Blast Network Prepares for Token Airdrop, Plans Vested Rewards for Top Users
Summary:
The Ethereum layer-2 Blast Network announced a token airdrop slated for June 26, comprising 17% of the total supply with various allocations for users, developers, and the Blur Foundation. Meanwhile, accounts ranked in the top 1,000 will be subjected to a 6-month vesting period. The Blast network holds a significant position among Ethereum's layer-2 networks, with a total value locked (TVL) exceeding $2.9 billion. Despite some criticism, anticipation is high for the upcoming airdrop among the user community.
Early Blast network adopters are set for a treat as a token airdrop is set to take place on June 26, as revealed by a social media announcement by the team on June 25. The drop will comprise 17% of the total token supply; with 7% earmarked for users who bridged either Ether (ETH) or US Dollar Blast (USDB) to the network. The airdrop will also reward 7% to those that enhanced decentralized applications (DApps) on Blast; while the Blur Foundation will receive 3% for future community airdrops.
The issuance will include a clause that wallets within the top 1,000 points ranking will only partially vest their airdrop for the following six months, indicating a hold on full token sale for such time. The Blur Foundation asserts it will use its share of the distributed tokens as rewards for users interacting with its platform. Among the total token supply, 1% will be received by Season 3 traders and holders, 0.5% is set apart for Season 4 traders and holders, and an additional 0.5% for future use. No details were given regarding the rest of the distribution.
According to the corresponding announcement, claims can be made from 10 am ET (2 pm UTC). Based on L2Beat's blockchain analytics, the Blast network currently holds the position as the fourth largest Ethereum layer-2 network with regard to total value locked (TVL), which since its activation in November has ballooned to over $2.9 billion.
It is further revealed that 50% of the Blast token supply will, in due course, be disseminated within the community, starting with an initial 17% "Phase 1" distribution on June 26, while the subsequent 33% will be distributed in forthcoming phases.
Core contributors are due to receive over a quarter (25.5%) of the total Blast supply, while 16.5% is allocated to investors and the Blast Foundation is set to garner 8% for the development of infrastructure and for the augmentation of the Blast ecosystem over a four-year period.
However, the vesting condition for the top wallet holders has attracted criticism. Despite this, Olimpio, an airdrop hunter and top 500 X user voiced excitement for the upcoming development. In related news, June 17 witnessed the launch of an airdrop by layer-2 network zkSync, with over 491,000 wallets claiming tokens. Interestingly, the SEC has discontinued its Ether probe while maintaining penalties worth billions against Ripple.
Published At
6/25/2024 10:31:08 PM
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