Bitcoin

Kaspa

Blast has stormed onto the blockchain scene, gathering a jaw-dropping <a href="https://debank.com/profile/0x5f6ae08b8aeb7078cf2f96afb089d7c9f51da47d" rel="noopener noreferrer nofollow">$488 million</a> in just five days since launching its deposit contract. But with this rapid rise, it&#39;s not all sunshine and rainbows for Blast—as the project has attracted passionate supporters and critical skeptics.Led by a mysterious individual linked to the Blur NFT marketplace, Blast has been hyped for its Layer 2 network, luring users with tempting incentives like ETH staking rewards and stablecoin interest. This has sent its total value locked (TVL) skyrocketing. But there&#39;s a murmur in the crowd, a hint of unease stirring among crypto enthusiasts. <img src="https://academy-public.coinmarketcap.com/optimized-uploads/bef018882eaf4f129a8051968f5ab4b5.png" />Blast&#39;s ascent has sparked important questions about the balance and health of the broader crypto ecosystem.One hot topic is the flood of assets flowing into the Lido protocol due to Blast&#39;s deposits. Some worry that this might tip the scales, impacting Ethereum&#39;s decentralization.Then there&#39;s the security spotlight shining on Blast. Critics point out that the project heavily relies on trust in pseudonymous entities managing the multisignature (multisig) account for changing smart contracts.There&#39;s also valid concerns about the project&#39;s infrastructure robustness, given the absence of vital components like a testnet or transparent transaction data to Ethereum.Experts like <a href="https://twitter.com/jarrodWattsDev/status/1727584436487622898" rel="noopener noreferrer nofollow">Jarrod Watts</a> of Polygon raise valid concerns about Blast&#39;s readiness as a Layer 2 solution, highlighting the risk tied to relatively unknown wallets used by multisig signers and making users question the project&#39;s security measures and reliability.The conversation takes a twist around Blast&#39;s use of upgradable contracts. While the project defends this strategy for swift bug fixes, critics worry it&#39;s putting undue trust in users. Comparisons to other Layer 2 solutions reveal differing confidence levels in known individuals handling similar upgrades.Responding to the scrutiny, Blast <a href="https://twitter.com/Blast_L2/status/1728096087351914736" rel="noopener noreferrer nofollow">assured</a> users of measures like multisig signers using various hardware wallets, geographical separation, and cold storage for user assets. But, the community remains divided over whether these steps adequately address worries about centralized control.Despite Blast&#39;s conquest of attention and assets, the project embodies the blockchain-crypto industry&#39;s ongoing challenge: finding the right blend of innovation, user security, and decentralization.The ongoing discourse underlines the importance of maintaining trust and transparency in the pursuit of groundbreaking solutions. Blast&#39;s live launch is slated for February 2024. Of course, the Web3 community is eager to see how this story unfolds and its implications for the industry.Catch up on our published articles for the week!NEWS●  South Korea’s BOK to Launch Extensive CBDC Pilot with 100,000 Citizens in Late 2024 &gt;&gt;&gt;<a href="https://defi-planet.com/2023/11/south-koreas-bok-to-launch-extensive-cbdc-pilot-with-100000-citizens-in-late-2024/" rel="noopener noreferrer nofollow"> Read more</a>.● Binance’s New CEO Richard Teng Reassures Stakeholders Amid Regulatory Challenges, Affirms Exchange’s Robust Financial Position &gt;&gt;&gt;<a href="https://defi-planet.com/2023/11/binances-new-ceo-richard-teng-reassures-stakeholders-amid-regulatory-challenges-affirms-exchanges-robust-financial-position/" rel="noopener noreferrer nofollow"> Read more</a>.●  Binance Founder Zhao Steps Down as CEO, Richard Teng Takes the Helm Amidst Regulatory Challenges &gt;&gt;&gt;<a href="https://defi-planet.com/2023/11/binance-founder-zhao-steps-down-as-ceo-richard-teng-takes-the-helm-amidst-regulatory-challenges/" rel="noopener noreferrer nofollow"> Read more</a>.●  Binance Settles With U.S. Authorities, Agrees to Pay $4.3 Billion Penalty as CEO Faces Potential Jail Time &gt;&gt;&gt;<a href="https://defi-planet.com/2023/11/binance-settles-with-u-s-authorities-agrees-to-pay-4-3-billion-penalty-as-ceo-faces-potential-jail-time/" rel="noopener noreferrer nofollow"> Read more</a>.●  Celsius Network Shifts Gears, Announces Plans to Establish Customer-Owned Bitcoin Mining Company &gt;&gt;&gt;<a href="https://defi-planet.com/2023/11/celsius-network-shifts-gears-announces-plans-to-establish-customer-owned-bitcoin-mining-company/" rel="noopener noreferrer nofollow"> Read more</a>.● Binance May Pay Over $4 Billion to Settle U.S. DOJ Probe; the Largest-Ever in Crypto – Report &gt;&gt;&gt;<a href="https://defi-planet.com/2023/11/binance-may-pay-over-4-billion-to-settle-u-s-doj-probe-the-largest-ever-in-crypto-report/" rel="noopener noreferrer nofollow"> Read more</a>.ARTICLES●  Top 10 Cold Storage Options for Crypto Investors in 2023 &gt;&gt;&gt;<a href="https://defi-planet.com/2023/11/top-10-cold-storage-options-for-crypto-investors-in-2023/" rel="noopener noreferrer nofollow"> Learn more.</a>MARKETS●  Can Kaspa’s KAS Token Sustain its Remarkable Surge Amidst the Market Downturn? &gt;&gt;&gt;<a href="https://defi-planet.com/2023/11/can-kaspas-kas-token-sustain-its-remarkable-surge-amidst-the-market-downturn/" rel="noopener noreferrer nofollow"> Learn more.</a>Spotlight on interesting projectsTezoro<a href="https://tezoro.io/" rel="noopener noreferrer nofollow">Tezoro</a> is a non-custodial service that allows you to reduce the risk of losing your crypto by ~100 times by creating a backup: a smart contract that can withdraw crypto from your wallet and transfer it to a backup address even if you&#39;ve already lost access to your wallet or died.Tezoro is a non-custodial service. It helps you to prepare your backup, and you confirm it via your MetaMask and deploy it directly to the blockchain.Nobody, including Tezoro, can change the amount or replace the backup address. The only thing you allow it to do is initiate the transfer at the moment you need it.For more information, visit <a href="https://tezoro.io/" rel="noopener noreferrer nofollow">https://tezoro.io/</a><img src="https://academy-public.coinmarketcap.com/optimized-uploads/fda7d4943e6840b4b080070dcb7147a1.jpeg" />If you want more content like this, visit <a href="https://defi-planet.com/" rel="noopener noreferrer nofollow">DeFi Planet</a> and follow us on <a href="https://twitter.com/PlanetDefi" rel="noopener noreferrer nofollow">Twitter</a>, <a href="https://www.linkedin.com/company/defi-planet/" rel="noopener noreferrer nofollow">LinkedIn</a>, <a href="https://www.facebook.com/DeFi-Planet-129907662611402" rel="noopener noreferrer nofollow">Facebook</a>, <a href="https://www.instagram.com/defi.planet/" rel="noopener noreferrer nofollow">Instagram</a>, <a href="https://medium.com/&#64;defi-planet" rel="noopener noreferrer nofollow">Medium</a>. and <a href="https://coinmarketcap.com/community/profile/DeFiPlanet/" rel="noopener noreferrer nofollow">CoinMarketCap Community</a>.

Weekly Round-Up #77 | Blast: Riding High Amid Controversy ⚔ 💵

DeFi Planet

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