Crypto Asset Soars 40% Following $2 Billion Airdrop Distribution

SUCCESSFUL LAUNCH OF BLAST ON ETH BLOCKCHAIN

The layer-2 network on the Ethereum (ETH) blockchain, called BLAST, recently launched its native token. Immediately after launch, around 17% of eligible users received a share of the tokens via an airdrop. A nice bonus for users was the strong increase that the token showed quite quickly. The price rose by 40% in a short time. This made the launch much better than other airdrops in recent weeks.

According to data company Ambient Finance and trading platform Aevo, started the price at the time of launch at a price of 2 US cents per token. With this, the market cap of the token started at 2 billion dollars. Since the launch the price by more than 40% to 0.0281 dollar cents.

During the airdrop, 17% of the total token supply was distributed to users. Of this, 7% went to users who already supported the network with an investment at the end of last year. Then another 7% went to users who helped build decentralized applications on the new network. And finally, 3% of the stock was also given to the Blur Foundation for future airdrops for its community.

HIGH EXPECTATIONS NOT MET

Airdrops of large, highly anticipated tokens have not fared as well as BLAST in recent weeks. Contrary to traders’ expectations, for example, zkSync (ZK) and LayerZero (ZRO) dropped by 46% and 43% respectively.

Despite the successful launch, there were a few users on the social media platform who had higher expectations for the token in advance. For example, Arthur Cheong, co-founder of the crypto investment company DeFiance Capital, knew that he had expected a market capitalization closer to $5 billion.

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SCAMMER MORE ACTIVE AROUND AIRDROP

A negative side effect of large airdrops are scammers. Especially on the social media platform, these people pose as companies and ask users to link their wallets to get tokens. This time too, the crypto security service to find a user who fell victim to a BLAST airdrop scammer. This person lost as much as $217,000 due to the scam.

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