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Blast Airdrop Farmers Aren't Happy

Blast's token launch arrived with a thud as its price tanked and early depositors posted meager gains.
David C David C Jun 26, 20241 min read
Blast Airdrop Farmers Aren't Happy

Blast's hotly anticipated airdrop debuted with a token price far below its early users' most conservative estimates. Many were expecting the L2's native token to value the network at a fully-diluted value in the $6-10 billion range. The BLAST token is currently sporting an FDV of around $2.2B.

What's the scoop?

  • Immediate Selloff: Many users sold their BLAST tokens immediately, causing the price to drop to nearly $0.02 before rebounding slightly. This selloff reduced the airdrop’s value for Blast users from $354M to $289M.
  • Blast Network Activity: Pre-airdrop, the total value locked (TVL) on Blast’s network reached $2.3B on June 5 but collapsed to $1.55B after the token release.

Bankless Take:

Arguably, Blast’s innovations, from native yield to a cleverly gamified airdrop hunt campaign, made it tough for them to live up to expectations. While current market conditions make the initial selloffs expected, the contrast between the pre-market hype and the actual debut price is extremely concerning, further intensified by BLAST’s FDV sinking within striking distance of its TVL. It's a long road ahead, and Blast will have to focus on stabilizing its ecosystem to regain user trust and sustain the network's long-term incentive flywheel — a tough mission.

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David C

Written by David C

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David is a writer/analyst at Bankless. Prior to joining Bankless, he worked for a series of early-stage crypto startups and on grants from the Ethereum, Solana, and Urbit Foundations. He graduated from Skidmore College in New York. He currently lives in the Midwest and enjoys NFTs, but no longer participates in them.

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