Blast (BLAST)
Native yield L2 that briefly held $2B TVL via points farming but collapsed post-airdrop; tokenomics are broken
Ranked 206th of 251 rated tokens. Scoring pass 11 Jun 2026.
What the numbers say
BLAST scores 87 of 250 across the 25-variable framework, which places it 206th of 251 rated tokens and inside the bottom quartile of the set. The framework verdict is PASS.
BLAST is a top-10 name in the set on one variable. The score rests on P/S Multiple 7/10, 9th of 251, Exchange Depth 7/10, 12th of 251, Real Staking Yield 5/10, 37th of 251 and Treasury Runway 5/10, 74th of 251.
Against the same universe, BLAST sits in the bottom third on Supply Inflation 2/10, 228th of 251, Vesting Schedule 2/10, 223rd of 251, Buyback and Burn 1/10, 205th of 251 and Insider Selling 3/10, 201st of 251. These are the variables that would have to move for the verdict to change.
Only 66.8% of BLAST's maximum supply is in circulation, so 1.5x the current float is still scheduled to arrive. Holding price per token flat while the rest enters circulation implies 33.2% of the fully diluted value sitting ahead of today's holders. That is a real but manageable overhang.
BLAST trades 99.17% below its all-time high of $0.0292. Recovering that level is a 120.5x move, not a 99.17% one, which is the arithmetic most drawdown charts hide.
The framework score gained 5 points against the previous pass (82 to 87). Revisions of this size follow a change in the underlying variables, not a change in price.
$280.0M sits in the protocol. The token is capitalised below the value locked in the protocol.
25-variable breakdown
Each variable is scored 1 to 10 and ranked against every other rated token, so a 7 that ranks 20th means something different from a 7 that ranks 180th. The rank is the part that is hard to get anywhere else.
Cash flow
| Protocol Revenue | 2 | 166th of 251 | |
| Revenue Trend | 2 | 191st of 251 | |
| P/S Multiple | 7 | 9th of 251 | |
| Real Staking Yield | 5 | 37th of 251 |
Supply
| Supply Inflation | 2 | 228th of 251 | |
| Vesting Schedule | 2 | 223rd of 251 | |
| Circulating / FDV Ratio | 5 | 135th of 251 | |
| Buyback and Burn | 1 | 205th of 251 |
Ownership
| Smart Money Flows | 3 | 149th of 251 | |
| Insider Selling | 3 | 201st of 251 | |
| Holder Concentration | 3 | 197th of 251 |
Traction
| TVL Trend | 3 | 111th of 251 | |
| Active Users | 3 | 149th of 251 | |
| Developer Activity | 4 | 158th of 251 | |
| Network Growth | 3 | 156th of 251 |
Position
| Market Share | 3 | 131st of 251 | |
| Competitive Moat | 3 | 175th of 251 | |
| Institutional Adoption | 2 | 192nd of 251 | |
| Exchange Depth | 7 | 12th of 251 | |
| Social Mindshare | 4 | 86th of 251 |
Risk
| Regulatory Safety | 5 | 102nd of 251 | |
| Catalyst Calendar | 3 | 158th of 251 | |
| BTC Alpha Potential | 3 | 114th of 251 | |
| Team Execution | 4 | 147th of 251 | |
| Treasury Runway | 5 | 74th of 251 |
The vertical tick on each bar marks the median score across all 251 rated tokens, so a bar ending left of the tick is below the universe on that variable.
Catalyst and risk
Next catalyst
Blast Big Bang network revival if native yield products attract real users beyond yield chasers
Principal risk
98.4% down from ATH; only 25% circulating with years of vesting pressure; yield farming narrative is played out
Market and supply
| Price | $0.000242 |
| Market cap | $16.2Mrank 905 |
| All-time high | $0.029226 Jun 2024 |
| Circulating supply | 66,809,689,258 |
| Eventual supply (max supply) | 100,000,000,000 |
| Dilution to full supply | 1.5x |
| Total value locked | $280.0M |
| Listed on | Binance, Bybit, OKX |
Price, market cap, supply and all-time high from CoinGecko, fetched 6 Aug 2026. The 25 scores come from the research pass dated 11 Jun 2026 and don't move with price.
Tokens with a similar profile
These are the closest matches to BLAST measured on the shape of all 25 variables after removing overall quality, so what they share is a pattern of strengths and weaknesses rather than a similar size or price.
Sources
- [DefiLlama] Blast briefly held $2.3B TVL during pre-launch points phase in 2024; TVL collapsed to ~$280M post-airdrop
- [The Block] BLAST airdrop in June 2024 seen as disappointing by community; token dumped 70%+ immediately
- [TokenUnlocks] Only 25% of 100B BLAST supply circulating; Tier1 VC allocations open through 2027
Common questions
- What is the Early Thunder score for Blast (BLAST)?
- BLAST scores 87 out of 250 on the 25-variable framework, ranking 206th of 251 rated tokens (bottom quartile). The framework verdict is PASS.
- What are BLAST's strongest fundamentals?
- BLAST ranks highest on P/S Multiple 7/10, 9th of 251, Exchange Depth 7/10, 12th of 251, Real Staking Yield 5/10, 37th of 251 and Treasury Runway 5/10, 74th of 251. Ranks are measured against all 251 tokens in the same scoring pass.
- What are the weakest parts of the BLAST thesis?
- BLAST scores in the bottom third of the universe on Supply Inflation 2/10, 228th of 251, Vesting Schedule 2/10, 223rd of 251, Buyback and Burn 1/10, 205th of 251 and Insider Selling 3/10, 201st of 251. The single risk carried on the scorecard is: 98.4% down from ATH; only 25% circulating with years of vesting pressure; yield farming narrative is played out
- How much BLAST supply is still to enter circulation?
- 66.8% of eventual BLAST supply is circulating today, leaving 1.5x the current float still to arrive. At a flat price per token that is 33.2% of fully diluted value ahead of current holders.
- How far is BLAST from its all-time high?
- BLAST trades 99.17% below its all-time high of $0.0292. Returning to that high requires a 120.5x move from the level used in this scoring pass.
- Which tokens have a similar profile to BLAST?
- Measured on the shape of all 25 scored variables rather than on price, the closest matches to BLAST are MODE (72), MOVE (67), MANTA (76) and USUAL (99). Similarity here means the same pattern of strengths and weaknesses, not a similar market cap.
- What is the next catalyst for BLAST?
- Blast Big Bang network revival if native yield products attract real users beyond yield chasers
Keep reading
Research and analysis, not investment advice. Scores are one framework applied consistently across 251 tokens, not a prediction of price.