Ethereum

Blast

Maker

Blur

Blast’s innovative layer-2 blockchain sees $310 million in deposits amidst users’ criticisms.&nbsp; 
Blast Bridge, a new <a href="https://crypto.news/price/ethereum/">Ethereum</a> layer-2 blockchain, saw an <a href="https://debank.com/profile/0x5f6ae08b8aeb7078cf2f96afb089d7c9f51da47d" target="_blank" rel="noopener">inflow</a> of $310 million in assets shortly after its debut. This significant influx of assets includes substantial deposits of 129,866.52 ETH through Lido and 42,587,100 DAI via Maker MSR. Launched by the co-founder of NFT marketplace Blur and supported by Paradigm, Blast is charting a unique path in the layer-2 domain. Its introduction has seen a remarkable accumulation of staked Ethereum (stETH) and stablecoins, signaling strong market interest. 
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 Blast’s on-chain data | Source: <a href="https://debank.com/profile/0x5f6ae08b8aeb7078cf2f96afb089d7c9f51da47d" target="_blank" rel="noopener">DeBank</a>
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Blast’s approach to blockchain technology and <a href="https://www.coindesk.com/tech/2023/11/21/new-ethereum-layer-2-blast-attracts-30m-hours-after-bridge-goes-live/" target="_blank" rel="noopener">backing</a> from high-profile entities like Paradigm and the crypto-native investor group “eGirl Capital” has captured significant attention. The platform’s native staking feature is designed to yield returns through Ethereum staking and real-world assets, offering a distinct avenue for user investment growth. 
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However, <a href="https://twitter.com/WazzCrypto/status/1727019850521006550" target="_blank" rel="noopener">concerns</a> have been raised about the risks associated with Blast’s operational model, particularly its reliance on the liquid-staking protocol Lido for exchanging assets for Blast points. Critics question the security and viability of locking total value locked (TVL) in a yet-to-materialize chain, suggesting possible weaknesses in the platform’s foundation. 
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 Blast is actually insane lol – Raise seed money with no testnet, no docs, nothing – Use points and ref ponzi to attract TVL to a chain that doesn't exist – Rawdogg the deposited <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$ETH</a> into <a href="https://twitter.com/search?q=%24stETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$stETH</a> on a 5 person multisig of anon devs We're getting more retarded by the minute <a href="https://t.co/XA32pNw4nk" target="_blank">pic.twitter.com/XA32pNw4nk</a>— Wazz (@WazzCrypto) <a href="https://twitter.com/WazzCrypto/status/1727019850521006550?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">November 21, 2023</a>
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The Blast Points system has also been a topic of controversy. Some community members compare it to a pyramid scheme, highlighting the inability of users to access their staked assets until the bridge’s activation. This strategy necessitates user engagement through Blast points, a mechanism that continues to be closely scrutinized by industry watchers and participants alike. 
 Read more: <a href="https://crypto.news/binance-outflows-reach-1-2b-in-past-7-days/"> Binance outflows reach $1.2b in past 7 days </a>

New Ethereum layer-2 network Blast sees a massive $310m inflow

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