Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • TRADING
  • SUBMIT
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • TRADING
  • SUBMIT
Crypto Flexs
Home»ETHEREUM NEWS»Layer 2 network Blast has become the third-largest holder of staked Ethereum following allegations of a pyramid scheme.
ETHEREUM NEWS

Layer 2 network Blast has become the third-largest holder of staked Ethereum following allegations of a pyramid scheme.

By Crypto FlexsNovember 24, 20232 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Layer 2 network Blast has become the third-largest holder of staked Ethereum following allegations of a pyramid scheme.
Share
Facebook Twitter LinkedIn Pinterest Email

According to OnChain, Blast, the newly introduced Ethereum (ETH) Layer 2 network, promises a “default rate of return” on ETH and stablecoin holdings, positioning itself as the third largest Ethereum holder in just three days after launch. ​​Secured it quickly. data.

Since its launch on November 20, the platform has accumulated more than 140,000 staked Ethereum worth approximately $286 million, leveraging Lido, a liquid staking protocol, according to Etherscan data. This accumulation represents approximately 1.5% of the total amount of staked Ethereum.

Data from Debank shows that the protocol’s multi-sig wallet currently holds more than $335 million in assets, including Ether staked by Lido and MakerDAO’s stablecoin DAI.

Controversy surrounding Blast’s pyramid system

However, Blast’s rapid growth over the past three days has sparked strong criticism within the cryptocurrency community due to the pyramid-shaped Blast points system that rewards early users based on the number of users they refer.

Details on the project website state that users will receive an additional 16% of points for bringing in more participants through referrals, and an additional 8% of points for bringing in additional users in subsequent stages.

What’s interesting is that inflows into the protocol will remain one-way with no withdrawal option until its scheduled launch in February next year.

Simon Dedic, CEO and managing partner of cryptocurrency investment firm MoonRock Capital, said Blast’s unique selling point is its “Ponzi airdrop farming.” that Added:

“(To be honest) Explosion_L2 This perfectly illustrates why non-cryptocurrency people hate Web3. (It is) not a technological advancement over other L2s, nor does it offer any interesting applications that can be used on top of it. While disabling withdrawals.”

In addition to Ponzi-like structures, Blast’s multi-signature wallet has garnered attention.

Polygon Engineer Jarrod Watts Believe The protocol requires three out of five signatories to approve any suspicious activity. Watts emphasized that the address involved was new and his identity was unknown.

But despite the inherent risks, Watts suspects the funds could be stolen.

Likewise, SlowMist founder Cos noted that Blast works with upgradable contracts with a 3/5 multi-signature setup and has no time locks.

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Ethereum Triangle Breakdown Adds Pressure to Recovery Prospects

May 18, 2026

JPMorgan leverages both Ethereum and Solana for separate reasons for its institutional cash stack.

May 14, 2026

EEA Begins Treasury Deployment on Ethereum-Based Staking Infrastructure

May 10, 2026
Add A Comment

Comments are closed.

Recent Posts

Bitmine Immersion Technologies (BMNR) Announces ETH Holdings Reach 5.28 Million Tokens, And Total Crypto And Total Cash Holdings Of $12.6 Billion

May 18, 2026

How to Bet Safely with Crypto: The Most Trusted Licensed Sportsbook

May 18, 2026

Lock.com Enters Early Access With Isolated Signing And Post-Quantum Architecture

May 18, 2026

1win Crypto Tournaments Go Global With Up To 200K USDT In Rewards

May 18, 2026

Ethereum Triangle Breakdown Adds Pressure to Recovery Prospects

May 18, 2026

AFX Launches Sovereign Layer 1, Providing An Optimized Execution Environment For On-chain Perp DEXes

May 18, 2026

DOGEBALL Tracks 2900% Profits, Breaks Poly Truth Capital, Meme Punch Stagnation, Positions itself as Best Cryptocurrency Presale to Buy Now

May 18, 2026

Ripple (XRP) tests $1.43 support amid mixed market sentiment.

May 17, 2026

With Ethereum price stuck below $2,320, hopes for recovery are starting to fade.

May 16, 2026

Washington DC Summit As Real Estate Tokenization Enters Its Next Phase

May 15, 2026

Could BNB price fall above $750 if a double bottom pattern forms?

May 15, 2026

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

Bitmine Immersion Technologies (BMNR) Announces ETH Holdings Reach 5.28 Million Tokens, And Total Crypto And Total Cash Holdings Of $12.6 Billion

May 18, 2026

How to Bet Safely with Crypto: The Most Trusted Licensed Sportsbook

May 18, 2026

Lock.com Enters Early Access With Isolated Signing And Post-Quantum Architecture

May 18, 2026
Most Popular

Bitcoin Price Eye Eyes discouraged continuous -Can be reached $ 90K?

April 15, 2025

USDe developer Ethena has raised a new funding round at a valuation of $300 million.

February 16, 2024

Recent security upgrade boosts Terra Luna Classic trading volume

January 17, 2024
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2026 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.