The highly anticipated native token of the Ethereum layer-2 network, Blast (BLAST), experienced a 40 surge after its launch, outperforming other notable airdrops in recent weeks.AST was initially priced at $0.02 per token, giving it a fully diluted valueFDV) of $2 billion at launch, according to data from Ambient Finance and Aevo perps trading platform.
Following its debut, the price of BLAST rallied by over 40%, reaching a value of $0.0281 at the time of as per CoinMarketCap data.
This positive performance stands in contrast to other prominent token launches such as zkSync (ZK), an Ethereum layer-2 network, andZero (ZRO), a cross-chain interoperability project. Both ZK and ZRO have experienced declines of 46% and 43% since their respective launches.
During airdrop event for BLAST, 17% of its total supply was released. Of this, 7% was distributed to users who bridged Ether (ETH) USD on Blast (USDB) to the network starting late last year. Another 7% went to users who contributed to decentralized applications (DApps) on the network’s success, while 3% was allocated to the Blur Foundation for future community airdrops.
However, there were some criticisms from crypto market commentators regarding BLAST’s launch valuation not meeting their expectations. Arthur Cheong, co-founder of DeFiance Capital crypto investment firm expressed surprise that BLAST’s FDV reached only $2 billion when he had expected it to be closer to $5 billion.
The Blast network is co-founded by Tieshun Rore – known as PacMan – who is also behind Blur creator and faced criticism from seed investors in November for lacking sufficient features that justified locking up ETH for several months through its one-way bridging mechanism.
Similar to other high-profile airdrops this year like Wormhole cross-chain bridge protocol,a considerable number scams targeted Blast’s airdrop event.Many scammers take advantage by posing as legitimate copycats during large-scale airdrop events since claiming tokens generally involve connecting wallets and signing transactions.S Sniffer,a crypto security service revealed an instance where a user lost over $217k due multiple phishing signatures after falling victim to Blast’s scam incident.
Despite recent pullbacks in Ethereum’s value,Dynamo DeFi views it as an opportunity rather than cause for concern