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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.
So I deposited over $50M on @Blast_L2 and get $100k airdrop on TGE.
— Christian2022.eth (@Christianeth) June 26, 2024
Now I am pretty sure @Blast_L2 is a scam project and @PacmanBlur 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
