Share this article
Blast Token Debuts at $3B Value as 17% of Supply Airdropped to Early Adopters
Blast is the second largest layer 2 network with $1.6 billion in TVL.
Updated Jun 26, 2024, 2:26 p.m. Published Jun 26, 2024, 2:23 p.m.
Make us preferred on Google
Blast, the layer 2 blockchain, has distributed 17% of its native token supply to those that farmed points by staking ether {{ETH}} earlier this year.
The token debuted at around $0.03 with an initial fully diluted market cap of $3 billion, according to Ambient Finance.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The project was scrutinized last year after it opened a one-way token bridge that allowed users to deposit but not withdraw until the blockchain was live. Blast attracted a total of $2.3 billion in deposits between November and March.
The blockchain currently has $1.62 billion in total value locked, making it the second largest layer 2 network after Arbitrum, according to CoinGecko.
Read more: Blast, Hyped Layer-2 Chain, Sees Most Deposits Bridge to Yield Manager
Plus pour vous
Plus pour vous
Crypto custodian BitGo a potential acquisition target for Wall Street firms, analysts say
Compass Point and Canaccord call BitGo a potential acquisition target and defend the stock despite its weak debut, citing growth in institutional crypto infrastructure.
Ce qu'il:
- Wall Street analysts say BitGo’s expansion into full-service institutional crypto finance could drive long-term growth and make it an attractive acquisition target for traditional financial firms.
- Analysts argue that investors are overlooking BitGo’s potential to cross-sell prime brokerage-style services, which could significantly boost revenue if it can narrow the gap with rivals like Galaxy and Coinbase.
- Despite BitGo’s stock falling more than 40% since its January IPO, some analysts view the selloff as an overreaction and maintain buy ratings, citing the company’s solid competitive moat and strategic value to big banks entering crypto.
