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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.
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Blast, the layer 2 blockchain, has distributed 17% of its native token supply to those that farmed points by staking ether earlier this year.
The token debuted at around $0.03 with an initial fully diluted market cap of $3 billion, according to Ambient Finance.
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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
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Despite the price recovery, the Crypto Fear & Greed Index remains in “extreme fear,” indicating underlying market anxiety.
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