Blast Announces Phase 2 Airdrop, Allocates Additional 10 Billion Tokens

Blast, a Layer-2 solution on Ethereum, has unveiled details of its second-phase airdrop, allocating up to 10 billion tokens.

Blast Announces Phase 2 Airdrop, Allocates Additional 10 Billion Tokens

As reported by Coin68, the Layer-2 platform on Ethereum known as Blast conducted its token airdrop event last week.

The BLAST token has a total supply of 100 billion, with 50% allocated to the community, and the remainder distributed among investors, the project team, and the Blast Foundation.

The first airdrop allocated 17% of the total BLAST supply to the community, with the project stating the remaining tokens will be used for future airdrops over the next three years.

According to information released on July 2nd, Blast's second airdrop phase has commenced, continuing to utilize Blast Points and Blast Gold as criteria for participation. Details include:

• Blast Points: Receives 50% of the second airdrop (5 billion tokens), allocated based on users' ETH, WETH, USDB, and BLAST balances, calculated at 0.06504987 Points/Block/ETH. To receive the full token amount, users must lock up to 80% of the value of assets used to participate in the first airdrop.
• Blast Gold: Receives 50% of the second airdrop (5 billion tokens), distributed for using dApps on Blast. Blast Gold will be allocated to dApps in the first week of each month, distinguishing between existing and new dApps. DApps are required to fully repay Blast Gold points to users before receiving new reward points. The second airdrop also prioritizes dApps on mobile devices through the Blast App.

Criteria for receiving Blast Phase 2 Airdrop. Source: 0xbreadguy on X (Twitter)

Additionally, Blast has introduced another form of reward called "Golden Tickets" for users of the Blast App based on ETH, WETH, USDB, and BLAST balances, along with other project benefits such as physical gifts.

Blast has also revealed that the criteria calculation period for the Phase 2 airdrop will span 12 months, an increase from the previous Phase 1 duration of 8 months. The Layer-2 solution cited the extended timeline to facilitate further development of new applications within its growing ecosystem.

According to data from DefiLlama, Blast's Total Value Locked (TVL) has decreased from $2 billion USD before the airdrop to $1.3 billion USD at the time of writing.

Fluctuation in Blast's TVL. Source: DefiLlama (03/07/2024)

Meanwhile, the price of the BLAST token has seen a continuous decline in recent days, currently down nearly 12% compared to 24 hours ago.

Fluctuation in BLAST token price over the last 7 days, screenshot from CoinMarketCap at 11:30 AM on July 3, 2024

The Blast airdrop event has also sparked controversy, with many investors feeling the received amount does not justify the time and money they invested. Blast's airdrop event has been seen as disappointing, similar to Starknet, EigenLayer, LayerZero, and ZKsync.