Blast Airdrop invested $354 million in user wallets. So why are they angry?

Ethereum layer 2 network Blast’s hotly anticipated airdrop finally went live Wednesday morning, gifting users with hundreds of millions of dollars worth of free tokens.

However, within minutes, many airdrop claimants immediately began selling their BLAST bags, causing the token price to drop and causing many to express their disappointment with the token sweepstakes, which many apparently thought would be much larger in size.

BLAST’s token was launched this morning at a price of around $0.025 and contains 17 billion tokens that make up today’s token. Step 1 airdrop The total value is approximately $430 million. Of those, 14 billion tokens (worth $354 million) were specifically reserved as rewards for Blast users.

However, within minutes the token suffered a huge sell-off and the price fell further. to $0.02. At the time of writing, the value of the pool of tokens reserved for Blast users in today’s airdrop has dropped to $289 million.

The selling may have been partly due to disappointment felt across DeFi circles about BLAST’s opening price. Considering the popularity of the Blast network among cryptocurrency whales, many had very high expectations for the token. huge amount It was collected during an airdrop for Blast’s predecessor, Blur, a disruptive and incentivized NFT marketplace.

There is no doubt that Crypto Twitter is a mix of genuine frustration and disengagement, and while it is true that many users immediately sell airdrops regardless of the token in question or price, the broader sentiment now is that BLAST’s drop did not provide the immediate windfall that many traders had hoped for.

Before this morning’s airdrop, cryptocurrency traders predicted BLAST is expected to reach roughly between $0.03 and $0.10, a range it has not reached so far. Just a month ago, the token was trading at $4.40 in pre-market. That’s a whopping $74.8 billion worth of airdrops today.

Nonetheless, free money is free money. It’s a point several Blast users highlighted on Crypto Twitter this morning, calling out their fellow diegens for unrealistic expectations or congratulating them on the fact that they got nothing.

Blast’s Airdrop rewarded users This is someone who has moved a significant amount of cryptocurrency onto the network. Ahead of the airdrop, The total value of assets on the Blast network (TVL) soared to $2.3 billion on June 5. Since then it has plummeted more than 30% to $1.6 billion at one time of writing. Dipilama.

Editor: Andrew Hayward