# Blast Airdrop Farmers Aren't Happy

*Author: David Christopher*
*Published: Jun 26, 2024*
*Source: https://www.bankless.com/blast-airdrop-farmers-arent-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](https://defillama.com/chain/Blast) 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](https://x.com/EasyEatsBodega/status/1805969665799135442), 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.

> So I deposited over $50M on [@Blast_L2](https://twitter.com/Blast_L2?ref_src=twsrc%5Etfw) and get $100k airdrop on TGE. Now I am pretty sure [@Blast_L2](https://twitter.com/Blast_L2?ref_src=twsrc%5Etfw) is a scam project and [@PacmanBlur](https://twitter.com/PacmanBlur?ref_src=twsrc%5Etfw) is a “serial rug entrepreneur”. Never blocked anyone in CT before, he made it. I felt so shame to trust him before.This will be my last tweet… [pic.twitter.com/G4f3x2gdUC](https://t.co/G4f3x2gdUC)— Christian2022.eth (@Christianeth) [June 26, 2024](https://twitter.com/Christianeth/status/1805973786443067602?ref_src=twsrc%5Etfw)