Blast Airdrop Farmers Aren't Happy

Blast's hotly anticipated airdrop debuted with a token price far below its early users' most conservative estimates. Many were expecting the L2's native token to value the network at a fully-diluted value in the $6-10 billion range. The BLAST token is currently sporting an FDV of around $2.2B.

What's the scoop?

• Immediate Selloff: Many users sold their BLAST tokens immediately, causing the price to drop to nearly $0.02 before rebounding slightly. This selloff reduced the airdrop’s value for Blast users from $354M to $289M.
• Blast Network Activity: Pre-airdrop, the total value locked (TVL) on Blast’s network reached $2.3B on June 5 but collapsed to $1.55B after the token release.

Bankless Take:

Arguably, Blast’s innovations, from native yield to a cleverly gamified airdrop hunt campaign, made it tough for them to live up to expectations. While current market conditions make the initial selloffs expected, the contrast between the pre-market hype and the actual debut price is extremely concerning, further intensified by BLAST’s FDV sinking within striking distance of its TVL. It's a long road ahead, and Blast will have to focus on stabilizing its ecosystem to regain user trust and sustain the network's long-term incentive flywheel — a tough mission.