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Home»EXCHANGE NEWS»Paradigm says Blast is ‘crossing the line’ amid huge influx of TVLs.
EXCHANGE NEWS

Paradigm says Blast is ‘crossing the line’ amid huge influx of TVLs.

By Crypto FlexsNovember 29, 20233 Mins Read
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Paradigm says Blast is ‘crossing the line’ amid huge influx of TVLs.
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The Blast mainnet is scheduled to launch on February 24, 2024, with withdrawals available starting May 24 next year and allowing users to exchange Blast points for real-world rewards.

The recently launched Ethereum (ETH) Layer-2 blockchain Blast has gained some popularity over the past few days, but much of that fame has not been for the right reasons. Blast is the first layer 2 blockchain protocol to offer a default rate of return to depositors, and this single action sets it apart from top competitors including Arbitrum, Optimism, and Base.

These offerings, among other factors, have driven a significant portion of the market influx into new L2 networks. About a week ago, Blast recorded over $301 million in staked Ethereum (stETH) and stablecoins. To date, the protocol has recorded inflows of over $616 million, per DefiLlama’s data. This investor activity in the protocol has solidified Blast’s position as the third-largest Ethereum layer 2 network and the fastest-growing blockchain network.

Base, launched last August, has achieved tremendous results in a very short period of time since its launch. However, the Total Value Locked (TVL) seen by Blast over the past week since launch far exceeds the Total Value Locked (TVL) of its Coinbase-linked rivals. Currently, Base’s TVL is hovering around $582 million three months after launch.

Paradigm, the research-focused technology investment firm that led the $20 million funding round for Blast, publicly announced criticize A brilliant introduction of Ethereum L2 to the Web3 world. Dan Robinson, head of research and general partner at Paradigm, shared an X App post conveying the company’s position on Blast’s actions.

“There are a lot of interesting elements to Blast that we want to connect with people,” Robinson explained. “But at Paradigm, we believe this week’s announcement crossed a line in terms of messaging and execution.”

Paradigm disagrees with Blast.

The Blast mainnet is scheduled to launch on February 24, 2024, with withdrawals available starting May 24 next year and allowing users to exchange Blast points for real-world rewards. Robinson said Paradigm never supported the decision, noting that it set a negative precedent for other projects regarding the sustainability of the system. Paradigm also believes that “much of marketing saves work costs for serious teams.”

Unfortunately, criticism from Paradigm and other cryptocurrency leaders has not stopped users from locking their assets into Blast in preparation for its mainnet launch in 2024. It’s worth noting that all staked funds won’t be accessible until February next year when the Blast network launches. It’s finally live.

Considering the history and trend of network bridge attacks such as the Axie Infinity Ronin bridge, many cryptocurrency enthusiasts have security concerns regarding Blast. Some people are already referring to the L2 Protocol as a Ponzi scheme designed to scam investors out of their hard-earned assets.

Blast and Blur co-founder Tieshun “Pacman” Roquerre posted a thread on the X app. refute There were numerous criticisms that there were many misunderstandings and ultimately reaffirmed the position that Blast was a legitimate L2 protocol.

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