Blast Token Tumbles as Layer 2 Unveils Season 2

Ethereum Layer 2 network Blast released a blog post on July 2 detailing the incentives and rewards structures for its Season 2, prompting its native token to fall another 15%.

The post highlighted the similarities and differences between Blast’s season 1 and season 2, specifically its incentive structure and long-term vision. After a lackluster launch on June 26, token holders reacted poorly to the announcement.

The year-long second phase will maintain the 50-50 airdrop split between Blast points and Blast gold but also introduce a Golden Ticket system in its progressive web app (PWA).

Users can earn tickets based on their ETH, WETH, and USDB token holdings. These tickets implement a scratch-off mechanism, giving users the chance to earn points, gold, Blast merch, and Tesla Cybertrucks.

After its token launch last week, Blast revealed its long-term vision and PWA, branding itself as the “full-stack chain.” Users were required to download the app in order to claim their airdrops.

Blast’s proposed future includes a fully fleshed-out ecosystem featuring a native desktop and mobile wallet to compete with Metamask, which allows users to interact seamlessly with Blast L2 and its native dApps.

Despite the ongoing incentives, Blast’s TVL has fallen 21% in the last seven days, and the native token’s price is down 37% from its all-time high on its opening day.

As sentiment surrounding Blast continues to worsen, market participants are looking back at Blur’s roadmap, which was revealed alongside its token in February 2023. The roadmap teased ERC-1155 integration, Artblocks integration, and the “F-Switch” - none of which have come to fruition yet.