Blast Foundation Allocates 3% Of Total BLAST Supply To Blur Foundation

Republished By Plato

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The allocation from Blast, the layer 2 with an airdrop scheduled on Wednesday, to Blur is currently valued at $90 million. Both protocols were founded by Tieshun ‘Pacman’ Roquerre.

Governance tokens enable holders to participate in the onchain governance process of a crypto protocol by giving them a vote the decision-making process of a proposal, among other things.

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Posted June 25, 2024 at 4:57 pm EST.

Blast and Blur, two crypto protocols founded by Tieshun ‘Pacman’ Roquerre, have developed a deeper connection.

The Blast Foundation, the nonprofit dedicated to the layer 2 blockchain network on Ethereum, has allocated three billion BLAST tokens to the Blur Foundation, a different nonprofit steering the direction of Blur, an onchain trading platform for non-fungible tokens.

BLAST is trading at 3 cents based on pre-market prices on crypto exchange Bybit’s over-the-counter platform, making the airdrop allocation to the Blur Foundation currently valued at $90 million, Given that BLAST will serve as a governance token used to control key parameters of Blast’s blockchain network, the Blur community including the foundation will act as a key player in influencing Blast.

Strengthening Ties Between Blast and Blur

According to a report published to X one day before Blast’s scheduled airdrop, Blast’s native cryptocurrency will have a total supply of 100 billion of which 3% has been earmarked to the Blur Foundation, which is expected to distribute these tokens to the Blur community through its retroactive and future airdrops.

The Blur team on X announced that 1% of the total BLAST supply will be set aside for traders on the NFT protocol and token holders of BLUR that participated in Season 3. Instead of having a one-and-done airdrop mechanism, Blur has conducted various airdrop events in multiple seasons, with Season 3 ending on Wednesday. The remaining BLAST allocation to the Blur Foundation is reserved for future use and those who are active in Blur’s Season 4.

“It is important that the BLUR community holds the [BLAST] token directly in their wallets for future governance proposals,” wrote the Blur team.

Blast Taking Off Pre-Airdrop

The report detailing the BLAST airdrop allocation to the Blur Foundation comes as Blast reached an all-time high in daily transactions and active addresses in the past week as well as a record high in trading volume on decentralized exchanges on Tuesday, data from blockchain analytics platform Artemis shows.

Additionally, Blast, known for providing a yield to those who bridge cryptocurrencies to its network, is the sixth largest blockchain in terms of a total value locked at $1.65 billion, trailing Arbitrum and Solana but leading rival L2 network Base.

A Boon for Blur

It comes at a welcome time for Blur, which, like all NFT trading platforms, has seen activity drop significantly since early 2023.

Total weekly trading volume across all NFT platforms has fallen from $628 million in Feb. 2023 to $85 million last week, per a Dune Analytics dashboard created by Hildebert “Hildobby” Moulié, a data researcher at venture capital firm Dragonfly.

Despite that, Blur remains a leader in NFTs. In June Blur has seen its share of aggregate daily volume on all NFT platforms grow from nearly 45% to about 75%.

Pacman did not immediately respond to Unchained request for comment