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 leverage remains at an all-time high. What happens next?

January 30, 2026

BlackRock supports Ethereum gatekeeping tokenization despite market share being threatened.

January 26, 2026

What does it take to scale tokenized collateral? – Enterprise Ethereum Alliance

January 22, 2026
Add A Comment

Comments are closed.

Recent Posts

How high can $SHIB go in the next cryptocurrency rally?

January 31, 2026

Onre Tokenized Pool Audit Summary

January 31, 2026

NFT sales drop 38% due to weakening cryptocurrency market

January 31, 2026

The cryptocurrency veteran is back with caricatures, privacy apps, and Gasless L2.

January 30, 2026

Ethereum leverage remains at an all-time high. What happens next?

January 30, 2026

Hong Kong regulators have set a sustainable finance roadmap for 2026-2028.

January 30, 2026

Bybit Unveils 2026 Vision As “The New Financial Platform,” Expanding Beyond Exchange Into Global Financial Infrastructure

January 30, 2026

How to Claim Vault12 Promo Code FALLOUT26 for Android and iOS

January 29, 2026

Crypto Veteran Returns With Satirical Cartoon, Privacy App, And Gasless L2

January 29, 2026

Some Have Embraced Hashrate, Daily Returns Quietly Approaching $7777

January 29, 2026

US Senator Submits Amendment to Cryptocurrency Bill

January 29, 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 high can $SHIB go in the next cryptocurrency rally?

January 31, 2026

Onre Tokenized Pool Audit Summary

January 31, 2026

NFT sales drop 38% due to weakening cryptocurrency market

January 31, 2026
Most Popular

Impact of multi-functional cryptocurrency brokers on market stability after FTX collapse

November 29, 2023

Bitcoin price nears all-time high as political and financial climate changes

July 30, 2024

North Korea’s Lazarus Group resumes Bitcoin activities

January 9, 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.