BLAST, the native token of ethereum's layer 2 scaling solution Blast, surged 20% after its launch, while an avalanche of fake airdrop posts flooded x.
BLAST debuted at $0.02 per token, giving it a fully diluted value (FDV) of $2 billion at launch, according to aggregate data. data from Ambient Finance and criminal trading platform Aevo.
Created by the creators of nft incentivized marketplace Blur, Blast's distribution yielded an initial market capitalization of $392 million.
BLAST price is now up slightly over 20% to $0.024 at press time, according to data from CoinMarketCap. The crypto asset now has a market capitalization of $408 million and a daily trading volume of $730 million.
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The airdrop released 17% of the total BLAST supply, with 7% allocated to users who connected Ether or USD on Blast (USDB) to the network since late last year.
Another 7% was distributed among users who contributed to the success of decentralized applications (dApps) on the network, and 3% was reserved for the Blur Foundation for future community airdrops.
Blast, created by the creators of incentivized nft marketplace Blur, faced significant challenges from scammers on social media.
Numerous fraudulent posts claimed that the Blast airdrop had begun earlier than expected. These posts, which carried the same profile picture and display name as Blast's legitimate x account, directed users to fake websites and boasted of “golden checkmarks” introduced by the platform's current owner, Elon Musk. .
Some of these suspicious links even infiltrated Blast's official Discord server before being removed by a community moderator.
One victim reportedly lost $217,000 in cryptocurrency after visiting a phishing site, such as x.com/realScamSniffer/status/1805971626602926447″ target=”_blank” rel=””>detailed by cybersecurity firm Scam Sniffer. The user had unknowingly signed multiple malicious transactions, highlighting the current challenges in combating bad actors on the platform.
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Despite the success of airdrop distribution, x.com/Cbb0fe/status/1806217906792841227″ target=”_blank” rel=””>attracted criticism from market commentators on x, particularly regarding the absence of a staking mechanism for BLAST tokens.
Additionally, some BLAST token holders expressed their intention to sell their airdropped tokens immediately after the perpetual markets opened.
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The Blast airdrop marks the second ethereum layer 2 blockchain airdrop in June, following the zkSync airdrop earlier in the month.
The zkSync token distribution faced heavy criticism from the community, with claims that many users were locked out in favor of Sybil addresses – multiple wallets created by the same user to claim a large number of tokens.
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