The much-anticipated native token of the Ethereum layer-2 network, Blast (BLAST), launched with a significant impact, experiencing a 40% price increase following its airdrop debut. Initially priced at $0.02, the token's fully diluted valuation (FDV) reached $2 billion, based on data from Ambient Finance and Aevo.
Following the launch, the price of BLAST surged to $0.0281, as reported by CoinMarketCap. This performance stands in contrast to recent high-profile airdrops such as zkSync (ZK) and LayerZero (ZRO), which saw their prices drop by 46% and 43% respectively post-launch.
The BLAST airdrop distributed 17% of the total supply, with 7% allocated to users who bridged Ether (ETH) or USD on Blast (USDB) since late last year. Another 7% was given to contributors of decentralized applications (DApps) on the network, while 3% went to the Blur Foundation for future airdrops.
Despite the impressive debut, the airdrop attracted some criticism. Arthur Cheong, co-founder of DeFiance Capital, expressed surprise at BLAST’s $2 billion FDV, anticipating a valuation closer to $5 billion. Additionally, the Blast network, co-founded by Tieshun Roquerre (known as PacMan), faced criticism from seed investors in November for lacking sufficient features to justify a one-way bridging mechanism that locked up ETH for several months.
The airdrop event also saw a surge in scam activities, with malicious actors posing as legitimate entities to exploit users. Crypto security firm Scam Sniffer identified a victim who lost over $217,000 to such scams.
Despite these challenges, the strong rally of BLAST tokens post-launch highlights the growing interest and investment in layer-2 solutions and their potential to reshape the crypto landscape.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.