Tomb of big households, gospel of retail investors, Blast became popular amidst the criticism?

Since this year, the airdrops of several major projects such as STRK, ZK and ZRO can be described as "hard to describe". The rat warehouse crisis and large-scale witch purging activities have made retail investors and studios miserable, and the Blast airdrop has become the next " Synonymous with "The big one is coming".

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

Good news for retail investors and studios

Different from 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 point holders can be allocated 7 billion BLAST, gold point holders can be allocated 7 billion BLAST, and the Blur Foundation can be allocated 3 billion BLAST. The most important thing is that the Blast airdrop does not check the witch. After experiencing the baptism of layerzero, blast is undoubtedly generous to the studio.

In addition, according to community feedback, those who are more serious or insist on doing dapp tasks can basically get a few thousand gold points at least, and the cost is less than one Ethereum, which means that even if it is a small-cost investment, the return will be the worst Can also be doubled. Therefore, there is no shortage of voices on Twitter saying good things about BLAST, believing that its currency is undervalued.

However, Blur’s end does not seem to go well. While Blur promptly announced the launch of its fourth-quarter rewards and loyalty program, it's still facing redemption selling pressure.

According to on-chain data analyst Ember monitoring, two BLUR staking whales redeemed 12.52 million BLUR (approximately US$2.71 million) and 8.39 million BLUR (approximately US$2.71 million) respectively after receiving the BLAST airdrop (partially unlocked) 1.79 million USD) and transferred to trading CEX. BLUR also experienced a crash in a short period of time, and the currency price fell sharply. Not only that, when receiving the airdrop, there was an exception in the Blur Season 3 airdrop receiving contract. Some users were prompted to pay more than $1,000 in gas when receiving the airdrop.

But the airdrop of BLAST undoubtedly made small retail investors and studios happy. They even called BLAST founder Pacman a "genius". It seems that this time "the big one is really coming". However, amid the cheers In the midst of the sound, Blast's boss was stabbed in the back.

PUA is still going on, and major users are being stabbed in the back

In the airdrop announcement, blast specifically emphasized that the airdrops for major users will be linearly vested, that is, the top 0.1% of users (about 1,000 wallets) will linearly vest part of the airdrops within 6 months . Based on the first phase of activity, vesting is subject to monthly points thresholds.

In other words, it not only locks up the position, but also requires users to continue interacting for 6 months in disguise. Moreover, there was no warning about the linear unlocking before. You must know that under the recent cold market situation, the possibility of these BLAST tokens returning to zero in half a year is not zero. This can be described as a "sudden disaster" for large investors.

Currently, 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.

Judging from Twitter operations, @beijingduck2023 seems to be a new account created for blast points. He himself has not expressed too many views on blast, while other big players who have obtained BLAST seem less calm.

Christian, the co-founder of crypto fund NDV, said that he deposited more than 50 million US dollars on blast and received 20,912,000 BLASTs, worth about 540,000 US dollars. However, due to linear unlocking, he can only receive an airdrop of 100,000 US dollars. Christian labeled blast a scam and called its founder, Pacman, a "serial rug entrepreneur."

After deeply feeling blast’s perfidy, Christian chose to block Pacman and posted 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 in March is good and the time is short. If the currency is issued simultaneously with the main network, all participants will benefit greatly, and even large investors will willingly accept the lock-up. However, the project dragged on for more than three months, causing market capitalization expectations to drop and OKX and BN to withdraw support.

In addition, lack of technology is the main problem of blast. Due to the lack of technical accumulation and lagging infrastructure construction, although the yield model seems good, the experience of even the basic needs of cross-chain bridges is poor. The exchange cannot directly withdraw coins, and it is difficult for retail investors to enter. Moreover, the blast project team continued to PUA users from March to May, and then from May to the end of June. Now large users have found that they will be PUAd for another six months.

Christian also has opinions on the liquidity issue. He believes that project parties do not have a deep understanding of liquidity, probably because they have no experience in traditional Defi and are not big players. He emphasized that large investors 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 households are the key to supporting currency prices and ecological liquidity. Although exchange data can be dealt with through counterfeiting, the real fundamentals are still supported by the 20% of large households.

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 this binding means that the quality of ecological projects cannot be compared with organic development in the long term.

Finally, Christian pointed out from a personal perspective that Pacman has no sense of responsibility. He mentioned that the blast project team had made an appointment with him to have a call to get feedback, but they did not show up at the agreed time. It was one o'clock in the morning domestic time, and he waited for an hour. , there was no reply after I sent a message, and there was no apology afterwards.

Vis initially deposited over 10,000 Ethereums in Blast, but when recalling his subsequent participation in Blast, he said that due to his early exit from the PUA game, the returns from his early three-month participation were directly zero.

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

Huang Licheng takes over, will Blast take the black and red route?

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

Judging from the currency price performance, whether Blast can escape the "death upon issuance of currency" but its fate is still unknown. But as Christian said, large investors 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. Nowadays, Blast’s airdrop has really angered big investors, and its development after losing the support of big investors is even more elusive.

According to on-chain data analyst Ember Monitoring, Blast allocates 220 million BLAST to 6 market makers for market making, of which: 80 million is allocated to Wintermute; 50 million is allocated to Manifold Trading; 30 million is allocated to GSR Markets; 20 million allocated to Auros Global; 20 million allocated to Amber.

But as the saying goes, the harder you scold, the higher your traffic will be. 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 investing in BLAST. According to Nansen data, Huang Licheng’s address has purchased a total of US$5.37 million worth of BLAST, ranking first in the on-chain buying list.

According to information on the chain, Huang Licheng’s address has continued to buy BLAST in batches since yesterday evening, and provides liquidity for BLAST on the Blast ecological DEX protocol Thruster. As of press time, it is still buying BLAST.

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