Blast’s Rollout Criticized
Since its announcement a few days ago, Blast, an Ethereum scaling solution developed by NFT marketplace Blur, has seen over $530 million worth of funds locked up by users looking to receive rewards and yields. However, the blockchain’s rollout has been criticized by many, including one of its investors, Paradigm.
Yesterday, General Partner at Paradigm, Dan Robinson, took to X to slam the Blast launch. While he said he was excited about the future of the crypto project, Robinson disapproved of the manner in which Blast was launched. He explained that Paradigm leadership was dissatisfied with the decision to roll out the bridge before the layer-2 network.
It is worth mentioning that Blast isn’t live yet. So, early users have been depositing their funds into the project’s bridge, which is expected to connect Ethereum and Blast. The committed funds cannot be accessed until the scaling solution goes live in February 2024.
Given the rising cases of bridge attacks, Robinson and Paradigm have expressed concerns over the safety of user funds. Moreover, some crypto enthusiasts have labeled Blast as a “pure Ponzi scheme,” arguing that its referral and reward model is suspicious.
Blast Co-Founder Responds to Criticism
Meanwhile, Blur and Blast co-founder Tieshun Roquerre has refuted claims that Blast is a shell game. In a long thread on X, he said yesterday he understood that the high yield promised by the layer-2 network felt too good to be true but claimed that his team was committed to ensuring Blast users receive high returns.
Moreover, Roquerre wrote that Paradigm, the venture capital firm that injected $20 million into Blast a few months ago, had no say in the Layer-2 network’s launch plans.
“We Are Already Engaging With Blast,” Robinson Says
A few hours after the Blur co-founder had posted his thread, Robinson wrote another X post praising Roquerre for launching a marketplace that has disrupted the NFT market. He then said Paradigm had already shared its concerns with the Blast team, which was willing to engage.
Like Blur, Blast has been encouraging users to commit their funds with a promise of token airdrop in the future. When the layer-2 network goes live, users will be allowed to stake stablecoins and Ethereum to earn yield.
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