Ethereum

Blast

Blur

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 <p class="is-style-lead">Blast’s innovative <a rel="noopener noreferrer nofollow" title="layer-2" href="https://thebittimes.com/tag/layer-2.html">layer-2</a> blockchain sees $310 million in deposits amidst users’ criticisms.&nbsp;</p>
 <p>Blast Bridge, a new Ethereum <a rel="noopener noreferrer nofollow" title="layer-2" href="https://thebittimes.com/tag/layer-2.html">layer-2</a> blockchain, saw an <a rel="noopener noreferrer nofollow" title="inflow" href="https://thebittimes.com/tag/inflow.html">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.<br><br>Launched by the co-founder of NFT marketplace Blur and supported by Paradigm, Blast is charting a unique path in the <a rel="noopener noreferrer nofollow" title="layer-2" href="https://thebittimes.com/tag/layer-2.html">layer-2</a> domain. Its introduction has seen a remarkable accumulation of staked Ethereum (stETH) and stablecoins, signaling strong market interest.</p>
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   Blast’s on-chain data | Source: DeBank
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 <p>Blast’s approach to blockchain technology and backing 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.</p>
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 <p>However, concerns 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.</p>
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    <p lang="en" dir="ltr">Blast is actually insane lol<br><br>– Raise seed money with no testnet, no docs, nothing<br>– Use points and ref ponzi to attract TVL to a chain that doesn't exist<br>– Rawdogg the deposited $ETH into $stETH on a 5 person multisig of anon devs<br><br>We're getting more retarded by the minute pic.twitter.com/XA32pNw4nk</p>— Wazz (@WazzCrypto) November 21, 2023
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 <p>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.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/new-ethereum-layer-2-network-blast-sees-a-massive-310m-inflow-tbt71419.html">https://thebittimes.com/new-ethereum-layer-2-network-blast-sees-a-massive-310m-inflow-tbt71419.html</a></p>

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

TheBitTimes

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