Blast, a new layer-2 blockchain on Ethereum, has attracted significant attention with over $400 million in deposits within a short period. Despite this, concerns have been raised regarding its legal and security framework. The project has received investments from Paradigm and has a multi-sig wallet controlled by five people. The founder has addressed criticism, denying Ponzi scheme allegations and stating the goal is to develop the on-chain economy. The platform offers native yield for ETH and stablecoins, with approximately 52,836 community members earning yields and Blast Points. However, some elements of Blast, such as its security model and gamification, have been flagged as risky by the community.
Optimism, Arbitrum, Polygon, Blast https://t.co/7vwjhRudwp
The Unseen Side of Blast: Security Concerns Rise for the New Ethereum Layer2 Project https://t.co/8vUhpTWOe7
💥@Blast_L2 key stats: 1. Net deposits ~$387.5M 2. DAUs ~7.4k https://t.co/g77m1r3Rbj
#Blast, #Ethereum's L2 Newcomer, Secures $400M and Public Criticism https://t.co/xcE0dhLbio
Ethereum stakers ‘terrified’ of slashing. Company coalition looks to make it nearly impossible https://t.co/HIyPm0pPrZ
This is a hot take and I have no alpha on this: If blast (L2) actually works. I think we see a @MagicEden L2 chain sometimes late next year or 2025 The apps with the users can make L2s even if they are less decentralized. I’m not talking ethics or tech here just money flow.
ICYMI: Blast founder rejects Ponzi scheme criticism, says Paradigm suggested change of strategy https://t.co/zdgUl6b9t3
Rising Ethereum layer-2 Blast has over $400 million locked up by users after just four days, thanks to promises of yield and rewards—but some builders are calling it a risk. Click below to read: https://t.co/FV3HGGZ8KI
Blur and Blast founder Pacman tweeted to explain the misunderstandings surrounding Blast: the income comes from Lido and MakerDAO rather than a Ponzi scheme; GTM has nothing to do with Paradigm; the goal is to develop the on-chain economy with the highest possible L2 income.… https://t.co/ZkhaTntTBt
These are the 5 signers of the Blast multi-signature wallet: https://t.co/Ql50PkQh8T
Ethereum Layer-2 Blast Has $400 Million Locked in Just 4 Days, Despite Concerns ► https://t.co/P4eHur1Quf https://t.co/P4eHur1Quf
#Ethereum L2 Platform #Blast Draws $400M in a Week Despite Invite-Only Access and Criticism https://t.co/xcE0dhLbio
Blast has reached $443 Million in TVL within 4 days. 52,836 community members are now earning yield (~4% for ETH and 5% for stables) + Blast Points. https://t.co/yiakjeKlss
Blast founder rejects Ponzi scheme criticism, says Paradigm suggested change of strategy https://t.co/ojEy4a6VRe
Alright let's talk about @Blast_L2 By now you probably already know that: -It's not actually an L2 yet (just a 3 of 5 multisig) -There's a one way lockdrop-style prefarm -There is gamification This comes with substantial risks and tradeoffs https://t.co/cL8iUc7FsH
NEWS: Ape first, think later: Blast deposit contract nears $400 million. https://t.co/i8g4XiFSBg
On multisig security. Read this thread to understand the security model of Blast along with other L2s like Arbitrum, Optimism, and Polygon.
BREAKING: Over $400 million have been bridged to @blur_io's new L2 - @Blast_L2 The crazy part? Blast is not an L2 yet. This is only a multi-sig wallet controlled by 5 people right now. Only in crypto... Source: @DuneAnalytics https://t.co/5RlTkr41Ya
BREAKING: Over $400 million have been bridged to @blur_io's new L2 - @Blast_L2 The crazy part? Blast is not an L2 yet. This is only a multi-sig wallet controlled by 5 people right now. Only in crypto... https://t.co/IpDIkJ5HCK
“I have chosen Blast: The only Ethereum L2 with native yield for ETH and stablecoins. I heard they raised $20m from @Paradigm to build the L2 that helps you earn more. My office will be winding down all crypto enforcement actions and enjoying juicy yields. Happy Thanksgiving!” https://t.co/8ioP0I9cA7
Blast's innovative layer-2 blockchain sees $310M in deposits amidst users' criticisms https://t.co/nOVvXnjA50
IS THERE GOING TO BE A BLAST? How big is the blast radius of @blast_l2, the new Ethereum layer two? What is the fuss and controversy about it? I am mildly bullish on Blast, but some of its elements are somewhat questionable. POST TIME (Elon broke my thread writing app)… https://t.co/15leijgZAa https://t.co/GAx26Eo0r1
New player in Ethereum's Layer 2 space: Blast achieves $300M in TVL, ranking sixth among L2s. Yet, questions loom over its legal and security framework. @juampiaranovich reports. https://t.co/EYWYbhAE11