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Blast token price slips after airdrop as some holders sell

Published

7 days ago

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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. 

Top players in Blast

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.



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24/7 Cryptocurrency News

EigenLayer Opens Phase 2 Claims for EIGEN Airdrop

Published

2 weeks ago

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June 19, 2024

By


The Eigen Foundation has started the second phase of the EIGEN stake drop, which is a significant step in its token distribution roadmap.

This launch is not only the finale of Season 1 but also the further developments in the protocol’s progression.

EigenLayer  Phase 2 Claims Now Open

As part of EigenLayer’s ongoing development, the foundation has officially opened claims for the second phase of the EIGEN stake drop. This phase contributes to the total distribution for Season 1, to around 113 million EIGEN tokens, which is 6.7% of the allocated supply for stake drops.

The high participation rate during Phase 1, where more than 88% of EIGEN tokens were staked, shows the dedication to EigenLayer’s mission. In connection with the opening of Phase 2, the Eigen Foundation has set aside 10 million $EIGEN for the promotion of this phase. For instance, the first set of users likely to claim within the first twenty-four hours from the time the app is launched are entitled to a 2.5x increase in their token allocation.

The EIGEN token plays a crucial role in the functioning of Actively Validated Services (AVS), with potential use cases spanning from data accessibility to artificial intelligence, and decentralized storage. Through EIGEN staking, these services are accelerated in their development and ensured in their reliability.

The unique“intersubjective forking” model of EIGEN helps in increasing the security of these services as it offers a way for the honest parties to reach a consensus and deal with the issues.

Outlook and Staking Innovations

Similarly, the Eigen Foundation is still working on the EIGEN token, which is vital in securing AVS. With the claim window open until September 7, 2024, and the implementation of new features such as intersubjective forking, the foundation prepares for more robust and diversified digital systems.

Further information about the future distributions may be expected as Season 2 is approaching, thus, the members of the EigenLayer community will remain active and increase.

In May, EigenLayer officially started the highly-anticipated EIGEN token airdrop which is a major milestone for the project. However, the new tokens are not transferable for some time, raising questions over the actual trading value during the speculation period.

Although EIGEN has the possibility of being valued at around $9 per token on the perpetual futures market, the exact spot price will only be realized once the tokens are tradeable.

Read Also: EigenLayer Launches Phase 1 Claims for EIGEN Airdrop

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Kelvin is a distinguished writer specializing in crypto and finance, backed by a Bachelor’s in Actuarial Science. Recognized for incisive analysis and insightful content, he has an adept command of English and excels at thorough research and timely delivery.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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