As a researcher with experience in the blockchain and cryptocurrency space, I find the recent developments in Blast intriguing. The sudden drop in token price after the distribution of tokens to early stakers is a common occurrence in the industry, but what sets Blast apart is its unique point system and growing popularity.
On Wednesday, the value of Blast tokens plummeted by more than 6% following the developers’ distribution of approximately 17% of the total supply to users who had earned points by staking ether during the earlier part of the year. The token began the day trading at $0.30 but experienced a significant sell-off, reaching a low of $0.025 as some investors chose to liquidate their holdings.
Based on data from CoinGecko, the market capitalization of Blast exceeds $385 million, while its fully diluted valuation reaches an impressive $2.2 billion. The network is set to issue a maximum of 100 billion tokens, out of which approximately 17.16 billion are currently circulating. As per Blastscan’s latest update, there are around 54,341 unique holders of $BLAST tokens, a figure that is projected to increase further.
The Blast blockchain has expanded its presence in the industry, now ranking sixth in terms of total value locked (TVL) according to DeFi Llama’s data. With a TVL exceeding $1.6 billion and hosting 128 decentralized finance (DeFi) applications, this ecosystem also holds approximately $4.4 billion worth of stablecoins.
Top players in Blast
As a crypto investor, I’ve noticed that Blast, a relatively new player in the DeFi scene, has been making waves recently. Some of its key contributors include Thruster, Juice Finance, Hyperlock Finance, Ring Finance, and Renzo. What sets Blast apart from other Ethereum Virtual Machine (EVM) chains is its unique point system. With this system, users earn points each time they conduct transactions on the network. This feature makes Blast the only EVM chain that provides native yield for Ethereum (ETH) and stablecoins.
As an analyst, I can say that Blast follows the trend set by other prominent platforms this year by initiating their airdrop programs. Noteworthy examples include Telegram’s “Tap-to-Earn” platform, Notcoin, which conducted its airdrop in May and currently boasts a market capitalization of over $1.5 billion.
This year, several noteworthy airdrops included Wormhole, zkSync, Zeta Markets, and LayerZero. The distribution of tokens from these airdrops initially caused their prices to drop. However, with the recent stabilization of cryptocurrencies, many of these tokens have regained value.
In the upcoming spotlight, there are three highly anticipated airdrops: EigenLayer, TapSwap, and Hamster Kombat. EigenLayer leads as the largest restaking platform on Ethereum’s network. Meanwhile, TapSwap and Hamster Kombat stand out as the most significant tap-to-earn platforms within the Telegram community.
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2024-06-26 19:08