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Ascend: Stage 1 Highlights & What’s Next

Today, we celebrate the end of Stage 1 in our Ascend journey. Since February, Ascend has spearheaded the introduction of our Liquid Credit Token innovation to the market, empowering thousands of users to earn high-yield returns from previously illiquid on-chain assets.

Throughout Stage 1, our growing community of LCT holders boldly ventured into different corners of DeFi, reaping double-digit NFT loan yields, stETH returns, MetaStreet points, and Blast rewards.

Initially, Ascend was conceived as a three-month campaign, but as we delved deeper, we soon realized the potential for LCTs to unlock liquidity and yield across a multitude of illiquid onchain assets spanning various ecosystems. The realm of non-ERC20 token assets presents an expansive ~$3.5 billion yield opportunity yet to be explored by our community and a wider user base.

Driven by our vision for MetaStreet to become a universally recognized standard in yield structuring and tokenization for illiquid on-chain assets, we made the strategic decision to extend Ascend into Stage 2. This new phase, available for a limited time only, is designed to propel the exploration and growth of a pioneering frontier in financing: Object-Oriented Finance (OOF).

As we close out Ascend Stage 1, it's crucial to note:

  • Points earned thus far are securely locked in and will not be diluted by future actions.
  • New swaps and deposits will continue to accumulate points, offering a fresh start for all participants. Additionally, rewards await those engaging in upcoming product launches planned for Stage 2.

So, what lies ahead in Stage 2? Keep reading for insights into our plans and a recap of our collective achievements during Stage 1 of Ascend.

Ascend Stage 1: The Recap

Before we dive into the new, let’s take a moment to reflect on the remarkable journey we've embarked on together:

  • Since Ascend’s inception, we've welcomed 14,065 users across 14,227 wallets into our community.
  • Our lending volume has surged, representing 81% of Blur's volume within just 2 months. Moreover, we've revolutionized loan terms, offering longer durations, higher yields, and non-cascading liquidation loans, while also providing secondary liquidity for lenders/LCT holders.
  • We've amassed over $70m in aggregate across pools at the peak, with $250m in volume.
  • MetaStreet has distributed over 46M Ascend XP and 74,487 Blast Gold, with exciting prospects for Apollo NFT holders to earn Blast Points and Gold in the near future.

Ascend Stage 1: The Partners

None of these achievements would have been possible without the invaluable support of our ecosystem partners. We extend our deepest gratitude to:

  • NFT Collections: CryptoPunks, Pudgy Penguins, and others, whose contributions have fueled our growth.
  • Liquidity Partners on ETH and Blast: Curve Finance, UniSwap, Wasabi, Particle, Thruster, Hyperlock, Mangrove, Juice, Spacebar, for their collaboration in expanding liquidity avenues.
  • Ecosystem and Community Builders: Blaze, Mintify, Galxe, Atlas, MVHQ, Dap Dap, and countless global NFT communities who've engaged with us for Apollo collabs.

Our partners’ and community’s unwavering support is helping us to propel our mission to scale liquidity and bring new sources of yield to a wider base. We’re excited to build on this momentum during Stage 2 of Ascend. Get to know our newest onchain primitive: Object-Oriented Finance.

Ascend Stage 2: A New Yield Primitive

As we embark on Stage 2, our vision will expand to unlocking yield and liquidity from an array of illiquid onchain assets.

At the core of Ascend Stage 2 lies the launch of Object-Oriented Finance, integrating Real World Assets (RWAs), GameFi assets, Points, and ecosystem NFTs like Base and Bitcoin with our Liquid Credit Token product and other innovative yield structuring solutions. We believe Object-Oriented Financing can unlock an estimated $3.5 billion in yield potential from these non-ERC20 token assets, offering users access to earnings and liquidity that were previously inaccessible without MetaStreet's primitives.

In Stage 2, we're excited to explore these opportunities and contribute to the accelerated growth of this market by also integrating the respective LCTs of these assets across various DeFi protocols (e.g. DEXs, leveraged trading and restaking protocols).

Ascend Stage 2: What Lies Ahead?

Stay tuned for updates via our Discord and X as we reveal more information about Stage 2 in Ascend. All Stage 1 Ascend XP will be finalized, with early Apollo participants receiving a special Stage 2 bonus.

Over the next days, we will be sharing more information about Object-Oriented Finance and how you can maximize rewards in Stage 2. We're thrilled about bringing yield potential of illiquid onchain assets to a wider audience, enabling them to earn more and access greater liquidity. Join us on the journey to Ascend Stage 2.