TL;DR
- Blast Network, a leading Ethereum layer-2 network, is kicking off its token airdrop today, distributing 17% of its total supply to early users who helped build the network’s ecosystem.
- Users who brought liquidity by bridging Ether or US Dollar Blast (USDB) to the network will receive 7% of the airdrop pool. Another 7% goes to those who actively contributed to decentralized applications (DApps) built on Blast, fostering a strong developer community.
- The Blur Foundation focused on decentralized trading, gets 3% to distribute among its community, further incentivizing user engagement.
The Blast Network, a prominent Ethereum layer-2 network, is launching its much-anticipated token airdrop today, June 26th, according to a social media announcement from the team yesterday. This airdrop will distribute 17% of the total Blast token supply to early adopters who helped build the network’s ecosystem.
IT’S TIME FOR $BLAST
The Blast Foundation will airdrop BLAST to the community tomorrow, June 26 at 10AM EST, 10PM HKT, 4PM CET.
Q2 highlights and tokenomics below 👇 pic.twitter.com/iH1SxCQ6uN
— Blast (@Blast_L2) June 25, 2024
7% of the airdrop is allocated to users who bridged either Ether or US Dollar Blast (USDB) to the Blast network. This incentivizes early adopters who brought liquidity and helped bootstrap the network’s growth. Another 7% of the airdrop rewards users who actively contributed to the success of decentralized applications (DApps) built on Blast.
This fosters a strong developer community and encourages the creation of innovative applications on the Blast network. The Blur Foundation, which focuses on supporting decentralized trading, receives 3% of the airdrop. The foundation plans to distribute its share to its community of traders and holders, further incentivizing user engagement within the Blast ecosystem.
However, there’s a twist: the top 1,000 wallets ranked by points will have their airdrop tokens vested linearly over six months. This means they won’t be able to sell all of their tokens immediately, potentially mitigating a sudden price dump after the airdrop. Blur plans to distribute its allocated tokens across multiple seasons, with details about the remaining 0.5% yet to be announced.
Claiming Your Tokens and What to Expect
The airdrop kicks off at 10 am ET (2 pm UTC) today. Blast has become the fourth-largest Ethereum layer-2 network by total value locked (TVL) since its launch in November 2023. This airdrop marks the first phase of a 50% community distribution of the Blast token supply, signifying a significant commitment to rewarding early adopters and fostering a decentralized network.
Concerns and The Road Ahead for the Blast network
While Blast has achieved significant growth, questions linger about the network’s future following the airdrop. Early depositors who received points instead of tokens at launch and subsequent delays in the airdrop schedule caused some uncertainty.
Additionally, the complete tokenomics were only revealed today, leaving some users to question the long-term token distribution strategy. Despite these concerns, Blast’s innovative incentive model, with points, leaderboards, and “Jackpots” distributing Blast’s other token “Gold,” has successfully bootstrapped user activity and deposits.
The airdrop serves as a culmination of these efforts, rewarding those who participated in building the network. The coming months will be crucial for Blast. Whether the airdrop and its tokenomics will attract new users and developers and solidify Blast’s position as a major player in the layer-2 scaling race remains to be seen.
