- At launch, Blast was backed by a $20 million investment from high-profile backers such as Paradigm and Standard Crypto.
- Blast is facing Ponzi fraud charges.
- Roquerre said Blast’s 4-5% returns come from reputable platforms like Lido and MakerDAO.
In a series of recent events, Blast has faced scrutiny and allegations of a Ponzi scheme. However, founder Tieshun Roquerre strongly denied these claims.
Despite ongoing controversies, the recently launched Blast platform has achieved a significant milestone of exceeding $400 million in Total Value Locked (TVL), fueling the platform’s rapid growth and innovative use of ‘Blast Points’ for community engagement and Layer 2. Highlights unique features, including approach. (L2) Base yield generation.
As the platform garnered attention for its Total Value Locked (TVL) exceeding $400 million, Roquerre sought to clarify misconceptions surrounding Blast’s innovative approach to production generation and community engagement.
What is an explosion?
Launched in invite-only early access mode, the Blast platform quickly gained traction, raising $20 million from investors including Paradigm and Standard Crypto.
With TVL exceeding $400 million, the platform’s unique features such as ‘Blast Points’ for community engagement have contributed to the rapid growth. The TVL milestone reflects the confidence of both investors and users despite ongoing debates about the platform’s viability and security.
Blast positions itself as the first layer 2 (L2) with native yield. Promising EVM-compatible optimistic rollups, the platform allows users to earn profits from stablecoins. By linking assets such as USDC, USDT, and DAI to Blast, users participate in the on-chain T-Bill protocol like MakerDAO and earn in USDB, Blast’s automatically rebased stablecoin.
Despite concerns about the length of the lockdown and the yet-to-be-launched state of L2, Roquerre predicts that Blast will have a potential impact in reducing transaction costs and improving institutional-level NFT performance.
Response to Blast’s Ponzi Scheme Claims
Blast founder Tieshun Roquerre has responded to claims labeling the platform as a Ponzi scheme.
Roquerre strongly refutes these claims, highlighting that Blast’s 4-5% returns come from reputable platforms such as Lido and MakerDAO. He points out that these returns are a result of Ethereum’s staking rewards and on-chain T-Bills, establishing it as a sustainable component within the crypto economy. Roquerre’s commitment to transparency aims to dispel any misconceptions surrounding Blast’s financial model.
As Blast navigates its early stages, the cryptocurrency community remains vigilant, monitoring the platform’s progress and assessing its potential impact on the evolving cryptocurrency financial landscape.