Blast’s launch has kicked off with a positive price trend. The network’s TVL continues 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 the initial high activity, the total value locked (TVL) on the network has seen a decrease.
Cryptocurrency Blast released
Official X (formerly known as Twitter) announced the launch of the Blast crypto airdrop on June 26. According to the announcement, users will have 30 days to apply for the airdrop.
In this initial distribution, users of the Ethereum [ETH] second layer scaling network will receive a total of 17 billion BLAST tokens. The network was created by the developers of the incentivized NFT market Blur.
Blast cryptocurrency explodes in the past 24 hours
According to CoinMarketCap data, the activity of the Blast cryptocurrency has significantly increased since its launch. The token was initially priced at around $0.20, and by the end of the release day, its value had increased to about $0.025.
At the start of the current trading day, it rose slightly to around $0.029, and then stabilized at around $0.026.
In the past 24 hours, Blast’s market value has soared by over 20%, reaching $441 million. In addition, the trading volume has been strong, exceeding $674 million.
This indicates high interest from traders in the new crypto asset and a high level of market activity.
Peak volume of Blast
Analysis of the Blast crypto network on DeFiLlama shows a significant increase in trading volume on June 26, coinciding with the airdrop release.
The trading volume surged to $304 million, setting a new record in the history of the second layer network. This volume peak surpassed the previous high point on June 24, when the trading volume exceeded $288 million.
Despite the surge in trading volume, the total value locked (TVL) in the network has been declining. The downward trend of TVL began around June 23, despite a large influx of airdrop activity, it continues.
Initially, on June 23, the TVL income exceeded $1.9 billion. However, since then, this number has dropped to around $1.54 billion.
The decline in TVL indicates that although the product’s launch has generated significant trading interest, it has not translated into sustained growth in the locked value within the network, at least not yet.