
Pay attention to the ETH cross-chain fee. The official fee is a bit high, 30u for one and 9u for another.
So I chose Rhino, zkSync crossed to BASE, and the handling fee can be controlled within 1u;
(II) About the airdrop interaction method
This is an additional airdrop activity launched by Master's core product Yield Market. There are two ways to participate:
Trading Mining Reward Pool: Earn points by trading in Yield Market (1 USDT transaction amount = 1 point).
New Mining Reward Pool: You can earn 200 points per day by staking Yield Pass. Both the inviter and the invitee can get a mysterious treasure box (10-200 points), provided that the invitee is a valid Staker or reaches a trading volume of 100 USDT. The more people you invite, the higher the points bonus you get.
(III) About Genesis Master Pass
Genesis Master Pass is the genesis NFT of Master Protocol, with a total of 6,500. It was also Free Mint at the time and could be completed in 5 minutes.
According to rarity:
SSR — 500 150 points per day One-click mining
SR — 1500 40 points per day Complete daily tasks to mine
R — 4500 daily output 10 points complete daily mining tasks
SSR pledge ratio: more than 75%
The current market prices are: 117u, 26u, 11u
In addition to staking to earn points, Genesis Master Pass also introduces a synthesis gameplay, forming a deflationary cycle. Three R cards can be synthesized into one SR card, and three SR cards can be synthesized into one SSR card. Therefore, the number of Pass cards will become less and less and more scarce.
4. About Master Yield Pass
Master Yield Pass was launched in conjunction with the LSDFi product Master Yield Market:
Total quantity: 10,000
Price: Free (completed)
Current floor price: 3u
Do you think the Master Yield Pass (total amount of 10,000, current floor price 3u) has greater growth potential, or the Genesis Master Pass (total amount of 6,500, floor price 11u) has greater growth potential? It's up to you how to play. This article is a low-cost airdrop tutorial. The following tutorial takes the Master Yield Pass as an example.
What is the Master Yield Pass good for?
Staking Master Yield Pass has the following benefits:
Earn high points from the trading pool and referral pool to get token airdrops
Commissions from the revenue sharing market
Additional benefits will be announced in the future
Trading Mining Reward Pool: Staking Yield Pass will enjoy a 300% points bonus;
New Mining Reward Pool: You can earn 200 points per day by staking Yield Pass, and you can get unlimited Buff bonuses by inviting friends!
3. Airdrop Tutorial
The default interaction here is to hold a Master Yield Pass, which can be purchased at okhua3u. It doesn’t matter if you don’t have it, you can also get points from transactions.
Step 1: Pledge Master Yield Pass (If you don’t have NFT, you can skip to the third step of the transaction)
Related link: https://campaign.masterprotocol.xyz/myp/referral/?referralCode=UCJ2Y
Click Mint&Stake
Click Stake
Click twice to pledge
After success, the following display
Step 2: Create an invitation link
Click Referral
Click Generate Referral Code to create your own referral link
Then I tried my best to invite my own trumpet
Step 3: Transaction Mining
Increase transaction volume in Yield Market to earn points (1 USDT transaction amount = 1 point). The specific steps are as follows (taking $BB as an example):
1. Buy some $BB on Binance;
2. Mention the BounceBit network address of your wallet;
3. Go to https://portal.bouncebit.io/stake and exchange BB for stBB (handling fees are settled in BB tokens)
4. Exchange stBB to MPT in Yield Market
Yield Market Link: https://yield.masterprotocol.xyz/markets
Generally choose fixed income method (low risk)
After entering, data transaction quantity, change stBB to MPT
The above is the entire interaction process. Now the official has a bonus activity. As an early user, it is best to increase the transaction volume.
The project may issue tokens in the third quarter. During this period, we can use small accounts to brush each other. If you can push your score ranking into the top 5,000, you will get some meat (don’t try to get into the top 100).
Each airdrop can be operated with multiple accounts. The multi-account tool I currently use is: MorLogin fingerprint browser. After testing, MoreLogin has made great efforts in security:
https://www.morelogin.com/?from=AANvwSB8onX4
As for the wallet plug-in that everyone is most concerned about, MoreLogin has done layers of encryption. Even if someone with ulterior motives hacks into your computer and takes away the wallet plug-in file, it cannot be cracked. This is what I have been using. The data of other chrome-based browsers is universal and not encrypted.
The multi-opening tutorial is as follows: https://link.medium.com/XaKjrKeLTKb
