Blum Sets Airdrop Snapshot for June 7 Amid Co-Founder’s Arrest and Community Backlash

Blum, a once-hyped Telegram mini app turned decentralized exchange (DEX), has revealed the snapshot date and eligibility criteria for its long-awaited airdrop. The announcement comes at a turbulent time for the project, following the arrest of co-founder Vladimir Smerkis on fraud charges and a sharp decline in user engagement.

Snapshot Set for June 7, Airdrop Criteria Revealed

Blum confirmed that it will take a snapshot of user balances and activity on June 7, which will determine who qualifies for the airdrop. Token distribution is expected shortly after.

To be eligible, users must meet at least one of the following conditions:

• Hold over 100,000 Blum Points (BP)
• Earn 750 or more Meme Points (MP) or provide proof of consistent engagement
• Refer two or more users and pass a Sybil check (to ensure accounts are genuine)

The criteria have stirred controversy among the community. Some users welcomed the update, while others voiced disappointment—especially those who had been consistently active but didn’t meet the new thresholds.

One user shared on X that despite logging in for 67 straight days, they still didn’t qualify. Another criticized the Meme Points requirement as “unfair to early supporters,” adding to the growing frustration among long-time users.

Blum’s team acknowledged the feedback but emphasized the need for anti-Sybil protections to prevent abuse of the airdrop system.

Tokenomics Still Under Wraps

Despite announcing the snapshot, Blum has yet to release details on its tokenomics, leaving users in the dark about the potential value of their future tokens. This lack of transparency has only added to the uncertainty surrounding the project’s trajectory.

Leadership Crisis and Falling Metrics

Blum’s announcement follows a major internal setback: the arrest of co-founder Vladimir Smerkis on fraud-related charges. The team issued a statement seeking to reassure its community:

“Despite recent challenges following Vladimir Smerkis’ departure, we remain confident in Blum’s proposition and ability to deliver outstanding value and returns.”

However, the numbers paint a stark picture. Blum’s daily trading volume has plummeted—from over $700,000 in February to just $6,000 in June, according to Dune Analytics. This collapse in activity puts the project in a tough position as it tries to compete in an increasingly crowded DEX landscape.

Once riding high on the tap-to-earn trend, Blum had attracted more than 42 million monthly users at its peak. It also raised $5 million in funding from investors like gumi Cryptos Capital, Spartan, No Limit Holdings, YZi Labs, and OKX Ventures.

Now, with its pre-market token trading around $0.0015—down 90% from earlier this year—the project is struggling to recapture its former momentum.