Ethereum layer-2 token BLAST gained 40% post-launch value

Long awaited EthereumThe native token of layer-2 network Blast (BLAST) gained 40% in value following its launch, outperforming other high-profile airdrops that have hit the market in recent weeks.

Launch and market success

According to statistics from Ambient Finance and perps trading platform Aevo, the BLAST token was launched at $ 0.02 and its fully diluted value (FDV) at the time of launch was 2 billion dollars. According to CoinMarketCap information, BLAST’s price later increased to $0.0281, which means a 40% increase. This performance was achieved by Layer Zero, which dropped 46% and 43% respectively from its launch prices. (ZRO)and Ethereum layer-2 network zkSync (ZK)Contrary to previous token launches such as, it is quite positive.

Airdrop distribution and evaluation

17% of the token’s total size was distributed via BLAST airdrop. 7% of this metric has been on the Blast (USDB) network since late last year. ether or reserved for USD bridging users. 3% was given to the Blur Foundation for future airdrops, and another 7% was reserved for users contributing to the development of decentralized applications (DApps) on the network.

Despite the strong market performance, the airdrop received criticism from crypto market analysts at X. Some said that the launch price was below expectations. Arthur Cheong, co-founder of crypto investment company DeFiance Capital, was surprised by the $2 billion FDV and stated that he was more likely to expect it to be worth $5 billion.

Security issues and concerns

The Blast network, founded by Blur developer Tieshun Roquerre (known as PacMan), faced criticism from its own seed investors in November for missing enough functionality to support a one-sided bridging mechanism that had locked users’ ETH for months.

Like other high-profile airdrops that took place earlier this year, Blast’s airdrop attracted many scams on X. These scammers may target users who need to link their wallets and sign processes to collect tokens. According to crypto security firm Scam Sniffer, the victim of a Blast airdrop scam lost more than $217,000 after submitting multiple invalid signatures.

This news was first published on the Coin Engineer website.