After being delayed in May, $BLAST officially launches tomorrow, June 26th 10:00 AM EST.
While many people view Blast as a “ponzi” chain, the reality is that they have quickly become one of the top L2s.
The total supply of $BLAST is 100B.
- 50% – Community: reserved for incentive campaigns.
- 25.5% – Core Contributors: 1 year cliff with 25% immediate unlock, then 75% vested over the following three years.
- 16.5% – Investors
- 8% – Blast Foundation
The phase 1 airdrop is 17% of the total supply (allocated from the community 50%).
- 7%: Blast Points
- 7%: Blast Gold
- 3% Blur Foundation:
- .5% Blur traders, .5% Blur Holders, .5% Blur traders season 4, 1% Blur Holders season 4, .5% future use.
The top 1000 airdrop recipients (cumulative from points + gold) is subject to a linear vest over 6 months. In order to continue vesting, users must reach a monthly point threshold based on the points they earned before TGE. This effectively means the bulk of the TVL will have to stay on Blast.
Points were earned based on ETH/USDB deposited, and while gold wasn’t allocated linearly, the majority is controlled within the top 1000 addresses.
Given the vesting and and only 1% from Blur being liquid on TGE, we can roughly assume 4-5% initial circulating supply.
Gold valuation
Aevo is pricing $BLAST at $2.8B, and indirectly Gold around $2.5.
I think $2.8B is underpricing the FDV here given the tiny float that is going to be circulating on launch.
Additionally, Pac-man (Blast Founder) is known for his incentive systems.
We have seen this already play out with Blur farming and with the design of Blast Gold which was very successful.
There is 33% left of the community allocation to be airdropped in future incentive campaigns.
The referral structure of Blast means that a lot of the top 1000 wallets are ‘influencers’ + whales who are vested over the next 6 months.
With all that being taken into consideration, I expect Blast to continue to be hyped up over this timeframe and the token to perform well.