Blast token rallies 40% after $2B airdrop debut

$BLAST – the native token of the top 3 by TVL Ethereum L2 network with native Ethereum yield – experienced a surge with an impressive 40% gain right after the token airdrop and release on June 16th, 2024. This comes in contrast to other recently launched top-tier projects, such as zkSync ($ZK) or LayerZero ($ZRO), whose tokens have fallen 46% and 43% from launch, respectively.

However, the airdrop attracted some criticism from crypto market commentators on X, as the FDV of the project at release was a few times lower than the community was expecting to see, thereby making the airdrop less valuable than anticipated. Arthur Cheong, the co-founder of crypto investment firm DeFiance Capital, said BLAST’s launch at the $2 billion FDV was a surprise for him, suggesting that the times when projects launch at $20B valuation are probably over.