Author: Dogecoin Source: Medium
The highly anticipated Lingo Handbook project, Master Protocol, is about to go public. Here’s a quick tutorial to get you up to speed in 5 minutes (RWA is the global narrative; if you want to dive into the research article, I’ll cover it later, but first, let’s understand how to cash out quickly).
The current airdrop environment is increasingly leaning towards “information asymmetry.” The predominant trend involves projects with high exposure and volume attracting users, leaving many promising but less known projects unnoticed. Consequently, research on these niche projects is practically non-existent.
This has resulted in popular projects like zkSync and Blast being somewhat overhyped, while underdogs like AI ARENA and Lista DAO (with few participants during the initial tutorial release) have surprisingly thrived.
Today, let’s continue exploring the unconventional path by introducing Yield Pass NFT, a project with only 3u in supply — Master Protocol. Let’s see how to make the most of it.
This article is divided into the following sections:
**Introduction to Master Protocol**
**Pre-Airdrop Tutorial**
**Basic Tutorial**
**I. Introduction to Master Protocol**
Master Protocol is an emerging interest swap market and points farm accelerator within the Bitcoin ecosystem. It serves as a one-stop financial platform tailored for all LSD assets, progressively supporting all LSTs across different ecosystems. It simplifies interactions and transactions within the Bitcoin network, aggregating users and assets to enhance liquidity and interaction within the ecosystem. Acting as a central hub, Master connects local Bitcoin proponents with various applications, supports new application development, and enhances Bitcoin infrastructure utility. By introducing a re-collateralization layer, Master Protocol bolsters its infrastructure, meeting the rapid expansion needs of the ecosystem, facilitating connections between various DeFi protocols and layer-two solutions, thereby addressing the fragmentation caused by BTC Layer2 development and prosperity, and enhancing BTC’s composability, operability, and overall usability within the ecosystem.
**Peel off a bunch of jargons, and it feels like reading hieroglyphs. I feel the same way, so this article won’t attempt to write in-depth technical analysis, which is meaningless. In simple terms, think of Master Protocol as:**
Ethereum has been somewhat devastated by “two fools” like zkSync and Blast, taking quite some time to rebuild trust. As early as the latter half of 23, the market realized this problem, coinciding with the inscription solving the Btc expansion problem, making BTC Layer2 possible. Many forward-thinking development teams began deploying BTC Layer2, with notable L2 solutions such as Babylon, Botanix, Bitlayer, BounceBit, B2, and Merlin adopting various methods to implement Bitcoin pledging.
**However, what’s the relevance of all these blabbering to Master Protocol?**
Basically, many projects on BTC Layer2 ensure on-chain security through pledging, similar to ETH’s pos concept. With so much capital pledged on BTC Layer2, if users also pledge their funds on BTC Layer2, it will lead to liquidity shortages. The liquidity shortage on ETH in the first quarter was caused by LSD.
This liquidity shortage lasted until new narratives like Pendle appeared on ETH, reactivating the market. BTC Layer2 has only just begun, and the old path on ETH has already emerged. This calls for a project like Pendle to integrate the entire LSD market, and Master Protocol is such a general existence.
**II. Master Protocol’s value is doing BTC-FI**
Master Protocol can be regarded as the Eigenlayer+Pendle of the Bitcoin ecosystem, but it cannot be seen as a simple replica of Pendle. Master Protocol’s value lies in doing BTC-FI, the value chain.
This sentence is understood as follows:
LST and Restaking protocols in the Bitcoin ecosystem have sprung up like mushrooms after rain. It’s crucial to have a pricing and interest swap market for these Wrap assets in the Bitcoin ecosystem, and that’s where Master Protocol comes in. By integrating income-generating assets in the BTC ecosystem, it becomes a cornerstone of income in the Bitcoin ecosystem. It’s precisely because of this that Master Protocol recently completed a seed round of financing with a valuation of $25 million.
**Three core products of Master Protocol:**
– Master Yield Market (flagship product, already online, what we’re cashing in on now)
– Master Liquid Staking
– Master Liquid Restaking
**III. About Master Yield Market**
Currently, the main 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 like a futures market for points (can be sold at any time on DEX), allowing speculation on expected returns. Early MYT prices are low, significantly increasing fund utilization.
Currently supports stBB and stBBTC from BounceBit; more assets to be supported in the future: BounceBit — Pell, Bitlayer — Pell, Multiple L2 — Lorenzo, Botanix — Master Protocol
**II. Pre-Airdrop Tutorial**
**I. Pre-Interaction Notes**
NFT pledging is completed on BASE; ensure your BASE chain has ETH for fees (ignore if not buying NFT); cross-chain tools to transfer ETH to BASE (already crossed over, please ignore)
https://bridge.base.org/deposit
Note the cross-chain ETH fee; official fee is a bit high, 30u for one, 9u for the other
So I chose a rhino, zkSync to BASE, and fees can be controlled within 1u;
**II. About Airdrop Interaction**
This is an intensified airdrop activity launched on the core product Yield Market of Master, with two ways to participate:
Trading Mining Pool: Earn points by trading on the Yield Market (1 USDT transaction volume = 1 point).
New mining pool: Stake Yield Pass to earn 200 points per day; both the inviter and the invitee can get mysterious treasure chests (10–200 points), provided the invitee is a valid Staker or reaches a transaction volume of 100 USDT. The more invitees, the higher the points bonus.
**III. About Genesis NFT — Genesis Master Pass**
Genesis Master Pass is Master Protocol’s Genesis NFT, with a total of 6500 units, also Free Mint, done in 5 minutes.
Divided by rarity:
– SSR — 500 units, daily output of 150 points, one-click mining
– SR — 1500 units, daily output of 40 points, mining with daily tasks
– R — 4500 units, daily output of 10 points, mining with daily tasks
SSR pledge ratio: Over 75%
Current market prices are: 117u, 26u, and 11u respectively
Apart from pledging to earn points, Genesis Master Pass also introduces a synthetic gameplay, forming a deflationary cycle; 3 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 scarcer and scarcer.
**IV. About Master Yield Pass**
Master Yield Pass is launched simultaneously with LSDFi product Master Yield Market:
Total supply: 10,000
Price: Free (already minted)
Current floor price: 3u
Do you think Master Yield Pass (total supply 10,000, current floor price 3u) has greater potential for appreciation, or Genesis Master Pass (total supply 6500, floor price 11u)? It’s up to you how to play. This article is a low-cost tutorial on how to cash in on airdrops; the following tutorial uses Master Yield Pass as an example.
What’s the use of Master Yield Pass?
Pledging Master Yield Pass has the following benefits:
– Earn high points from trading pools and referral pools to receive token airdrops
– Share commissions from revenue markets
– Additional benefits will be announced by the official in the future
Trading Mining Pool: Pledging Yield Pass enjoys a 300% points bonus;
New mining pool: Pledging Yield Pass earns 200 points per day; inviting friends can get unlimited Buff bonuses!
**III. Airdrop Tutorial**
Here, the interaction is based on holding Master Yield Pass, which can be purchased for 3u on OK, but it’s okay if you don’t have it; transactions also earn points.
**Step One: Pledge Master Yield Pass (Skip to step three if there is no NFT)**
Related links:
https://campaign.masterprotocol.xyz/myp/referral/?referralCode=UCJ2Y
Click Mint&Stake
Click Stake
**Click twice to pledge**
Display as shown below after successful:
**Step Two: Create an Invitation Link**
Click Referral
Click Generate Referral Code to create your own invitation link
Then invite your secondary account
**Step Three: Trading Mining**
At Yield Market, brush transaction volume to earn points (1 USDT transaction amount = 1 point), specific operations are as follows (using $BB as an example):
Buy some $BB on Binance;
Mention your wallet’s BounceBit network address;
Enter
https://portal.bouncebit.io/stake
, convert BB to stBB (fees are settled in BB tokens)
**At the Yield Market, exchange stBB for MPT**
Yield Market link:
https://yield.masterprotocol.xyz/markets
Generally choose the fixed income method (low risk)
**Enter, data transaction quantity, convert stBB to MPT**
The above is the entire interaction process, and there are now additional activities from the official as an early user. Brushing transaction volume is the best way.
The project may issue
