The Emergence of Blast in the Layer 2 Landscape
Blast, a Layer 2 blockchain network built on Ethereum, has quickly become a topic of discussion in the crypto community, attracting over $300 million in assets despite the lack of a bridge to retrieve funds until March. The network, which aims to generate returns through ether and real asset staking, is led by the pseudonymous @PacmanBlur, co-founder of the NFT marketplace Blur. Despite its invitation-only status and unique referral link system, Blast has garnered support from major players in the crypto space, such as Paradigm.
Controversy Surrounding Blast’s Rewards Program
While Blast’s staking and user referral model has drawn crowds, it has also raised concerns. Critics compare Blast’s points system, used for exchanging airdrops, to a Ponzi scheme, noting that early users benefit based on the number of users they recruit. The system awards additional points for each new layer of users brought in through referrals, raising questions about the sustainability and ethics of such a model.
Despite the criticism, Blast’s staking on the liquid staking protocol Lido has made it the seventh-largest holder of staked ether. Its rapid accumulation of total value locked (TVL) is approaching that of Coinbase’s Base, demonstrating its early success.
