On June 26th, the long-awaited Blast airdrop is finally coming. Prior to this, the Upbit exchange had already announced the listing of Blast tokens. These announcements undoubtedly injected a strong boost into the secondary market price of Blast.
Blast Airdrop Launch
After the airdrop arrived as scheduled, at 22:00 on June 26th, accompanied by Tieshun's speech, the Blast airdrop arrived as scheduled. It is currently unclear the specific relationship between points and token airdrops. However, based on the author's approximately 2.3 million points (ranking 55,000+ on the entire network) to receive 50,000 BLAST tokens, users with the highest ranking of approximately 23 billion points can receive approximately 50 million tokens. Based on the initial issuance price of $0.03, this amounts to approximately $1.5 million.
At the same time, Blast's market-making strategy has also been clarified. Blast has allocated 220 million BLAST to 6 market makers for market-making on exchanges. Currently, market makers are gradually transferring BLAST to CEX in preparation for the 23:00 BLAST listing. The allocation is as follows: 80 million → Wintermute; 50 million → ManifoldTrading; 30 million → GSRMarkets; 20 million → AurosGlobal; 20 million → AmberGroup; 20 million → FlowTraders.
With the continuous distribution of the airdrop, some are happy while others are worried, especially with the proliferation of fraudulent phishing websites. Some users have signed multiple phishing signatures on fake Blast phishing websites, resulting in a loss of $217,947. This has prompted Blast's official announcement to warn users to be cautious of fake Blast accounts and related scams. Some users also complained about the lack of sincerity in the airdrop rewards. NextGenDigitalVenture partner Christian2022.eth expressed dissatisfaction, stating that despite depositing over $50 million on Blast, they only received a $100,000 airdrop. Some even believe that Blast is a scam. TheBlock's editor TimCopeland also stated that every airdrop farmer must watch a Blast video when claiming BLAST tokens associated with the wallet. Additionally, he claimed that Blast can claim tokens on the app, but it is not connected to the app (default token claiming needs to be done in the Blast app). TimCopeland also expressed suspicion of clicking on fraudulent links.
Despite some criticism, Blast's market performance remains strong after the TGE. Within just one hour of the airdrop opening, BLASTFDV surged to over $2.6 billion, with a daily increase of over 20%. The FDV reached a peak of $2.9 billion, in line with the early market prediction of 28±3.
In addition, Coinbase also announced the listing of Blast, marking another international recognition for Blast outside of Upbit. As of 11:00 this morning, approximately 2.5 million users have completed the claim after about 12 hours of the airdrop opening, with a total of 12.4 billion tokens claimed, accounting for 88.63% of the total 17 billion.
Introduction and Token Economics of Blast
Blast is a Layer2 blockchain where users can earn rewards by bridging assets. It provides incentives such as points, coins, airdrops, and rewards to attract users and developers to participate. There are many mining opportunities in the Blast ecosystem, such as Ambient, Juice, Synfutures, nftperp, and Munchables.
Blast, developed by Pacman and supported by Paradigm, aims to create native income for Layer2. When we deposit tokens into Layer2, we are actually depositing the corresponding tokens into the smart contracts on Layer1 and Layer2. These are idle tokens and are not used to earn income. Blast recommends converting ETH and stored stablecoins into stETH and DAI, to earn rewards from staking and the treasury.
The token economics of Blast are mainly distributed into four categories:
Community: 50,000,000,000 (50%). 50% of the total supply of BLAST is reserved for the community and will be distributed through incentive activities. 100% of this allocation will go directly to the community. The community allocation will be linearly unlocked over 3 years from the TGE date, with any allocation following the schedule determined by the Blast Foundation.
Core Contributors: 25,480,226,842 (25.5%). All tokens allocated to core contributors have a 4-year lock-up period, with 25% of the core contributor tokens unlocking 1 year after the TGE date, followed by linear unlocking over the next 3 years.
Investors: 16,519,773,158 (16.5%). All tokens allocated to investors have a 4-year lock-up period, with 25% of the investor tokens unlocking 1 year after the TGE date, followed by linear unlocking over the next 3 years.
Blast Foundation: 8,000,000,000 (8%). The foundation's allocation will be reserved for critical infrastructure and further development of the Blast ecosystem. The foundation allocation will be linearly unlocked over 4 years from the TGE date.
Blast Airdrop Rules
In the official Q2 report, details of the first round of airdrops were disclosed. This round of airdrops will distribute 17% of the total BLAST supply (17 billion tokens) to users, with the breakdown as follows: Blast Points 7%, Blast Gold Points 7%, Blur Foundation 3%. The specific details are as follows:
Blast Points: 7,000,000,000 (7%). Users who connected ETH or USDB to Blast and contributed to the initial liquidity of the Blast ecosystem received Blast points in the first phase. These users will receive a 7% reward of the total BLAST supply.
Blast Gold Points: 7,000,000,000 (7%). Users who contributed to the success of Dapps will receive Blast Gold Points and a 7% reward of the total BLAST supply.
Attribution: The top 0.1% of users (approximately 1000 wallets) will be linearly attributed a portion of the airdrop within 6 months. Attribution requires reaching a monthly points threshold based on the activities in the first phase.
Blur Foundation: 3,000,000,000 (3%). The Blur Foundation will receive 3% of the total BLAST supply for distribution to the Blur community for tracing and future airdrops.
Overall, the point system of Blast is quite complex. For example, the author currently has a total of 2.3 million points, leading only 8.5% of users in the Blast total points ranking. The user with the highest ranking already has points in the billions. After more than half a year of staking, Blast's TVL has reached $2.56 billion, with a total user count close to 1.6 million. Assuming an average distribution of 17 billion tokens at a pre-market price of $0.03, in the most ideal scenario, each user can receive approximately $300 in airdrop rewards. However, factoring in the weight of points, users with lower points may receive even less value.
Price Predictions and Market Analysis
Before the market opened, many professionals and institutions made predictions about the Blast price: in the pre-market on WhalesMarket, the lowest current asking price is $0.0297, and the latest price of historical orders is also close to this value, so the pre-market price can be considered as $0.03.
Based on the total supply of 100 billion BLAST and the initial allocation of 17 billion, the corresponding FDV is $3 billion, and the circulating market value is $510 million.
The circulating market values of other Layer2 projects are as follows: ARB is $2.7 billion, OP is $2 billion, STRK is $950 million, ZK is $630 million. According to data provided by L2BEAT, Blast's TVL is lower than Arbitrum and Optimism, but higher than ZKsync and Starknet, indicating a slight undervaluation. However, considering the decreasing acceptance of Layer2 tokens in the market, the current price and market value can still be considered within a reasonable valuation range.
Market Outlook and Potential Analysis of BLAST
In the long term, the market outlook and potential of BLAST are influenced by various factors.
Firstly, the importance of Layer2 solutions in the blockchain industry is increasing, as they can improve the scalability and performance of main chains like Ethereum, and reduce transaction costs. As more users and developers enter the Layer2 ecosystem, BLAST, as a member, may benefit from the overall industry growth.
Secondly, Blast's token economics design reflects a focus on the community and core contributors. The community allocation accounts for 50% of the total token supply, showing the project's desire to attract and retain users and developers through incentive mechanisms. This design helps to build an active and continuously growing ecosystem, enhancing the value of the BLAST token.
However, the market also faces challenges.
Firstly, the competition among Layer2 projects is intensifying, with projects like Arbitrum, Optimism, and ZKsync continuously optimizing their technology and ecosystems. Blast needs to continue efforts in technological innovation, user experience, and ecosystem development to stand out in the competition.
Additionally, the market's acceptance and perception of Layer2 tokens will directly affect BLAST's market performance. Although the current price and market value are considered reasonable, market sentiment and investor confidence may cause price fluctuations. Therefore, Blast needs to enhance market confidence through transparent governance and continuous technological innovation.
Future Development and Strategies
To succeed in the competitive Layer2 market, Blast needs to formulate and implement a series of strategies:
Technological Innovation: Continuously optimize Layer2 technology to improve transaction speed and security. Explore interoperability with other blockchain projects to enhance the ecosystem's breadth and compatibility.
Ecosystem Development: Expand the application scenarios of the Blast ecosystem through collaborations with more Dapps. Incentivize developers to build innovative applications on Blast, enhancing the diversity and activity of the ecosystem.
Community Engagement: Strengthen interaction with the community and listen to user and developer feedback. Enhance community participation and sense of belonging through incentive mechanisms and transparent governance.
Market Promotion: Increase marketing efforts to enhance the visibility and influence of the BLAST token. Collaborate with mainstream exchanges and media to expand Blast's market coverage and user base.
Transparent Governance: Ensure the transparency and fairness of project governance to enhance investor and community trust. Regularly release project progress and financial reports to demonstrate transparency and accountability.
Conclusion
The launch of the Blast airdrop has attracted widespread attention, and its token economics and market prospects are highly anticipated. Despite facing competition and market challenges, Blast has the potential to succeed in the Layer2 market through strategies such as technological innovation, ecosystem development, and community engagement. With the addition of more users and developers, the future development potential of Blast is worth looking forward to. We will continue to monitor Blast's developments and look forward to its creation of more value and opportunities in the blockchain industry.
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