Blast ready to explode? Last week our social networks were invaded by a new L2. Titled blastit quickly received attention in the face of the participations of Paradigm And Standard Crypto during fundraising. However, the The project’s marketing techniques have been widely criticizedleading to certain tensions.
Blast founder responds to community
Tuesday November 21, the project blast was born, announcing on X (Twitter) its desire to create a new L2 on Ethereum. This announcement follows a fundraising of more than 20 million dollarswith the participation, among others, of Paradigm And Standard Crypto.
In practice, Blast is founded by several players already known in cryptos. The L2 is notably founded by Tieshun Roquerre, aka Pacmanthe founder of the platform Blur.
On paper, Blast wants to be revolutionary. Indeed, the L2 wishes to offer a “native yield” on the chain. Thus, users will have the opportunity to generate between 3 and 4% yield passively.
However, the project quickly became the subject of numerous criticisms. Indeed, this was announced while the L2 has not yet been deployed. In addition, the project was launched with a affiliate system that allows you to earn Blast points based on the number of invited users and the amounts they have bridged on Blast. The more points we have at launch, the juicier the airdrop will be.
Because yes, the network has not been launched, but it is already possible to bridge funds there. At least it is possible to deposit funds in a smart multisignature contract, withdrawals of which will only be open in February.
Suffice it to say that the affiliate system ponziesque coupled with the “bridge” which is only a 3-5 multi-sig contract was not unanimous.
The founder of Blast defends himself
Faced with the multitude of criticisms that have been submitted on social networks, Pacman has decided to speak and clarify certain points.
Firstly, he addressed the Ponziesque nature of the L2 pointed out by many Internet users. So, although the yield seems “too good to be true,” it is very real and well-founded. In fact, the returns come from Blast deposits on Lido and MakerDAO. Thus, they come from staking ETH on Ethereum as well as from the yields generated by US Treasury bills held by MakerDAO.
“These returns are not unsustainable. They are an essential part of the on-chain and off-chain economy. The reason the yield seems too good to be true in Blast is because Blast makes this yield the default for everyone. It gives users a return that was hidden in plain sight. »
Explains Pacman.
Secondly, he wanted to respond to the numerous comments made regarding Paradigm’s participation. In particular on Paradigm’s involvement in the launch strategy. On this subject, Pacman says Paradigm did not participate in market access strategy.
“We are consulting with Paradigm on the technical design of the L2 (which will go live in February) – they are amazing at this. We don’t consult Paradigm on Go to Market – we in-house it. »
Indeed, Paradigm does not seem at all happy with this marketing method. Dan Robinson of Paradigm has also Express the strategic disagreement between Blast and Paradigm on X.
Finally, Pacman addressed the remarks linked to the affiliation system set up. According to him, this was the best method for create a real solid community around Blastwhile rewarding the first members of this community.
“Let’s take a step back, Blast would be nothing without its community. Our goal, as early contributors to Blast, is to grow the chain economy with the most profitable L2 possible. It will take a village to make this vision a reality. »
Thus, Blast joins the layer 2 race on Ethereum. Obviously, this is not the only project wanting to conquer these lands. Thus, the exchange platform OKX recently shared its desire to create its own layer 2 on Ethereum.