The new Ethereum layer-2 rolling up announced on Monday has attracted already $27,000,000 in TVL (total value locked). But there is a twist.
Blast was supposed to launch in 2024 as a roll up, according to optimistic predictions, but the network’s backers began collecting deposits for a smart contract immediately. “bridge.”
The contract accumulated enough dai and ether in a half-day to place it 16th on the TVL ranking of rollup tracker L2Beat, above established names like derivatives DEX Aevo or Arbitrum Nova.
Blast is announcing its announcement. “the only Ethereum L2 with native yield for ETH and stablecoins,” It uses DAI, which is currently at 5.5%, to take advantage of the US Treasury Bill yield that MakerDAO has been able to grow.
Blast’s development team led by the pseudonymous Blur founder Pacman raised $20 million in venture capital from Paradigm, Standard Crypto and a diverse group of crypto-influencers and angel investors.
Initial reactions have focused on the unidirectional nature of the “bridge” — once you cross you can’t exit until after Blast actually launches and withdrawals are enabled.
A bridge normally allows both assets and funds to pass through it. A multi-signature five-key wallet appears to control this contract. One of the addresses contains no ether, has no history in transactions, while the four other addresses were funded recently by one address.
It calls into doubt the independence of those signing the document.
Pacman says there is no reason to be concerned.
“The Blast Early Access bridge contract does use a multisig, and each signer is a unique contributor to Blast,” He told Blockworks. “This is the same security model that other L2s like Optimism, Polygon, and Arbitrum utilize — these L2s are all upgradeable via multisig as well.”
Blockworks also reached out to Paradigm Crypto and Standard Crypto.
L2Beat has been designated as the project. “upcoming” Instead of “active” As a result, its implementation is currently in place.
Lido’s use has angered Ethereum community members, especially Dankrad Feist who called the service “centralization-risky”. “a very bad idea” On X.
“ETH and liquid staking derivatives are different assets with different risk profiles (and rewards), and users should have a choice about which one they want to use,” “He said”
Paradigm’s investment in Lido, as well as Blur, should not be a surprise.
Critics also question the use of a multi-level-marketing style referral campaign, which doles out points, of unknown value, to incentivize sending invitations to prospective new users.
Site explicitly offers an airdrop for early access participants. Earned points are anticipated to be redeemable as early as May 2024.
Points systems have increasingly been used as a growth bootstrapping mechanism by protocol developers — including Pacman’s prior marketing of Blur — and are widely seen as a precursor to an airdrop or something else of value.
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