Ethereum Layer-2 Network Blast Airdrop Fallout 🚀
The much-anticipated airdrop from the Ethereum layer-2 network Blast went live, showering users with hundreds of millions of dollars worth of free tokens. However, the aftermath saw a glut of disappointed claimants quickly offloading their tokens, causing a sharp decline in price. Let’s delve into the details of the airdrop fallout and explore the reactions within the crypto community.
The Airdrop’s Shocking Start 😲
Upon its launch, Blast’s token debuted at a price of approximately $0.025, valuing the 17 billion tokens earmarked for the Phase One airdrop at around $430 million. Despite the massive initial valuation, a significant portion of the tokens allocated for Blast users witnessed rapid selloffs, dwindling the pool’s value to $289 million.
Selloff Surge and Community Discontent 😞
- Many expected the token to make a stronger entry, especially considering the network’s popularity among crypto elites and the successful airdrop of Blast’s precursor, Blur.
- The token’s price plummeted to $0.02, disappointing traders who had hoped for a more substantial windfall.
- While some expressed genuine disappointment, others took to Crypto Twitter to share their disappointment in a mix of authentic posts and engaging banter.
Unforeseen Turn of Events 🔄
- Prior predictions anticipated BLAST to fall within the $0.03 to $0.10 range, a forecast that fell short of the mark following the airdrop.
- During pre-market trading just a month ago, the token’s value surged to $4.40, hinting at a potential airdrop value of $74.8 billion.
Defending the Airdrop 🛡️
- While some were disheartened, others celebrated the free tokens, emphasizing the essence of receiving value without any cost.
- Airdrop critics were quick to praise the attainability of free tokens for merely engaging with blockchain dApps, recognizing users as “sweat equity investors.”
The Total Value Lockup and Current Status 💼
- The airdrop rewarded users who transferred significant crypto assets to the Blast network, boosting the network’s Total Value Locked (TVL) to $2.3 billion on June 5.
- However, the TVL has since plummeted over 30% to $1.6 billion, as reflected by DefiLlama’s recent data snapshot.
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