BLAST token airdrop distributes $415 million to users as it goes live

Key Insights

• Blast token airdrop distributed $415 million to users on its launch day.
• BLAST token price experienced a 7.7% drop shortly after release but remains relatively stable.

The airdrop of layer-2 blockchain Blast went live today, and users have 30 days to claim their tokens. The token BLAST has a total supply of 100 billion tokens, and 17% were earmarked for users in this initial airdrop. Considering the launch price of $0,0244, over $415 million was airdropped to users. 

Less than four hours after the launch, BLAST’s price has fallen by 7.7%, currently sitting at $0.02254. Although the token price seems to be holding relatively well when compared to recent airdrops, the total value locked (TVL) on Blast’s ecosystem fell by 23.7% in the last seven days.

The token distribution consisted of Blast point holders and Blast gold holders receiving 7% each of the distributed supply, and Blur Foundation users getting the remaining 3%. Notably, more airdrop rounds are set to happen, as BLAST tokenomics shows that 50% of the token supply will be distributed to the community. 

This is the second Ethereum layer-2 blockchain airdrop happening in June. The zkSync airdrop happened earlier this month, and the token distribution got under heavy fire from the community, as users claimed to be left out of the rewards system in favor of Sybil addresses.

Sybils are wallets created by the same user to become eligible with different addresses, receiving a large amount of tokens.