Blast Network's Native Token Soars 40% Amid Criticism and Scamming Attempts
Summary:
Blast (BLAST), the Ethereum layer-2 network's native token, saw a 40% surge following its launch, exceeding the performance of other prominent airdrops. The launch received some criticism over its valuation, and like many high-profile airdrops, it attracted numerous scammers who exploited users trying to claim their tokens. Despite it, the value of BLAST rose over 40% soon after the launch, outperforming other tokens like zkSync (ZK) and LayerZero (ZRO), which experienced decreases.
Blast (BLAST), the Ethereum layer-2 network's much-anticipated native token, enjoyed a 40% surge after its introduction, notably outperforming other recent significant airdrops in the market. As per data collated from Ambient Finance and Aevo's perps trading platform, BLAST's initial worth was $0.02 per token, affording it a fully diluted valuation (FDV) of $2 billion at the point of its launch. CoinMarketCap data reveals that the BLAST token's value has since climbed slightly over 40%, reaching $0.0281 at the time it was reported.
This upward trend significantly contrasts with fresh high-profile token launches including Ethereum layer-2 network zkSync (ZK) and LayerZero (ZRO), a cross-chain interoperability system, both of which experienced a dip, going down 46% and 43% from the launch, respectively.
The airdrop dispersed 17% of the total supply of BLAST, allotting 7% to users who moved Ether (ETH) or USD on Blast (USDB) onto the network as of late last year. Another 7% was assigned to users who played a part in the successful operation of the network's decentralized applications (DApps), while the Blur Foundation received 3% for future community airdrops.
However, the airdrop drew skepticism from crypto market commentators due to perceived shortcomings in the launch valuation. DeFiance Capital's co-founder Arthur Cheong expressed surprise at BLAST's $2 billion FDV, having anticipated a value closer to $5 billion.
In November, seed investors criticized the Blast network, spearheaded by Blur creator Tieshun Roquerre, who goes by the pseudonym PacMan, for a lack of sufficient features that can validate a one-way bridging mechanism that compelled users to freeze their ETH for several months.
Like multiple other noteworthy airdrops this year, including cross-chain bridge protocol Wormhole's, scammers targeted the Blast airdrop on a large scale. They often opt for such extensive airdrop events as they can pose as legitimate entities; such events often necessitate crypto users to synchronize their wallets and validate transactions to receive their allocated tokens. Crypto security service Scam Sniffer disclosed one user who lost more than $217000 to a Blast airdrop scam after signing several phishing signatures.
Published At
6/27/2024 5:42:38 AM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.