Ethereum Layer 2 project, Blast’s Phase 2 Airdrop has been announced to reward participants with tokens worth 10 billion.
During the second phase of its reward program, Blast (BLAST), an Ethereum Layer 2 project that concentrates on ETH staking and real-world asset protocols, is expected to distribute an impressive 10 billion tokens. The tokens will be distributed through an airdrop to individuals who have been instrumental in the network’s development and have supported it from the outset.
According to a blog post, the second round of airdrops will be divided between Blast Points and Blast Gold, and 10 billion tokens will be distributed, similar to the first round. Intriguingly, the initial segment allocated more than 17 billion tokens, or 7% of the 100 billion BLAST tokens, in the total supply.
The blog stated that the “primary purpose of Phase 2 is to support the development of mobile Dapps and incentivize users to those Dapps via the Blast App.” Additionally, it was mentioned that half of the reward tokens, or 5 billion BLAST, will be reserved for the Blast Points. These points are acquired by a user based on their USDB, BLAST, WETH, and ETH balances.
“EOAs and smart contracts accumulate points at a rate of 0.06504987 points per block per ETH (each block lasts 2 seconds).” USDB and BLAST earn Points at the same rate as ETH in terms of their price in ETH. The project elucidated that USDB would accrue Points at a rate of 0.06504987 Points per Block/3500 USDB if ETH is $3500.
Blast Gold will receive the remaining half of the rewards, while decentralized applications on the L2 will receive tokens based on their activity in Blast’s mainnet and future competitions. The inaugural Gold distribution will occur on July 8, with subsequent distributions scheduled for the first week of each following month.
The initiative has stated that the primary objective of the phase 2 airdrop is to facilitate the development of the full-stack chain, which will last 12 months.
11% of BLAST crashes occur
The native token of the L2 blockchain experienced a more than 11% decline after the announcement of the phase 2 airdrop. At the time of writing, the price of BLAST is $0.01916, having reached a daily high of $0.02152. Nevertheless, the digital asset’s 24-hour low is $0.01825.
The 159th largest virtual asset by market capitalization, BLAST has a market capitalization of $333 million and a trading volume of $180.8 million, a 38.14% increase in the past 24 hours.
Nevertheless, as previously reported by Coinspeaker, Blast debuted at $0.02 with a completely diluted value (FDV) of $2 billion and subsequently increased by more than 46%. This was in contrast to the zkSync (ZK) and LayerZero (ZRO) airdrops, which led to substantial price decreases.