Since the beginning of this year, the airdrops of several major projects such as STRK, ZK and ZRO are "difficult to describe". The rat warehouse storm and large-scale witch cleansing activities have made retail investors and studios miserable, and the Blast airdrop has become synonymous with the next "big one is coming".

Yesterday, Blast officially opened airdrop applications and announced its token economics. The total supply of BLAST is 100 billion, 50% of which will be airdropped to the community, of which the first phase of airdrops accounts for 17% of the total supply.

Good news for retail investors and studios

Unlike the previous airdrops, when searching for the keyword "blast" on Twitter, most of the content displayed on the homepage is praise.

In the first phase of Blast airdrop, Blast points holders can be allocated 7 billion BLAST, gold points holders can be allocated 7 billion BLAST, and Blur Foundation can be allocated 3 billion BLAST. Most importantly, Blast airdrops do not check witches. After experiencing the baptism of layerzero, blast is undoubtedly generous to studios.

In addition, according to community feedback, those who are serious or persistent in doing dapp tasks can basically get a few thousand points of gold points at least, and the cost is less than one Ethereum, which means that even if the cost is small, the worst return can be doubled. Therefore, there is no lack of voices on Twitter that speak well of BLAST, believing that its currency price is undervalued.

However, Blur's end does not seem to be smooth. Although Blur announced the launch of the fourth season reward and loyalty program in a timely manner, it is still facing redemption and selling pressure.

According to the monitoring of on-chain data analyst Yu Jin, after receiving the BLAST airdrop (partially unlocked), two BLUR staking whales redeemed 12.52 million BLUR (about 2.71 million US dollars) and 8.39 million BLUR (about 1.79 million US dollars) respectively, and transferred them to CEX for trading. BLUR also crashed in a short period of time, and the price of the currency fell sharply. Not only that, when receiving the airdrop, there was an abnormality in the Blur Season 3 airdrop collection contract, and some users were prompted to pay more than 1,000 US dollars in Gas when receiving it.

But BLAST's airdrop undoubtedly made small retail investors and studios happy, and even called blast founder Pacman a "genius". It seems that this time "the big one is really coming". However, amid the cheers, blast's big users were backstabbed.

PUA continues, big users are backstabbed

In the airdrop announcement, blast particularly emphasized that the big users' airdrops will be linearly attributed, that is, the top 0.1% of users (about 1,000 wallets) will linearly attribute part of the airdrop within 6 months. According to the first phase of the activities, attribution must reach the monthly points threshold.

That is to say, not only is the position locked, but it is also disguised as requiring users to interact continuously for 6 months. Moreover, there was no sign of linear unlocking before. It should be noted that in the recent cold market, the possibility of these BLAST tokens returning to zero after half a year is not zero, which is a "surprise" for big users.

According to the Blast official website, the first user @beijingduck2023 has a total of about 281.2 billion points and 1.22 million gold points. According to him, he received 64,000 BLAST, which is only worth $1,664 at the current price of $0.026.

From the perspective of Twitter operations, @beijingduck2023 seems to be a new account created for blast points. He himself has not expressed much about blast, while other big users who have received BLAST are not so calm.

Christian, co-founder of crypto fund NDV, said that he deposited more than $50 million on blast and received 20,912,000 BLAST, worth about $540,000, but due to linear unlocking, he can only receive $100,000 in airdrops. Christian labeled blast a scam project and called its founder Pacman a "serial rug entrepreneur."

After feeling deeply that blast was treacherous, Christian chose to block Pacman and wrote a long article accusing the "genius" Pacman of the "seven deadly sins".

Christian believes that blast missed the opportunity to issue coins at the best time. The market was good and the time was short in March. If the coins were issued synchronously with the main network, all participants would benefit greatly, and even large investors would be willing to accept lock-up. However, the project was delayed for more than three months, resulting in a decline in market value expectations, and OKX and BN no longer supported it.

In addition, insufficient technology is the main problem of blast. Due to the lack of technical accumulation and lagging infrastructure construction, although the yield model seems good, even the experience of basic needs such as cross-chain bridges is very poor. Exchanges cannot directly withdraw coins, and retail investors find it difficult to enter. In addition, the blast project has been PUAing users from March to May, and from May to the end of June. Now large users have found that they will be PUA for another six months.

Christian also has opinions on the liquidity issue. He believes that the project parties do not feel deeply about liquidity, probably because they have no experience in traditional DeFi and are not large users. He emphasized that large users are the group that cannot be offended in the currency circle. Although they are small in number, they support the on-chain ecology and currency prices. Large users are the key to supporting currency prices and ecological liquidity. Although the exchange data can be dealt with by swiping fake volume, the real fundamentals are still supported by the 20% large user group.

Although the distribution of gold is relatively decentralized, Christian believes that it is still controlled by small interest groups. Although he is also an investor in some of these projects, he said that this binding means that the quality of ecological projects cannot be compared with organic development in the long run.

Finally, Christian pointed out from a personal perspective that Pacman was irresponsible. He mentioned that the blast project had agreed to talk with him to understand feedback, but he did not show up at the agreed time. It was 1 a.m. in China at that time. He waited for an hour, sent messages but received no reply, and did not apologize afterwards.

Vis initially charged more than 10,000 Ethereum in Blast, but in recalling the subsequent participation in Blast, he said that due to his early withdrawal from the PUA game, the return of the early three months of participation was directly zero.

Not only that, @GCsheng, the top five bidders for Blur, also said that the rules for receiving Blast are to queue up, and those with less coins will jump to the front of the queue, so the waiting time will be longer and longer. And Blur farmers can only get 1 million at a time.

Huang Licheng took over, Blast went the black and red route?

Currently, the two major trading platforms Binance and OKX have not launched BLAST. In addition to Coinbase, only Bybit, Bitget, Upbit, Bithumb and WOO X have announced the launch of BLAST. According to coingecko data, the price of BLAST is $0.025 at the time of writing, with a 24-hour increase of 2.4%.

From the performance of the coin price, whether Blast can escape the "coin issuance means death" is still unknown. But as Christian said, the big players are the group that the coin circle cannot offend the most. Although they are few in number, they support the on-chain ecology and coin prices. Now Blast's airdrop has indeed angered the big players, and its development after losing the support of the big players is even more unpredictable.

According to the monitoring of on-chain data analyst Yu Jin, Blast allocated 220 million BLAST to 6 market makers for market making, including: 80 million to Wintermute; 50 million to Manifold Trading; 30 million to GSR Markets; 20 million to Auros Global; 20 million to Amber.

But as the saying goes, the more you curse, the higher the traffic, and black and red are also red. At present, Blast has not made any statement on this, and even because of this dispute of interests, many people are willing to continue to invest in BLAST. According to Nansen data, Huang Licheng's address has accumulated purchases of BLAST worth 5.37 million US dollars, ranking first on the on-chain purchase list.

According to the information on the chain, Huang Licheng's address has continued to buy BLAST in batches since last night, and provided liquidity for BLAST on the Blast ecosystem DEX protocol Thruster. As of press time, he is still buying BLAST.

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