Blast token launches with $3 billion capitalization as 17% of supply is airdropped

Blockchain layer 2 Blast distributed 17% of the native token supply to those who accumulated points by staking ETH earlier this year.

The BLAST token launched at around $0.03 with an initial fully diluted market cap of $3 billion.

BLAST 1-hour price chart. Source: TradingView

The project came under scrutiny last year after it opened a one-way token bridge that allowed users to deposit but not withdraw until the blockchain went live. Blast attracted a total of $2.3 billion in deposits between November and March.

The blockchain currently has a total value locked of $1.6 billion, making it the second largest layer 2 network after Arbitrum.

Source: Defillama

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According to Coindesk