Blast, the native token of an Ethereum L2 Network, gained 40% after its launch, outperforming similar airdrops.
Remarkably, BLAST launched at $0.02 per token in the market, placing its fully diluted value (FDV) at $2 billion per launch.
However, BLAST rallied to an all-time high of $0.02918 in the early hours of June 27.
Interestingly, BLAST’s performance deviates from the norm observed with other high-profile token launches.
For instance, after launch, the Ethereum L2 network’s ZK and ZRO tokens declined by 46% and 43%, respectively.
The Token Rallies Massively Amid Criticism
The BLAST airdrop represents 17% of BLAST’s total supply, which the project released in different portions.
It distributed 7% of this allocation to users who bridged ETH or USD on Blast (USDB) to the network.
Also, 7% of the supply went to users who contributed to the successful launch of decentralized applications (dApps) on the network.
Additionally, 3% of the airdropped tokens went to the Blur Foundation for future airdrop events in the community.
However, observers who expected a higher launch value from the project criticized the airdrop despite its gains.
DeFiance Capital’s co-founder, Arthur Cheong, believes that BLAST’s $2 billion fully diluted value (FDV) is low.
Cheong stated that he expected BLAST to launch at a value close to the $5 billion mark.
Also, he believed that the days of highly anticipated infra projects trading with an FDV greater than $2 billion at launch are probably over.
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Further, Blast network, co-founded by Blur’s creator Tieshun Roquerre, faced criticism for lacking sufficient features for a one-way bridging mechanism.
Blast Airdrop Launch Attracts Bad Operators
Meanwhile, Blast, just like other relevant airdrops, has attracted a large number of sc@mmers to its network.
These sc@mmers often select large-airdrop events to copycat and deceive followers online to connect their wallets for token claims.
Crypto security firm Sc@m Sniffer identified one user who became a victim of the airdrop scam.
This victim lost over $217,000 worth of assets after clicking on multiple sc@m signatures.
So, users must verify all posts on social media channels before exposing their crypto wallets or connecting to third parties.
Also, they should protect their users’ secret phrases and passkeys from suspicious applications and third parties.