Blast Token Debuts at $3B Value as 17% of Supply Airdropped to Early Adopters

Blast, the layer 2 blockchain, has distributed 17% of its native token supply to those that farmed points by staking ether (ETH) earlier this year.

The token debuted at around $0.03 with an initial fully diluted market cap of $3 billion, according to Ambient Finance.

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

The blockchain currently has $1.62 billion in total value locked, making it the second largest layer 2 network after Arbitrum, according to CoinGecko.

Read more: Blast, Hyped Layer-2 Chain, Sees Most Deposits Bridge to Yield Manager