BLAST Price Soars 40% After Blast Token Airdrop IDR 3.3 Trillion!

Bittime - BLAST, the original token from the Ethereum layer-2 Blast network, immediately shot up 40% after its launch. When it debuted, the price of BLAST was around IDR 327 (US$0.02) per token.

Interestingly, the total outstanding value (FDV) at launch reached IDR 33 trillion (US$2 billion), according to Ambient Finance and Aevo.

This price spike is in contrast to the launch of other new tokens. For example, zkSync (ZK) from Ethereum layer-2 and LayerZero (ZRO) which actually experienced a price decline of 46% and 43% respectively.

At launch, Blast distributed 17% of the total token supply via airdrop. Eligible users, namely those who move Ether (ETH) or USD Coin (USDC) to the Blast network, receive 7% of the total token supply.

Another 7% is awarded to users who contribute to the development of decentralized applications (DApps) on the Blast network. The remaining 3% is allocated to the Blur Foundation for the upcoming community airdrop program.

Controversy and Fraud Shrouds BLAST Airdrop

Despite the soaring token price, the BLAST airdrop was not free from criticism and fraud. A number of crypto observers highlighted that the launch valuation was considered below expectations.

One of them, Arthur Cheong, one of the founders of DeFiance Capital, said he was surprised by BLAST's FDV of IDR 33 trillion (US$2 billion). He estimates the valuation will be closer to IDR 81 trillion (US$5 billion).

The Blast Network itself, which was founded by Tieshun Roquerre (PacMan), received criticism from initial investors last November. At that time, Blast was deemed to lack the features to justify a one-way bridging mechanism, which required users to lock up their ETH for several months.

Even so, the Blast network managed to collect IDR 37.6 trillion (US$2.3 billion) in deposits between November and March. Currently, Blast is in second place as a layer-2 network with a total value locked (TVL) of IDR 26.5 trillion (US$1.62 billion), according to CoinGecko.

Fraudsters take advantage of the airdrop moment to carry out their actions. They created a fake website similar to the official Blast platform.

Scam Sniffer, a crypto security service, identified a user who lost more than IDR 3.5 billion (US$217,000) after signing several phishing links.

Unfortunately, this fraudulent practice has been common in other large token airdrops this year, such as that experienced by the Wormhole cross-chain bridge protocol.

Tips to avoid being fooled by fake airdrops

• Beware of fake websites and airdrop programs.
• Always check official information from trusted sources before making a crypto transfer.
• Never share your personal information or digital wallet keys with anyone.

Be careful when investing in crypto, including BLAST tokens. Make sure you understand the risks involved and conduct in-depth research before deciding to purchase.

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Learn How to Buy Crypto on Bittime.

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