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

Ondo Finance adds proxy voting for holders of $700 million worth of tokenized shares.

April 28, 2026

Institutional Wallet Receives 100,000 Ethereum ($233.7M) from BitGo: Find out who’s behind the move

April 24, 2026

Analyst Says Ethereum Just Confirmed ‘Turtle Soup’ Here’s what it means:

April 20, 2026
Add A Comment

Comments are closed.

Recent Posts

How to Connect OpenClaw with Binance for Live AI Trading (2026)

April 28, 2026

BitMart X $EAT Trade-to-Feed Competition To Pay Out $4.4M USDT To Traders In May 2026

April 28, 2026

ORBS) Reports Total Holdings Of Approximately $333 Million, Includes OpenAI, Beast Industries, More Than 11,000 ETH And Over 283 Million WLD Tokens

April 28, 2026

Core Scientific moves forward with 1.5GW AI data center campus in Texas

April 28, 2026

AxeCasino To Attend IGB L!VE 2026 Following Front-End Update Focused On Usability And Cross-Device Performance

April 28, 2026

Ondo Finance adds proxy voting for holders of $700 million worth of tokenized shares.

April 28, 2026

Bitcoin is at risk of liquidation of $1.4 billion if BTC rises to $80,000.

April 28, 2026

MBitmine Immersion Technologies Reports ETH Holdings Of 5.078M Tokens, Total Assets At $13.3B

April 28, 2026

Harvey AI opens Dallas office, expands legal AI presence

April 28, 2026

Nexus AiCOS Defines “Proofs Of Behavior” As The On-Chain Credit Standard On Base

April 27, 2026

Digital ledger technology explained: a guide for crypto

April 27, 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

How to Connect OpenClaw with Binance for Live AI Trading (2026)

April 28, 2026

BitMart X $EAT Trade-to-Feed Competition To Pay Out $4.4M USDT To Traders In May 2026

April 28, 2026

ORBS) Reports Total Holdings Of Approximately $333 Million, Includes OpenAI, Beast Industries, More Than 11,000 ETH And Over 283 Million WLD Tokens

April 28, 2026
Most Popular

Hong Kong Monetary Authority and HKAB hold first task force meeting on SME lending

September 11, 2024

Genesis Global Trading to pay $8 million in settlement after New York’s regulator found cybersecurity failings

January 14, 2024

Snake Upgrade: More Fun Stuff

June 6, 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.