Last year, Blum, a Telegram mini app that boasted 42 million monthly active users, announced its airdrop eligibility criteria and the snapshot date after over a year of development. Initially operating under a tap-to-earn model, the project evolved into a trade-to-earn system and positioned itself as a decentralized exchange (DEX). Despite these efforts, available data indicates that Blum has not yet drawn substantial trading activity amidst the growing competition among DEX platforms.

In its recent announcement, the team confirmed that the snapshot would take place on June 7. This snapshot will capture user balances and activities to establish airdrop qualification. The distribution is anticipated to occur soon after the snapshot.

Blum also detailed three conditions for airdrop eligibility. Participants must meet at least one of the following criteria:

These requirements have generated varied responses within the Blum community. While some users are content with qualifying, others have voiced dissatisfaction over the stringent stipulations.

For instance, a user on X shared a screenshot indicating they did not qualify even after logging in consecutively for 67 days. Another user criticized the Meme Points requirement, labeling it \"very unfair,\" particularly for long-term supporters of the project.

These reactions underscore Blum's challenge in maintaining fairness while implementing anti-sybil measures to deter misuse.

Even though Blum has disclosed the snapshot date and airdrop guidelines, it has yet to reveal the tokenomics. This absence of information complicates users' ability to assess the potential worth of their airdrops.

The airdrop and snapshot announcement followed a surprising development: the arrest of co-founder Vladimir Smerkis on fraud allegations.

In 2025, Blum's daily trading volume has seen a dramatic decline. Data from Dune Analytics shows that daily trading volume on Blum.io dropped from over $700,000 in February to approximately $6,000 in June.

This steep fall has significantly diminished Blum's competitiveness in the DEX market—a notable setback for a project that previously capitalized on the tap-to-earn trend and attracted tens of millions of users.

Previously, Blum secured $5 million in funding led by gumi Cryptos Capital, with contributions from prominent venture firms like Spartan, No Limit Holdings, YZi Labs, and OKX Ventures.

As of the time of writing, Blum's pre-market token price remains around $0.0015, marking a 90% decrease from its early-year peak. This reflects enduring investor uncertainty and places the project in a vulnerable state.

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