Blast Token Price Slips After Airdrop As Some Holders Sell

Blast token price dropped by over 6% on Wednesday after the developers distributed 17% of its supply to users who farmed points by staking ether earlier this year. After opening at $0.30, the token dropped to $0.025 as some of the holders exited their positions.

According to CoinGecko, Blast now has a market cap of over $385 million and a fully diluted valuation of $2.2 billion. The network will have a maximum supply of 100 billion tokens of which 17.16 billion are now in circulation. According to Blastscan, there are now 54,341 $BLAST token holders, a number that is expected to continue growing. 

Blast has grown to become the sixth biggest blockchain in the industry by the total value locked (TVL). Data compiled by DeFi Llama shows that the network has 128 DeFi applications and a TVL of over $1.6 billion. There are $4.4 billion in stablecoins in the ecosystem. 

Some of the top players in Blast are Thruster, Juice Finance, Hyperlock Finance, Ring Finance, and Renzo. Blast has gained this popularity because of its point system that lets users earn points when they transact on the network. This makes it the only EVM chain with a native yield for ETH and stablecoins.

Blast joins other leading platforms that have launched their airdrops this year. Notcoin, a Telegram tap-to-earn platform, airdropped in May and its token has a market cap of over $1.5 billion. 

Other notable airdrops this year were the likes of Wormhole, zkSync, Zeta Markets, and LayerZero. Most of these tokens dropped after their airdrops but have crawled back as cryptocurrencies have stabilized.

The next closely watched airdrops will be EigenLayer, TapSwap, and Hamster Kombat. EigenLayer is the biggest restaking platform on Ethereum while TapSwap and Hamster Kombat are the biggest tap-to-earn platforms on Telegram.