BLAST Token Holders Will Be Supported With 2x Points In The Future

Key Points:

• BLAST token holders will receive double points based on their balances since the Token Generation Event (TGE).
• Phase 2 airdrop of 10 billion BLAST tokens announced for next year, following community backlash over the initial airdrop.
• Blast’s total value locked (TVL) and native token price have significantly declined from their all-time highs.

The Blast Foundation has officially announced the approval of BLIP 2, a move designed to reward BLAST token holders with double points based on their balances since the Token Generation Event (TGE).

Read More: Blast Review: The First Layer 2 Native Yield Project

BLAST Token Holders to Receive Double Points with BLIP 2 Approval

These points will also contribute towards vesting thresholds. The initiative aims to bolster community participation and engagement on the platform, with the changes set to take effect soon.

Blast, a Layer 2 blockchain built on Optimistic Rollups technology, offers high compatibility with the Ethereum Virtual Machine (EVM) and provides attractive native yields for network participants. The platform envisions a robust ecosystem, featuring a native desktop and mobile wallet to compete with Metamask, facilitating seamless interaction with Layer 2 Blast and its native decentralized applications (dApps).

On June 26, 2024, Blast conducted an airdrop to its network users and announced the upcoming launch of phase 2 of this airdrop, totaling 10 billion BLAST tokens. This second phase, slated to occur in 12 months, aims to allocate rewards equivalent to 10% of the total token supply, focusing on BLAST token holders.

Blast Faces Decline After Airdrop Is Conducted

However, the initial airdrop event faced significant backlash from the community. Many users felt the tokens received did not justify the assets spent to engage with projects on the network. In response, the Blast Foundation adjusted the distribution strategy for the second phase.

Despite these ongoing incentives, Blast has experienced challenges. The total value locked (TVL) in the platform has declined by over 54% from its peak, and the price of the native token has dropped 47% from its all-time high.