Despite the Ethereum Layer-2 network Blast being in a pre-live stage, it has witnessed an astonishing inflow of cryptocurrency, surpassing $405 million in just four days since its announcement. The project, slated to enhance transaction efficiency on Ethereum, has become a focal point for crypto enthusiasts seeking innovative scaling solutions.
Led by Tieshun “Pacman” Roquerre, co-founder of the prominent NFT marketplace Blur, Blast has garnered attention by promising rewards akin to Blur’s success. Users are enticed to deposit various cryptocurrencies, primarily staked Ethereum (ETH) and stablecoins, with returns promised in the future.
However, concerns loom over Blast’s safety and legitimacy. The project, yet to go live, plans to retain user funds until its bridge becomes operational in February. Some traders express worry about potential Ponzi scheme characteristics, referring users receiving “Blast points” for a May airdrop.
Moreover, skepticism surrounds Blast’s claim of “risk-free” yields, with critics questioning the safety of the model and its three out of five anonymous keys requirement. Despite these apprehensions, investors continue pouring substantial sums into the project, emphasizing the delicate balance between innovation and cautious investment in evolving Ethereum scaling solutions.