Blast Token Launches with $3 Billion Market Cap, 17% Airdropped to Early Supporters

Blast, a layer 2 blockchain, has distributed 17% of its native token supply to users who staked ether (ETH) earlier this year. The token debuted at $0.03, resulting in an initial fully diluted market cap of $3 billion, according to Ambient Finance. The project faced scrutiny last year due to a one-way token bridge that allowed deposits but not withdrawals. Despite this, Blast attracted $2.3 billion in deposits between November and March. Currently, it holds $1.62 billion in total value locked (TVL), making it the second largest layer 2 network after Arbitrum, according to CoinGecko.