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

Class action lawsuit claims Microsoft choked AI supply to drive up ChatGPT costs

October 14, 2025

‘OG’ Whale Attracts Over $400 Million in Bearish BTC Bet

October 10, 2025

BitDigital becomes the first public Etherrium for distributing unsecured leverage -details -Details

October 6, 2025
Add A Comment

Comments are closed.

Recent Posts

XMoney Launches $XMN On Sui, Expands Listings Across Global Exchanges

October 15, 2025

ZNB) STRENGTHENS BALANCE SHEET WITH USD 231 MILLION BITCOIN-BACKED INVESTMENT AMID MARKET TURBULENCE

October 15, 2025

XRP price falls 6% as market crash causes whales to flee

October 15, 2025

US government holds $36 billion in Bitcoin after largest confiscation in history

October 15, 2025

Decoding City Protocol’s IP Capital Market

October 14, 2025

Tria Raises $12M To Be The Leading Self-custodial Neobank And Payments Infrastructure For Humans And AI.

October 14, 2025

How to Use Google Gemini to Analyze Crypto Coins Before Investing

October 14, 2025

Class action lawsuit claims Microsoft choked AI supply to drive up ChatGPT costs

October 14, 2025

CME Group Launches CFTC Regulated Solana and XRP Options

October 13, 2025

Eightco Holdings Inc. ($ORBS) Makes Strategic Investment Into Mythical Games To Accelerate Human Verification And Digital Identity In Gaming

October 13, 2025

Jiuzi Holdings, Inc. (JZXN) Secures 100 Bitcoin Via Private Placement, Signaling New Phase In Crypto Treasury Deployment

October 13, 2025

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

XMoney Launches $XMN On Sui, Expands Listings Across Global Exchanges

October 15, 2025

ZNB) STRENGTHENS BALANCE SHEET WITH USD 231 MILLION BITCOIN-BACKED INVESTMENT AMID MARKET TURBULENCE

October 15, 2025

XRP price falls 6% as market crash causes whales to flee

October 15, 2025
Most Popular

Prometheum’s Ethereum Custodial launch puts SEC’s classification of ETH in the spotlight

February 9, 2024

Whales accumulate Ethereum (ETH), Uniswap (UNI) and two additional DeFi altcoins: Lookonchain

October 15, 2024

Arbitrum DAO explores grants to boost Web3 game development

February 18, 2024
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

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