Blast Debuts Its Token With a Valuation North of $2B, Experiences Massive Sell-Off

Blast,thecontroversiallayer-2blockchain,hasdebuteditstokenwithavaluationnorthof$2B,accordingtodatafromCoinGecko.

Blast,alayer-2blockchain,hasunveileditstoken,whichiscurrentlyvaluedatover$2billion,accordingtoCoinGecko.Theprotocolhasallocated17%ofitsnativetokensupplytouserswhostakedEther(ETH)earlierthisyearandearnedpointsthroughfarming.Thetokendebutedataround$0.03,givingitaninitialfullydilutedvaluation(FDV)of$3billion.However,thetokenhasexperiencedasignificantsell-offinthehoursfollowingitsdebut,dropping18.7%inthelasthour.AccordingtoCoinGecko,BLASTcurrentlyhasamarketcapitalizationof$359million.TheBlastFoundationBlastisanEthereum-basedlayer-2thatservesasascalingsolutionforimprovingspeedandthroughput.Itoperatesasanoptimisticrollup,utilizingfraudproofstovalidatestatetransitions.TheprotocolisnotableforbeingthefirstL2tooffernativeyieldforETHandstablecoins.ItactivelystakesETHanddistributestheyieldtonetworkparticipantsanddecentralizedapplications(dApps).ThetokenlaunchcomesshortlyaftertheprotocolestablishedtheBlastFoundation,whichnowmanagestheproject'sTwitter,website,andnetwork.Thefoundationwilloverseetheprotocol'scriticalassets,operations,andinfrastructuretopromotetransparencyandaccountability.Thistransitionalignswiththeprotocol'saspirationforacommunity-basedgovernancemodel,whichisfrequentlyobservedinDeFiprotocols.READALSO

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