BLAST Token Surges 40% Following $2B Airdrop

NAIROBI (CoinChapter.com) — The native token of Ethereum layer-2 network Blast (BLAST) increased by 40% following its launch. BLAST debuted at $0.02 per token, reaching a fully diluted value (FDV) of $2 billion at launch, according to Ambient Finance and Aevo. At the time of publication, BLAST’s price had risen to $0.0245, per CoinMarketCap.

This surge contrasts with other recent token launches, such as Ethereum layer-2 zkSync (ZK) and cross-chain interoperability LayerZero (ZRO), which fell 46% and 43%, respectively. Blast distributed 17% of its total token supply during the airdrop.

Eligible users who bridged Ether (ETH) or USD on Blast (USDB) to the network received 7% of the supply. Another 7% went to users contributing to decentralized applications (DApps) on the network, while 3% was allocated to the Blur Foundation for future community airdrops.

Controversy and Scams Surround BLAST Airdrop

Despite the rally, the airdrop attracted criticism and scams. Some market commentators on X criticized the launch valuation, which they felt fell short of expectations. Arthur Cheong, co-founder of DeFiance Capital, expressed surprise at BLAST’s $2 billion FDV, expecting a value closer to $5 billion.

The Blast network, co-founded by Tieshun Roquerre (PacMan), faced criticism from its seed investors in November for lacking features to justify a one-way bridging mechanism, which locked up users’ ETH for several months. Despite this, the network accumulated $2.3 billion in deposits between November and March. Currently, Blast holds $1.62 billion in total value locked, making it the second-largest layer-2 network after Arbitrum, according to CoinGecko.

Scammers targeted the airdrop event, posing as legitimate-looking copycats. Scam Sniffer, a crypto security service, identified a user who lost over $217,000 after signing multiple phishing signatures. The airdrop mirrors other high-profile airdrops this year, such as the cross-chain bridge protocol Wormhole, which have also attracted scams.