- BLAST started with a positive price movement after launch.
- The TVL network has continued to decline.
The recent launch of the Blast crypto airdrop marked an impressive start for the asset, with a significant increase in value. However, despite strong initial activity, the total value locked on the network saw a decline.
Blast crypto launches
The official X (formerly Twitter) handle announced the launch of the Blast crypto airdrop on June 26. According to the announcement, users have 30 days to claim their airdrop.
In this first distribution, users of the Ethereum [ETH] Layer-2 scale network will collectively receive 17 billion BLAST tokens. The network was created by the developers of the incentivized NFT marketplace Blur.
Destroy crypto in the last 24 hours
Since its launch, Blast crypto has shown a notable increase in activity, according to data from CoinMarketCap. Initially priced at around $0.20, the token’s value rose to around $0.025 by the end of the launch day.
It saw a slight increase to around $0.029 at the start of the current trading session, before stabilizing around $0.026.
Over the past 24 hours, Blast’s market capitalization has increased by more than 20% to more than $441 million. Furthermore, trading volume was robust, reaching over $674 million.
This indicates a high level of trader interest and market activity around the new crypto asset.
Blast’s volume spikes
The analysis of the Blast crypto network on DeFiLlama revealed a significant increase in trading volume on June 26, coinciding with the launch of the airdrop.
Volume increased to over $304 million, the highest in the history of the Layer 2 network. This volume spike surpassed the previous high on June 24, when it reached more than $288 million.
Despite the strong increase in trading volume, the Total Value Locked (TVL) in the network is declining. The downward trend in TVL started around June 23 and continued despite the influx of airdrop activity.
Source: DefiLlama
Initially, the TVL was over $1.9 billion on June 23. However, it has since fallen to about $1.54 billion.
This decline in TVL suggests that while the launch has generated significant trading interest, it has not translated into a sustained increase in value captured within the network, at least not yet.