The highly anticipated native token of Ethereum layer-2 network Blast (BLAST) experienced a significant surge of 40% following its launch, outperforming other airdrops that have recently entered the market.
At its debut, BLAST was at $0.02 per token, resulting in a fully diluted value (FDV) $2 billion upon launch. This information comes from aggregated data provided by Ambient Finance andps trading platform Aevo.
Since then, the price of BLAST has rallied over %, reaching a value of $0.0281 at the time of publication according toMarketCap.
In contrast to this success, other prominent token launches such as Ethereum layer2 network zkSync (ZK) and cross-chain interoperability LayerZero (ZRO have seen their tokens decline by 46% and 43% respectively since their own.
The BLAST airdrop distributed 17% of its total supply, with % allocated to users who bridged Ether (ETH) or USD on Blast (US) to the network starting from late last year. An additional 7% was given to users who contributed to the of decentralized applications (DApps) on the network, while 3% went towards airdrops for the Blur Foundation’s community.
However, despite these positive developments with BLAST’s launch and distribution process, some individuals the crypto market criticized it for falling short in terms of valuation expectations. Arthur Cheong, co-founder of crypto investment firm DeFiance Capital expressed that BLAST’s FDV reached only $2 billion when he had anticipated it would closer to $5 billion.
Blast Network is co-founded by Tieshun Roquerre – also known as PacMan – who gained recognition as Blur. The project faced criticism from seed investors back in November for not offering enough features to justify its one-way bridging mechanism which required to lock up their ETH funds for several months.
Similar to other high-profile airdrops this year like cross bridge protocol Wormhole, Blast’s event also attracted scammers looking to take advantage.ammers often exploit large-scale airdrop events by impersonating legitimate projects since participating in an airdrop usually involves connecting wallets and signing transactions in order to claim tokens. One unfortunate user fell victim to such scams during Blast’s event and lost over $217k unknowingly signing multiple phishing signatures.
Despite recent pullbacks witnessed by Ethereum within the crypto market landscape recently Dynamo DeFi suggests that it can be viewed as an opportunity rather solely negative news.