The current airdrop environment is shifting towards “information gaps.” Popular projects with high visibility and large audiences attract most users, while many promising projects go unnoticed, leading to a lack of interest in research on niche projects.

As a result, popular projects often end up being counterproductive, like zkSync and Blast, whereas lesser-known projects such as AI ARENA and Lista DAO (which had few participants when the first tutorial was released) turn out to be highly rewarding.

Today, we continue exploring unconventional routes by introducing a project called Master Protocol. This project offers a Yield Pass NFT with a total supply of 10,000 units, each costing just 3U. Let’s see how to take advantage of this opportunity.

This article is structured into the following sections:

Introduction to Master Protocol

Pre-Airdrop Tutorial

Basic Tutorial

1. Introduction to Master Protocol

Master Protocol is an emerging interest rate swap market and points farm accelerator in the Bitcoin ecosystem. It’s a comprehensive financial platform designed for all LSD assets, gradually extending support to all LSTs across various ecosystems. Master Protocol simplifies interactions and transactions within the Bitcoin network, aggregates users and assets, and promotes ecosystem liquidity and engagement. Acting as a central hub, it connects local Bitcoin enthusiasts with various applications, supports new app development, and enhances Bitcoin infrastructure utility. The introduction of a re-staking layer strengthens its infrastructure, meeting the needs of the rapidly expanding ecosystem. It facilitates connections between various DeFi protocols and second-layer solutions, thoroughly addressing the fragmentation caused by the growth of BTC Layer2, thus improving BTC’s composability, operability, and overall utility in the ecosystem.

Reading through all this might feel like deciphering an inscrutable text. I feel the same way, so this article will avoid pretending to be a high-level technical analysis, which is pointless. In simple terms, Master Protocol can be understood as follows:

Ethereum is currently struggling due to the mishandling by zkSync and Blast, and it will take a significant amount of time to rebuild trust. By the second half of 2023, the market recognized this issue. Around the same time, inscriptions resolved BTC’s scaling problem, making BTC Layer2 feasible. Many forward-thinking development teams began deploying BTC Layer2, leading to the creation of many excellent projects such as:

Babylon, Botanix, Bitlayer, BounceBit, B², and Merlin, which have pioneered various methods to implement Bitcoin staking.

(1) So, how does all this relate to Master Protocol?

Many BTC Layer2 projects rely on staking to ensure on-chain security, similar to Ethereum’s PoS model. With so many funds staked on BTC Layer2, if users put all their funds into staking, it can lead to a liquidity shortage. For instance, Ethereum faced significant liquidity issues in the first quarter due to LSD.

These liquidity problems persisted until new solutions like Pendle emerged on Ethereum, which revived the market. BTC Layer2 is still in its early stages and is already facing similar issues. This is where a project like Pendle, which helps integrate the LSD market, becomes essential, and Master Protocol is designed to fulfill this role.

(2) The Value of Master Protocol lies in BTC-FI

Master Protocol can be thought of as the Eigenlayer + Pendle of the Bitcoin ecosystem, but it’s not just a simple clone of Pendle. Its true value lies in its role within the BTC-FI (Bitcoin Finance) value chain.

Here’s what that means:

As LST (Liquid Staking Tokens) and Restaking protocols rapidly emerge in the Bitcoin ecosystem, there’s a crucial need for a market that can price and facilitate interest rate swaps for these yield-generating wrapped Bitcoin assets. Master Protocol serves this purpose through three key functions, capturing a vital niche in BTC-FI by integrating yield-generating assets in the Bitcoin ecosystem.

This establishes it as the cornerstone of yield infrastructure for Bitcoin. Consequently, Master Protocol recently completed a seed funding round, achieving a valuation of $25 million.

Master Protocol has three core products:

1. Master Yield Market (flagship product, already online, now available)
2. Master Liquid Staking
3. Master Liquid Restaking

(3) About Master Yield Market

Currently, the main focus is Master Yield Market.

To simply understand, Master Yield Market is an interest trading platform that supports multiple BTC L2, aggregates a variety of Bitcoin ecological assets, and splits it into MPT (principal) and MYT (interest) for users to trade.

1. MPT functions like a fixed income product, providing locked-in returns in advance. MYT operates similarly to a futures market for interest (which can be sold on DEX anytime), allowing for speculation on expected returns. Initially, MYT’s price is low, significantly enhancing capital efficiency.

Currently, it supports BounceBit’s stBB and stBBTC, and will expand to support more assets in the future, including:BounceBit — Pell, Bitlayer — Pell, Multiple L2 — Lorenzo, Botanix — Master Protocol

2. Before airdrop tutorial

(1) Things to know before interacting

NFT staking is done on BASE, so make sure you have ETH on the BASE chain to cover transaction fees (skip this step if you’re not buying an NFT); Use this cross-chain tool to transfer ETH to BASE (skip if already done):

1. https://bridge.base.org/deposit

Be aware that ETH cross-chain fees are quite high, with official fees being 30U or 9U.

To save costs, I recommend using Rhino to transfer from zkSync to BASE, where fees can be kept under 1U.

(2)Airdrop Participation Methods

Master Protocol is launching a boosted airdrop event to celebrate the release of its core product, Yield Market. There are two ways to participate:

1. Trading Mining Pool: Earn points by trading on the Yield Market (1 USDT trading volume = 1 point).
2. Referral Mining Pool: Stake a Yield Pass to earn 200 points daily. Both the inviter and invitee receive a mystery box (10-200 points) if the invitee is an active staker or reaches a trading volume of 100 USDT. The more people you invite, the higher the point bonus.

(3) About Genesis NFT——Genesis Master Pass

The Genesis Master Pass is the original NFT of Master Protocol, with a total supply of 6,500. It was Free Mint and sold out in 5 minutes.

It is divided by rarity into:

1. SSR — 500 units, generating 150 points per day, with one-click mining
2. SR — 1,500 units, generating 40 points per day, requiring daily task completion for mining
3. R — 4,500 units, generating 10 points per day, requiring daily task completion for mining
4. SSR staking ratio: over 75%
5. Current market prices are:117u、26u、11u

Besides earning points through staking, the Genesis Master Pass offers a synthesis mechanism creating a deflationary cycle, where 3 R cards can be combined into 1 SR card, and 3 SR cards can be combined into 1 SSR card. This will gradually reduce the number of available Pass cards, increasing their rarity.

(4) About Master Yield Pass

The Master Yield Pass was launched along with the LSDFi product Master Yield Market:

1. Total supply: 10,000
2. Price: Free (sold out)
3. Current floor price: 3U

Whether you think the Master Yield Pass (total amount 10,000, current floor price 3u) has greater potential for growth, or the Genesis Master Pass (total amount 6,500, floor price 11u) has greater potential for growth, it’s up to you. This article is a low-cost airdrop tutorial. The following tutorial uses Master Yield Pass as an example.

Benefits of the Master Yield Pass include:

Staking Master Yield Pass has the following benefits:

1. Earning high points from both the trading and referral pools for token airdrops
2. Sharing in the yield market’s commission
3. Additional benefits to be announced in the future

Trading Mining Pool: Staking Yield Pass gives a 300% point bonus;

Referral Mining Pool: Staking Yield Pass earns 200 points daily, and inviting friends provides an unlimited Buff bonus!

3. Airdrop Tutorial

This tutorial assumes you have a Master Yield Pass. You can purchase one for around 3U on OKX. If you don’t have one, don’t worry; trading will also earn you points.

Step 1: Stake Your Master Yield Pass (Skip to Step 3 if you don’t have the NFT)

Related Links:https://campaign.masterprotocol.xyz/myp/referral/?referralCode=UCJ2Y

1. Click “Mint & Stake”
2. Click “Stake”

1. Click “Stake” twice.
2. Once successful, you’ll see a confirmation message.

Step 2. Create an invitation link

1. Click “Referral”
2. Click “Generate Referral Code” to create your personal invitation link
3. Invite as many secondary accounts as possible

Step 3. Transaction Mining

Increase your trading volume on Yield Market to earn points (1 USDT trading volume = 1 point). Here’s how to do it using $BB as an example:

1. Buy a little $BB on Binance;

2. Mention the BounceBit network address of your wallet;

3. Enterhttps://portal.bouncebit.io/stake, exchange BB into stBB (the handling fee is settled in BB tokens)

1. On Yield Market, exchange stBB for MPT.

Yield Market link:https://yield.masterprotocol.xyz/markets

1. Usually, choose the fixed-income option for lower risk.

1. After entering the market, input the transaction amount and exchange stBB for MPT.

This completes the interaction process. Currently, the official team is running bonus activities.

As early users, increasing your trading volume is the best strategy. The project is likely to issue tokens in Q3.

During this period, use secondary accounts to trade mutually, aiming to rank within the top 5000 for rewards (avoid the top 100).

Each airdrop can be managed with multiple accounts. The tool I recommend for this is the MorLogin fingerprint browser. MoreLogin has robust security measures:

https://www.morelogin.com/?from=AANvwSB8onX4

MoreLogin ensures wallet plugins are encrypted, making them secure even if someone accesses your computer and extracts the plugin files—they cannot decrypt them. This is my preferred tool, unlike other Chrome-based browsers that don’t offer this level of data encryption.

Multi-account tutorial:https://link.medium.com/XaKjrKeLTKb

Disclaimer：

1. This article is reprinted from [panews], All copyrights belong to the original author [加密狗]. If there are objections to this reprint, please contact the Gate Learn team, and they will handle it promptly.
2. Liability Disclaimer: The views and opinions expressed in this article are solely those of the author and do not constitute any investment advice.
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