Layer 2 Network Blast Launches Native Token, Debuts With $2B FDV

Ethereum layer 2 network Blast launched its native token last week, which debuted with a fully diluted valuation (FDV) of $2 billion at the time.

Ethereum layer 2 network Blast airdropped its native token to the community last week, rewarding users with tokens based on their activity on the network.

The airdrop, which began on June 29, saw 17% of the 100 billion token supply being distributed to Blast users. Users were rewarded a token allocation based on a points program run by Blast. Those who bridged ether (ETH) or USD Bancor (USDB) to Blast earned Blast points, while users that contributed to decentralized applications (Dapps) earned “Blast Gold.”

Both gold and points users were rewarded with a 7% token allocation, while Blur, another protocol founded by Blast founder Tieshun ‘Pacman’ Roquerre, was allocated 3% of the supply.

Phase one of the points program considered all user activity on Blast from the time of its launch in November 2023 until the airdrop. Phase two of the program, introduced on July 2, will take into account activity until June 2025, and distribute rewards to users who contribute to the ecosystem during that time.

The team has earmarked 10 billion BLAST tokens to be split evenly between points and gold users, according to the July 2 blog post from Blast.

“The primary purpose of phase 2 is to support the development of mobile Dapps and incentivize users to those Dapps via the Blast App,” said Blast.

Points can be accrued based on users ETH, WETH, USDB, and BLAST balances, with a vesting threshold of 80% of the rolling average of the vested user’s points in phase one. Meanwhile, gold rewards can be earned based on Dapps traction on the Blast mainnet and from competitions to incubate new Dapps.

Phase two will also feature ways to accelerate rewards such as golden tickets, jackpots, and multipliers.

“The primary purpose of phase 2 is to support the development of the fullstack chain,” said the Blast team.

“The Blast Foundation expects that 12 months will be required to accomplish that goal. However, if progress proceeds faster than anticipated, the Blast Foundation is open to reducing the timeline in the future.”

At the time of writing, the total value locked (TVL) on Blast was just over $1.34 billion, according to data from DeFiLlama. The price of BLAST was down 10% over the last 24 hours to $0.019, according to data from CoinMarketCap.