Ethereum

Blast

BLAST

Blur

Arthur

The long-awaited native token of Ethereum layer-2 network Blast (BLAST) surged 40% following its launch, faring better than other high-profile airdrops to hit the market in recent weeks.&nbsp;
BLAST debuted for $0.02 per token, placing it at a fully diluted value (FDV) of $2 billion at launch, according to aggregated <a href="https://ambient.finance/trade/pool/chain=0x13e31&amp;tokenA=0x0000000000000000000000000000000000000000&amp;tokenB=0xb1a5700fA2358173Fe465e6eA4Ff52E36e88E2ad" target="_blank" rel="noopener nofollow">data</a> from Ambient Finance and perps trading platform Aevo. 
The price of BLAST has since rallied a little over 40% to a value of $0.0281 at the time of publication, per CoinMarketCap <a href="https://coinmarketcap.com/currencies/blast/" target="_blank" rel="noopener nofollow">data</a>. 
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-06/a3db6a6b-f4c7-4357-8d42-9b322ff75966.png">
 <figcaption style="text-align: center;">
 The blast token gained 40% since launch. Source: CoinMarketCap
 </figcaption>
</figure>
It comes in contrast to recent high-profile token launches, including Ethereum layer-2 network zkSync (ZK) and cross-chain interoperability LayerZero (ZRO). Both tokens have fallen 46% and 43% from launch, respectively. 
The airdrop released 17% of BLAST’s total supply, with 7% going to users who bridged Ether (<a href="https://cointelegraph.com/ethereum-price">ETH</a>) or USD on Blast (USDB) to the network beginning late last year. 
An additional 7% went to users who “contributed to the success” of decentralized applications (DApps) on the network, while 3% went to the Blur Foundation for future airdrops to its community.
The airdrop attracted some criticism from crypto market commentators on X, most from those who believe the launch valuation fell short of their expectations.
Arthur Cheong, the co-founder of crypto investment firm DeFiance Capital said BLAST’s $2 billion FDV came as a surprise, as he expected a value closer to the $5 billion mark. 
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-06/c1fba27f-4687-4d27-9fdd-f5183fe42ad4.png">
 <figcaption style="text-align: center;">
 Source: <a href="https://x.com/Arthur_0x" target="_blank" rel="noopener nofollow">Arthur</a>
 </figcaption>
</figure>
Related: <a href="https://cointelegraph.com/news/blockchain-fraud-group-shifts-1m-to-blast-for-new-schemes">Blockchain fraud group shifts $1M to Blast for new schemes</a>
The Blast network, co-founded by Blur creator Tieshun Roquerre — more commonly known by his pseudonym PacMan — was <a href="https://cointelegraph.com/news/blast-marketing-cheapens-work-serious-team-paradigm">criticized by its own seed investors in November</a> for lacking enough features to justify a one-way bridging mechanism that saw users lock up their ETH for several months. 
<h2 id="blast-airdrop-attracts-scams">Blast airdrop attracts scams</h2>
Like several other high-profile airdrops this year — including that of cross-chain <a href="https://cointelegraph.com/news/wormhole-airdrop-attracts-scammers-spoof-tokens-three-billion-valuation">bridge protocol Wormhole</a> — Blast’s airdrop event attracted a deluge of scammers across X. 
Scammers often choose large-scale airdrop events to pose as legitimate-looking copycats, as airdrops usually require crypto users to connect their wallets and sign transactions to claim their allotted tokens. 
The crypto security service Scam Sniffer identified a user who fell victim to a Blast airdrop scam, losing over $217,000 after signing multiple phishing signatures. 
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-06/3904360b-02eb-432b-9fda-29147dce00a7.png">
 <figcaption style="text-align: center;">
 Source: <a href="https://x.com/realScamSniffer/status/1805971626602926447" target="_blank" rel="noopener nofollow">Scam Sniffer</a>
 </figcaption>
</figure>
X Hall of Flame: <a href="https://cointelegraph.com/magazine/spot-ethereum-etf-ether-price-bitcoin-patrick-scott-dynamo-defi-hall-of-flame/">Ethereum’s recent pullback could be a gift — Dynamo DeFi</a>

Blast token rallies 40% after $2B airdrop debut

Table of Contents

Cointelegraph

Other articles published on Jun 27, 2024

Telegram-Based Notcoin Burns 210 Million Tokens Amid Positive Recovery

Bvndle, UBA, Piggyvest, VFD Microfinance Bank and Aura by Transcorp Partner to Reimagine Rewards ...

1XBET latest information – 1XBET bypass address, promotion code, bonus

Binance to remove prime brokerage loophole

Central Bank of Turkey Maintains Interest Rate at 50%

Bitcoin Drops Below $62K Amidst Mixed Trends in Top Cryptos

Join our free newsletter for daily crypto updates!