Blast, a layer 2 blockchain project, recently completed the distribution of 17% of its native token supply to participants who farmed points by staking Ether (ETH) earlier this year. This distribution marks a significant milestone in the project’s development and rewards early supporters for their commitment.
The project’s native token debuted at approximately $0.03, with an initial fully diluted market cap of $3 billion, as reported by Ambient Finance. This launch price and market cap set the stage for the token’s initial trading dynamics and market perception within the broader crypto community.
Blast faced scrutiny last year when it introduced a one-way token bridge that allowed users to deposit funds but restricted withdrawals until the blockchain was fully operational. This approach garnered attention and raised questions about the project’s security and user protection measures. Despite these concerns, Blast managed to attract a significant amount of deposits, totaling $2.3 billion between November and March.
Currently, Blast’s blockchain boasts a total value locked of $1.62 billion, positioning it as the second-largest layer 2 network following Arbitrum, according to data from CoinGecko. This achievement underscores the growing interest and adoption of layer 2 solutions in the broader blockchain ecosystem.
Key Highlights:
- Token Distribution: 17% of native token supply distributed to participants who staked ETH.
- Market Debut: Token launched at $0.03 with a $3 billion fully diluted market cap.
- Deposit Activity: $2.3 billion in deposits received between November and March.
- Total Value Locked: Current TVL stands at $1.62 billion, making Blast the second-largest layer 2 network.