Layer-2 Blast Launches Season 2 Amid 15% Drop in Token Price
Ethereum Layer 2 network Blast (BLAST) released a blog post on July 2 outlining the incentives and rewards structures for its Season 2. The announcement provided details on the similarities and differences between the first and second seasons, particularly focusing on the incentive structure and the project's long-term vision. Following the announcement, BLAST saw a 15% drop in the token’s value. BLAST is currently trading at $0.01723, down almost 10% in the past 24 hours amid a wider market selloff.
Blast's second phase, lasting a year, will continue the 50-50 airdrop distribution between Blast points and Blast gold but will introduce a new Golden Ticket system within its progressive web app (PWA). This system allows users to earn tickets based on their holdings of ETH, WETH, and USDB tokens. These tickets feature a scratch-off mechanism, offering users the chance to win points, gold, Blast merchandise, and even Tesla Cybertrucks.
Following the recent token launch, Blast unveiled its long-term vision and PWA, positioning itself as a "full-stack chain." Users were required to download the app to claim their airdrops. Blast's future plans include developing a comprehensive ecosystem with a native desktop and mobile wallet designed to compete with Metamask, enabling seamless interaction with Blast L2 and its native decentralized applications (dApps).
Despite these ongoing incentives, Blast's Total Value Locked (TVL) has dropped 21% over the past week, and the native token’s price has fallen 37% from its all-time high on its opening day.