BLAST, the native token of the Ethereum layer-2 scaling solution, recently surged 20% following its launch, despite a flood of fake airdrop posts on social media.

BLAST debuted at $0.02 per token, giving it a fully diluted value (FDV) of $2 billion at launch. Aggregated data shows that BLAST’s distribution resulted in an initial market cap of $392 million.

As of now, BLAST’s price has increased slightly more than 20% to $0.024, with a market capitalization of $408 million and a daily trading volume of $730 million.

BLAST Token Distribution

The airdrop released 17% of BLAST’s total supply. Here’s a breakdown:

  • 7% allocated to users who bridged Ether or USD on Blast (USDB) to the network since late last year.
  • 7% distributed to users who contributed to the success of decentralized applications (dApps) on the network.
  • 3% reserved for the Blur Foundation for future community airdrops.

Challenges from Scammers

Blast, created by the team behind the incentivized NFT marketplace Blur, faced significant challenges from scammers on social media. Numerous fraudulent posts claimed that Blast’s airdrop had started sooner than expected. These posts, mimicking Blast’s legitimate account, directed users to fake websites.

Some of these suspicious links even infiltrated Blast’s official Discord server before being removed by a community moderator. One victim reportedly lost $217,000 worth of crypto after visiting a phishing site, highlighting the ongoing challenges in combating bad actors on the platform.

🚨 Attention! 🚨 With the recent surge in popularity of $BLAST, there is an alarming increase in phishing attempts. Fraudsters are sending out fake $BLAST airdrop messages on social media, aiming to deceive unsuspecting individuals. 😱

Community Reactions

Despite the airdrop’s success in distribution, it attracted criticism from market commentators, particularly regarding the absence of a staking mechanism for BLAST tokens. Additionally, some BLAST token holders expressed intentions to sell their airdropped tokens immediately upon the opening of perpetual markets.

Blast’s airdrop marks the second Ethereum layer-2 blockchain airdrop in June, following the zkSync airdrop earlier in the month. The zkSync token distribution faced heavy criticism from the community, with claims that many users were left out in favor of Sybil addresses—multiple wallets created by the same user to claim a large number of tokens.

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