Ethereum Layer-2 Blast Network to Launch Airdrop for Early Adopters

The Blast Network, an Ethereum layer-2 solution, announced an airdrop for its early adopters scheduled for June 26. The much-anticipated event will see the release of 17% of the total token supply.

Early Users to Receive Blast

According to a social media post from the team on June 25, 7% of the tokens will be allocated to users who bridged either Ether (ETH) or US Dollar Blast (USDB) to the network, and another 7% will go to those who contributed to the success of decentralized applications (DApps) on the Blast platform. The remaining 3% is earmarked for the Blur Foundation to facilitate future airdrops to its community.

A detailed report accompanying the announcement revealed that the top 1,000 wallets, based on points accumulated, will have their airdrop vested linearly over six months. This means these users wont be able to sell all their tokens immediately but will have to wait half a year to access the full amount.

Blast Token Distribution

The Blur Foundation, responsible for distributing its share of the token rewards, announced that 1% of the total supply will go to traders and holders during Season 3, 0.5% for Season 4, with another 0.5% reserved for future use. However, they have not yet disclosed how the remaining 0.5% will be utilized.

Tokens from this airdrop will be claimable starting at 10 am ET (2 pm UTC), according to the social media post. The Blast network has quickly risen in prominence, becoming the fourth largest Ethereum layer-2 network in terms of total value locked (TVL). Since the debut in November, the networks TVL has grown to over $2.9 billion.

Notably, 50% of the Blast token supply will be distributed to the community. The initial 17% will be given out during “Phase 1,” commencing on June 26, with the remaining 33% to be distributed in subsequent phases yet to be announced.

Additionally, 25.5% of the total supply is allocated to core contributors, 16.5% to investors, and 8% to the Blast Foundation for infrastructure development and ecosystem growth. Tokens assigned to core contributors, investors, and the foundation will be vested and unlocked over a four-year period.

Concerns Among Users

Some Blast users have expressed concerns about the vesting requirement for the top 1,000 wallets. An airdrop hunter known as Olimpio on X voiced their discontent, stating, “Trying to be as unbiased as possible since I am top 500, but this is a spit on the face of people that bring liquidity […] Top 0.1% wallets are subject to this, but how much TVL do they represent from the chain？”