Blast Token Price Drops After Developers Airdrop 17% of Supply to Users

Blast token price dropped by over 6% on Wednesday after the developers distributed 17% of its supply to users who farmed points by staking ether earlier this year.

Blast token price dropped by over 6% on Wednesday as some of the holders exited their positions following the distribution of 17% of its total supply to users who farmed points by staking ether earlier this year.

After opening at $0.30, the token dropped to $0.025. Blast is now the sixth-largest blockchain in the industry by total value locked (TVL).

Data compiled by DeFi Llama shows that the network has 128 DeFi applications and a TVL of over $1.6 billion. There are $4.4 billion in stablecoins in the ecosystem.

Blast joins other leading platforms that have launched their airdrops this year. Notcoin, a Telegram tap-to-earn platform, airdropped in May and its token has a market cap of over $1.5 billion.

Other notable airdrops this year were the likes of Wormhole, zkSync, Zeta Markets, and LayerZero. Most of these tokens dropped after their airdrops but have crawled back as cryptocurrencies have stabilized.

According to CoinGecko, Blast has a market cap of over $385 million and a fully diluted valuation of $2.2 billion. The network will have a maximum supply of 100 billion tokens out of which 17.16 billion are in circulation.

Blast is said to be planning to burn a large portion of its tokens in the coming months. Blastscan shows that there are now 54,341 $BLAST token holders, a number that is expected to continue growing.

Some of the top players in Blast are Thruster, Juice Finance, Hyperlock Finance, Ring Finance, and Renzo. Blast has gained this popularity because of its point system that lets users earn points when they transact on the network.

This makes it the only EVM chain with a native yield for ETH and stablecoins. The points earned can be used to claim governance tokens of various Blast projects.