Blast allocates 10 billion tokens in phase 2 rewards

Blast, an Ethereum Layer 2 network created by the founder of NFT marketplace Blur, has announced details of the phase 2 rewards for users

The project said in a blog post that the second phase of user rewards — similar to the first round — will be split between Blast Points and Blast Gold, with 10 billion tokens being allocated. Blast earmarked 17 billion tokens for its first-phase rewards  starting last week. 

“The primary purpose of Phase 2 is to support the development of mobile dapps and incentivize users to those dapps via the Blast App,” Blast said in the post.

Half of the second-phase rewards, or 5 billion Blast tokens, will be set aside for Blast Points. Users can earn these points based on their ETH, WETH, USDB, and BLAST balances, according to the project.

Another half of the rewards will be allocated to Blast Gold, the project said. Dapps will receive Gold based on their performance on Blast’s mainnet and future competitions.

The phase 2 airdrop is set to last 12 months, as the “primary purpose of Phase 2 is to support the development of the full-stack chain,” the project said, noting that it takes time to build the initial infrastructure and support dapps in building new applications on top of that infrastructure.

The Blast token’s price slid 11% over the past 24 hours to $0.019, with a circulating supply of 17.4 billion tokens, according to The Block’s price page.

Developed by Tieshun Roquerre, the founder of Blur, Blast went live in early access mode in November 2023. The total value locked on Blast amounted to $1.36 billion at the time of publication, compared to $2.3 billion recorded on June 6, according to data from DefiLlama.

Disclaimer: Larry Cermak, CEO of The Block, is an angel investor in Blast.