Blast’s innovative layer 2 blockchain records $310 million in deposits amid user criticism.
Blast Bridge, a new ethereum layer 2 blockchain, experienced a influx of $310 million in assets shortly after its debut. This significant influx of assets includes substantial deposits of 129,866.52 eth via Lido and 42,587,100 DAI via Maker MSR.
Launched by the co-founder of nft marketplace Blur and backed by Paradigm, Blast is charting a unique path into the layer 2 domain. Its introduction has seen notable accumulation of ethereum (stETH) and staking stablecoins, indicating strong interest from the market.
<img decoding="async" width="1024" height="470" src="https://crypto.news/app/uploads/2023/11/Screenshot-2023-10-18-160633-2-1024×470.png” alt=”ethereum‘s New Layer 2 Network Blast Sees Massive $310M Inflow – 1″/>
Blast’s approach to blockchain technology and tech/2023/11/21/new-ethereum-layer-2-blast-attracts-30m-hours-after-bridge-goes-live/” target=”_blank” rel=”noopener”>support from high-profile entities like Paradigm and crypto-native investor group “eGirl Capital” has garnered significant attention. The platform’s native staking feature is designed to generate returns through staking in ethereum and real-world assets, offering a distinct avenue for user investment growth.
However, concerns Risks associated with Blast’s operating model have been raised, particularly its reliance on the Lido liquid staking protocol to exchange assets for Blast points. Critics question the security and viability of locking total value locked (TVL) on a chain that has not yet materialized, suggesting potential weaknesses in the foundation of the platform.
The Blast Points system has also been a topic of controversy. Some community members compare it to a pyramid scheme, highlighting the inability of users to access their staked assets until the bridge is activated. This strategy requires user participation through Blast Points, a mechanism that continues to be closely examined by industry observers and participants alike.
