BlastPrice

(BLAST)

The 'Points' and 'Gold' era has largely concluded. Season 1 ended in June 2024, distributing 17 billion tokens, and Season 2 concluded around June 2025 with 10 billion tokens. In January 2025, the project officially transitioned away from the traditional 'Points/Gold' system to continuous liquid Blast token incentives. While the core Blast project no longer runs 'Seasons,' its sister project, the Blur Foundation, continues to distribute Blast tokens through its own Season 3 and 4 for NFT traders. Most users now earn directly through the Blast Mobile 'Earn' app, which offers yield on USD (converted to USDB) along with liquid Blast token incentives.

The BLAST token serves multiple key utilities within the ecosystem. Firstly, it enables Governance: holders can lock their BLAST tokens to receive veBLAST, which grants voting power on crucial protocol upgrades and the distribution of network rewards. Secondly, it acts as a Multiplier within the Blast Mobile app, where holding BLAST can significantly boost the yield (up to 6x) users earn on other assets. Lastly, it is increasingly adopted as an Ecosystem Currency, becoming a native payment method for various decentralized applications (dApps) operating within the mobile-focused environment.

The high Annual Percentage Yields (APYs) observed by users, often exceeding 80%, are typically a 'blended yield.' This blended yield is composed of several elements. It includes a baseline yield derived from USDB, the network's native stablecoin, which itself generates yield from underlying real-world assets like T-Bills. In addition to this base, a significant portion of the high APY comes from aggressive Blast token emissions. These substantial token rewards are strategically implemented to incentivize user participation, boost network activity, and encourage retention within the rapidly evolving mobile-focused ecosystem.

Blast is generally regarded as a legitimate Layer 2 (L2) solution built on Optimistic Rollup technology, not a Ponzi or rug pull. However, its early operational choices, such as an invite-only bridge and a 3-of-5 multisig wallet for initial funds, led to considerable criticism regarding centralization and potential risks. In early 2026, while direct fraud concerns have largely subsided for the core protocol, discussions often pivot to centralization risks. Users are reminded that while the network itself is robust, its permissionless nature means individual projects launched on Blast can still carry risks, as exemplified by past incidents like RiskOnBlast, which was a project-specific rug pull, not a protocol issue.

The dramatic decline in Total Value Locked (TVL) after June 2024 and June 2025 was primarily due to a massive capital exit that frequently follows major airdrop distributions. Many users and liquidity providers bridge assets to L2s specifically to farm airdrop tokens, and once those tokens are distributed, a significant portion of that capital often withdraws back to Ethereum Mainnet or other chains. This pattern is not uncommon in the crypto space post-airdrop. Frequent questions now revolve around whether the network can effectively recover from this 'liquidity exodus' and rebuild its ecosystem, particularly as it pivots its strategy towards mobile-focused growth.

The question 'Is Blast Dead?' encapsulates a debate with clear arguments on both sides in 2026. The bear case highlights the severe 97% drop in Total Value Locked (TVL) from its peak and the closure of early high-profile applications like Blast Royale, suggesting a struggle for sustained adoption. Conversely, the bull case centers entirely on the project's strategic pivot to Blast Mobile. Proponents believe that if the native mobile wallet and its ecosystem of mobile-first dApps can successfully onboard a significant number of non-crypto users, it could catalyze a strong recovery and foster a new growth phase. Additionally, upcoming governance updates in Q1 2026 are seen as crucial for guiding the project's long-term direction and potentially rekindling interest among long-term holders.