Blast cryptocurrency made a positive start in terms of price after its launch, while the network’s Total Value Locked (TVL) continued to decline.
The recent launch of the Blast crypto airdrop marked an impressive beginning for the asset, with a significant increase in value. However, despite the initial high activity, the Total Value Locked (TVL) on the network has decreased.
Blast cryptocurrency release
The official X (formerly known as Twitter) handle announced the launch of the Blast crypto airdrop on June 26th. 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 collectively receive 17 billion BLAST tokens. The network was created by the developers of the incentivized NFT market Blur.
Blast cryptocurrency booming in the past 24 hours
According to CoinMarketCap data, Blast cryptocurrency has seen significant activity 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 approximately $0.025.
At the start of the current trading day, it saw a slight increase to around $0.029, then stabilized at around $0.026.
In the past 24 hours, Blast’s market capitalization has surged by over 20% to reach $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 for Blast
Analysis of the Blast crypto network on DeFiLlama shows a significant increase in trading volume on June 26th, coinciding with the airdrop release.
The trading volume soared to $304 million, setting a new record high in the history of the second layer network. This volume peak exceeded the previous high point on June 24th, when the trading volume surpassed $288 million.
Despite the surge in trading volume, the Total Value Locked (TVL) on the network has been declining. The downward trend of TVL began around June 23rd, despite a large influx of airdrop activity.
Initially, on June 23rd, the TVL income exceeded $19 billion. However, since then, this number has dropped to approximately $15.4 billion.
The decline in TVL indicates that although the product’s launch generated significant trading interest, it has not translated into a sustained growth in the locked value within the network, at least not yet.
