40% of the explosion token will be collected after the initial $2B airdrop
Following the launch of the long-awaited Ethereum Layer-2 Network Blast (BLAST), it surged 40%, outperforming other high-profile airdrops that have hit the market in recent weeks.
BLAST launched at $0.02 per token, putting its fully diluted value (FDV) at $2 billion at launch, according to aggregate data from Ambien's finance and perps trading platform Aevo.
BLAST's price has since jumped slightly more than 40% to a value of $0.0281, according to CoinMarketCap data.
Ethereum comes in contrast to recent high-profile token launches including layer-2 network zkSync (ZK) and cross-chain interoperability LayerZero (ZRO). Both marks fell by 46% and 43% respectively.
The airdrop released 17% of BLAST's total supply, 7% of which was Ether (ETH) or Dollars on Blast (USDB) to users bridged to the network.
An additional 7% went to users contributing to the success of decentralized applications (DApps) on the network, and 3% went to the Blur Foundation's future community airdrops.
The airdrop drew some criticism from crypto market analysts on X, most of whom believed the launch price fell short of expectations.
Arthur Cheng, co-founder of crypto investment firm Defiance Capital, said BLAST's $2 billion FDV came as a surprise, as he expected a valuation of around $5 billion.
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The Blast Network, co-founded by Blur creator Tieshun Roquerre – better known by the nickname Pacman – was criticized by its own seed investors in November for a one-way linking system that saw users lock up their ETH for months.
The explosion attracts air drop frauds
Like several other high-profile airdrops this year — including the Cross-Chain Bridge Protocol Wormhole — the explosive airdrop event attracted a flood of cheaters on X.
Fraudsters often choose large airdrop events as legitimate-looking replicas, as airdrops often require crypto users to link their wallets and sign transactions to claim allocated tokens.
A user who fell for the Blast airdrop scam, losing more than $217,000 after signing several phishing signatures, has revealed the scam to Crypto Security Services.
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