Pacman, founder of the Blur (BLUR) NFT marketplace, has launched Blast, a new Ethereum (ETH) layer 2 network designed to allow users to earn “native income.”
20 in november name, the protocol explained how the new approach differentiates itself from other layer 2 networks. According to the team, Blast is an Ethereum Virtual Machine (EVM) compatible bullish rollup that increases native returns for users and developers without changing the experience that cryptocurrency natives expect. The protocol offers users 4% on ETH and 5% on stablecoins like USDC.
“Explosive returns come from Ethereum staking and real asset protocols. Revenues from these decentralized protocols are automatically passed back to Blast users.”
The mainnet has been launched intended Starting February 2024, users will be able to: Earn Blast points are awarded when you invite others to your protocol.
explosion High $20 million in a funding round led by venture capital firms Paradigm and Standard Crypto.
Source of data CryptoSlate It shows that the price of BLUR has increased by more than 5% to $ in the last 24 hours due to the launch of the network.As of press time, it is 0.35888.
Blast’s approach has drawn criticism.
Meanwhile, Blast’s approach has drawn criticism from several cryptocurrency stakeholders due to its Ponzi-like structure.
Cryptocurrency entrepreneur T3chman described blockchain networks as follows:Another pyramid/Ponzi scheme organized by P.paradigm The community was warned to avoid it in an attempt to drain liquidity from Web3.
Echoing T3chman’s views, NFTY Finance co-founder Tytan raised concerns about the Blast invitation system, highlighting its similarities to a pyramid scheme.
Adam Cochran, partner at Cinneamhain Ventures. specialized Explode with a platform featuring one-way deposits. According to him, Blast operates as a multi-signature vault that deposits assets into Lido and Maker for profit and provides ‘points’ to L2, which is currently unlaunched with no exit strategy.
Cryptocurrency developer Sisyphus added that the Blast ‘bridge’ remains a closed contract owned by a five-person multi-signature without a traditional L2.
Meanwhile, Defi Maestro, a Mantle Network contributor, said Layer 2 “chain is likely to depend heavily on the following: explosion “After launch, we have padded emissions to keep the total value fixed.”
“explosion It feels like an incentivized L2 reward token. blur Holder”, DeFi Maestro Added.
However, despite the criticism surrounding the project, the approach has led to nearly $50 million in inflows, including about $40 million of ETH locked in Lido and $6.5 million of ETH staked in Maker.