Share this article
Markets
Blast Token Debuts at $3B Value as 17% of Supply Airdropped to Early Adopters
Blast is the second largest layer 2 network with $1.6 billion in TVL.
Updated Jun 26, 2024, 2:26 p.m. Published Jun 26, 2024, 2:23 p.m.
Blast, the layer 2 blockchain, has distributed 17% of its native token supply to those that farmed points by staking ether (ETH) earlier this year.
The token debuted at around $0.03 with an initial fully diluted market cap of $3 billion, according to Ambient Finance.
The project was scrutinized last year after it opened a one-way token bridge that allowed users to deposit but not withdraw until the blockchain was live. Blast attracted a total of $2.3 billion in deposits between November and March.
The blockchain currently has $1.62 billion in total value locked, making it the second largest layer 2 network after Arbitrum, according to CoinGecko.
Read more: Blast, Hyped Layer-2 Chain, Sees Most Deposits Bridge to Yield Manager
Oliver Knight
Oliver Knight joined CoinDesk as a news reporter in April 2022. Before joining CoinDesk, Knight was the Chief Reporter at Coin Rivet for three years. Having graduated with a journalism degree from Birmingham City University, Knight went on to work at various sports publications before diving into the world of Bitcoin in 2014. He does not have any crypto holdings.
