The Blast airdrop is coming, who will receive the 17 billion tokens?

On June 26, the long-awaited Blast airdrop is finally here. Prior to this, Upbit exchange had already announced the launch of Blast token trading. These news undoubtedly injected a boost into the secondary market price of Blast.

Blast Airdrop Launch

As the airdrop arrived as scheduled, with the timely arrival of 10 PM on June 26, accompanied by Tieshun's speech, the Blast airdrop came as expected. It is still unclear the specific correlation between points and token airdrops, but based on my approximately 2.3 million points (ranked 55,000+ globally) to receive 50,000 BLAST tokens, it can be estimated that users with the highest global ranking of about 23 billion points could receive around 50 million tokens. Based on the initial issuance price of $0.03, this amounts to approximately $1.5 million.

At the same time, the strategy for Blast market makers has also been clarified, with Blast allocating 220 million BLAST tokens to six market makers for exchange market making. Currently, market makers are gradually transferring BLAST to CEX in preparation for the 11 PM trading launch. 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 gradual distribution of the airdrop, some are happy while others are worried, especially with the proliferation of phishing scam websites. Some users lost $217,947 by signing multiple phishing signatures on a fake Blast phishing site. This even prompted the official Blast team to remind users to be cautious of counterfeit Blast accounts and to be vigilant against related scams. Additionally, some users complained that the airdrop returns lacked sincerity: Christian2022.eth, a partner at NextGenDigitalVenture, stated that he deposited over $50 million on Blast but only received $100,000 in airdrops, even suggesting that Blast is a scam. Tim Copeland, editor-in-chief of TheBlock, also mentioned that every airdrop farmer must be forced to watch Blast videos when claiming BLAST tokens associated with their wallets. Furthermore, he claimed that Blast could be claimed on the app, but it was not connected to the app (the default token claim requires going through the Blast APP). Tim Copeland also expressed concerns that he might have clicked on a fraudulent link.

Despite some controversies, Blast's market performance remained strong after the TGE. Within just one hour after the airdrop began, the BLAST FDV surpassed $2.6 billion, with a single-day increase of over 20%, peaking at $2.9 billion, aligning with early market predictions of 28±3.

Moreover, Coinbase also announced it would list Blast, marking another international recognition of Blast beyond Upbit. As of 11 AM today, approximately 12 hours after the airdrop opened, over 2.5 million users have completed claims, with a total of 12.4 billion tokens claimed, accounting for 88.63% of the total 17 billion.

Introduction to Blast and Token Economics

Blast is a Layer 2 blockchain that allows users to earn returns by bridging assets. It offers incentives such as points, gold coins, airdrops, and earnings to attract users and developers. There are many mining opportunities within the Blast ecosystem, such as Ambient, Juice, Synfutures, nftperp, and Munchables.

Blast was developed by Pacman and supported by Paradigm, aiming to create native returns for Layer 2. When we deposit tokens into Layer 2, we are essentially hosting the corresponding tokens in Layer 1's smart contracts corresponding to Layer 2. These are idle tokens and are not used to earn returns. Blast recommends converting ETH and stored stablecoins into stETH and DAI respectively to earn returns from staking rewards and the treasury.

The token economics of Blast is primarily divided into four categories:

• Community: 50,000,000,000 (50%). The success of Blast is attributed to the user and builder community contributing to the ecosystem. 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. Community distribution will linearly unlock over three years from the TGE, with any distribution following the schedule determined by the Blast Foundation;

• Core Contributors: 25,480,226,842 (25.5%). All tokens allocated to core contributors have a four-year lock-up period, with 25% of the core contributor tokens unlocking one year after the TGE date, followed by linear unlocking monthly over the next three years;

• Investors: 16,519,773,158 (16.5%). All tokens allocated to investors also have a four-year lock-up period, with 25% of the investor tokens unlocking one year after the TGE date, followed by linear unlocking monthly over the next three years;

• Blast Foundation: 8,000,000,000 (8%). The foundation's allocation will be reserved for key infrastructure and further development of the Blast ecosystem. The foundation's allocation will linearly unlock over four years from the TGE.

Blast Airdrop Rules

In the official Q2 report, details of the first round of airdrops were disclosed. This round of airdrop will allocate 17% (17 billion tokens) of the total BLAST supply to users. The composition of the 17% includes: 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 guided the initial liquidity of the Blast ecosystem and received Blast points in the first phase. These users will receive 7% of the total supply of BLAST as a reward.

• Blast Gold Points: 7,000,000,000 (7%). Users who contributed to the success of the Dapp will receive Blast gold points and will be rewarded with 7% of the total supply of BLAST.

• Vesting: The top 0.1% of users (about 1,000 wallets) will have a portion of the airdrop vesting linearly over six months. Based on the activities of the first phase, vesting must meet a monthly points threshold.

• Blur Foundation: 3,000,000,000 (3%). The Blur Foundation will receive 3% of the total supply of BLAST for distribution to the Blur community for retrospective and future airdrops.

Overall, the current point collection for Blast is quite competitive. For example, I currently have a total of 2.3 million points, which only puts me ahead of 8.5% of users on the total points leaderboard. The top-ranked user already has points calculated in hundreds of millions. After more than six months of staking, Blast's TVL has reached $2.56 billion, with the total number of users approaching 1.6 million. Assuming an average distribution of 170 billion tokens at a pre-market price of $0.03, in the best-case scenario, each user could receive around $300 in airdrops. However, considering the weight of points, users with lower points may receive even less value.

Price Prediction and Market Analysis

Before the opening, many professionals and institutions predicted the price of Blast: in the pre-market on WhalesMarket, the current lowest order price is $0.0297, and the latest completed historical orders are also close to this value, thus the pre-market price can be confirmed 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, with a circulating market cap of $510 million.

Reference data for the circulating market cap of other Layer 2 projects is as follows: ARB is $2.7 billion, OP is $2 billion, STRK is $950 million, and 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 market recognition of Layer 2 tokens, the current price and circulating market cap can still be considered within a reasonable valuation range.

Market Prospects and Potential Analysis of BLAST

In the long term, the market prospects and potential of BLAST are influenced by multiple factors.

First, the importance of Layer 2 solutions in the blockchain industry is increasing, as they enhance the scalability and performance of main chains like Ethereum and reduce transaction costs. As more users and developers flock to the Layer 2 ecosystem, BLAST, as a part of it, may benefit from the overall industry growth.

Second, the design of Blast's token economics reflects a focus on the community and core contributors. The community allocation accounts for 50% of the total token supply, indicating that the project team aims to attract and retain users and developers through incentive mechanisms. This design helps build an active and sustainably growing ecosystem, enhancing the value of the BLAST token.

However, the market also faces challenges.

First, competition among Layer 2 projects is intensifying, with projects like Arbitrum, Optimism, and ZKsync continuously optimizing their technologies and ecosystems. Blast needs to make ongoing efforts in technological innovation, user experience, and ecosystem development to stand out in the competition.

Additionally, the market's recognition and acceptance of Layer 2 tokens will directly impact BLAST's market performance. Although the current price and circulating market cap are considered reasonable valuations, 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 Strategy

To succeed in the competitive Layer 2 market, Blast needs to formulate and implement a series of strategies:

• Technological Innovation: Continue to optimize Layer 2 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 partnerships with more Dapps. Encourage 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 feedback from users and developers. 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.

• Governance Transparency: Ensure the transparency and fairness of project governance to enhance trust among investors and the community. Regularly publish project progress and financial reports to demonstrate the project's 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 is expected to succeed in the Layer 2 market through strategies such as technological innovation, ecosystem development, and community engagement. With more users and developers joining, the future development potential of Blast is worth looking forward to. We will continue to monitor Blast's dynamics and look forward to its creation of more value and opportunities in the blockchain industry.

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