Crypto startups like Blast are offering loyalty points to lure users, without detailing the rewards; Blast has attracted $1.3B in crypto since November 2023
- Blast has lured $1.3 billion worth of crypto since November — Most programs haven't said what their points can be used for
Context & Ripple Effects
Blast’s user-acquisition push shifts crypto marketing from the earlier emphasis on large sports-marketing commitments toward incentives embedded in the product itself. It also arrives as points-based loyalty models have gained traction beyond crypto: Bilt’s rent-to-points program and $200M financing showed how rewards can support a consumer-finance platform.
What distinguishes this case is the scale of deposits attracted before the programs have specified what points ultimately deliver. That makes the points both an acquisition tool and an unresolved promise to users.
First-order effects
- Blast and similar startups can attract crypto deposits and user activity without first committing to a defined reward schedule or redemption value.
- Users accepting points face unclear economic terms: they may accumulate rewards, but cannot yet assess their utility or value.
Second-order effects
- Competing crypto platforms may be pushed to introduce or expand points programs to defend user liquidity, raising the importance of incentive design over clearly stated product differentiation.
- Undefined rewards can defer the cost of acquisition for platforms, while making later disclosures a critical retention test once users can compare outcomes.
Third-order effects
- If points become a standard route to bootstrap crypto platforms, competition may increasingly hinge on credibility around eventual reward delivery—not simply on the size of headline incentives.
- The pattern reinforces the crypto legitimacy gap: opaque reward terms may accelerate early adoption but can also make trust and disclosure a lasting differentiator.
The trend: Crypto platforms are increasingly using open-ended loyalty incentives to acquire liquidity and users before their long-term reward economics are fully defined.