The Blast token, initially starting from the Ethereum layer-2 network, quickly increased by 40% in value after its introduction. Debuted at a cost of just $0.02 per token, this put the total diluted value (FDV) around $2 billion at launch. With the current price siting at a considerable $0.028, the token’s trajectory has rocketed the FDV to nearly $2.8 billion. This substantial growth places Blast as a key contender within the Ethereum layer-2 network.
Newcomers, like Ethereum layer-2 network zkSync (ZK) and LayerZero (ZRO), conversely, experienced declines of 46% and 43% respectively. Blast’s continuous growth only highlights its capacity to withstand the volatility of the cryptocurrency market – a stark contrast to such newcomers. This volatility underscores the gamble inherent in cryptocurrency investments.
As a part of the airdrop distribution, 17% of BLAST supply was released.
Blast token’s value rise amidst market fluctuations
This included 7% for users who connected their Ether or Blast USD (USDB) to the network, in addition to 7% for those contributing to the network’s decentralized applications. The remaining 3% was evenly distributed among all Blast token investors, encouraging interested parties to maintain their hold on the tokens. Uncollected BLAST was redistributed to active users to encourage engagement and to sustain a balanced ecosystem.
Even with a successful launch, BLAST’s valuation didn’t reach anticipated levels, according to some market observers. Prominent crypto investor Arthur Cheong of DeFiance Capital speculated a $5 billion valuation, however, actual figures fell short – causing some to rethink projections and analyses.
Critiques emerged regarding the Blast network’s co-founder, Tieshun Roquerre. Doubts arose regarding the necessity of ETH being locked up for a prolonged period – pointing to a perceived lack of beneficial features within the Blast network. Critics argue that the platform needs to offer more rewarding features for network users.
Alongside this success, the Blast airdrop faced fraudulent activities issues, with numerous users experiencing losses. One user reported suffering a loss of over $217,000 due to phishing schemes – shedding light on the potential risks present within the platform.
