Following the announcement of the phase 2 airdrop, the native token of the L2 blockchain crashed by more than 11%.
Blast (BLAST), an Ethereum Layer 2 project that is focused on ETH staking and real-world asset protocols, is set to distribute a whopping 10 billion tokens during phase 2 of its reward program. The tokens will be airdropped to those who have supported the network from the beginning and played an active role in its development.
As per a blog post, like the first round of airdrops, the second round will also be split between Blast Points and Blast Gold and 10 billion tokens will be allocated. Interestingly, in the first phase, over 17 billion tokens were allocated, which accounted for 7% of the 100 billion BLAST tokens in total supply.
The blog stated that the “primary purpose of Phase 2 is to support the development of mobile Dapps and incentivize users to those Dapps via the Blast App”, while adding that half of the reward tokens, i.e., 5 billion BLAST, will be set aside for the Blast Points. These points are earned on the basis of a user’s ETH, WETH, USDB, and BLAST balance.
“EOAs and smart contracts earn Points at a rate of 0.06504987 Points/Block/ETH (each block is 2 seconds). USDB and BLAST earn Points at the same rate as ETH based on their price in terms of ETH. Ie if ETH is $3500 then USDB would earn Points at a rate of 0.06504987 Points/Block/3500 USDB,” explained the project.
The other half of the rewards will be allocated to Blast Gold, and decentralized applications on the L2 will receive tokens based on their activity in Blast’s mainnet and future competitions. The first Gold distribution will take place on July 8, followed by consecutive distributions on the first week of every month.
The phase 2 airdrop will last 12 months, according to the project, as the “primary purpose of Phase 2 is to support the development of the full-stack chain.”
BLAST Crashes 11%
Following the announcement of the phase 2 airdrop, the native token of the L2 blockchain crashed by more than 11%. The price of BLAST stands at $0.01916 at the time of writing after reaching a daily high of $0.02152. However, the 24-hour low for the digital asset stands at $0.01825.
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Photo: TradingView
The trading volume of BLAST stands at $180.8 million, a 38.14% increase in the past 24 hours, and the market capitalization of the token is $333 million, making it the 159th largest virtual asset by market capitalization.
However, as reported earlier by Coinspeaker, Blast debuted at $0.02 with a fully diluted value (FDV) of $2 billion and rose over 46%. This was contrary to the zkSync (ZK) and LayerZero (ZRO) airdrops, which resulted in significant price drops.