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Paradigm-backed Blast Network addressed skepticism around its blockchain model following a rapid rise to more than $300 million in market capitalization and promises of a token launch.
Blast Bridge, an L2 network on ethereum, rejected security concerns raised by some in the crypto community due to the protocol’s smart contract architecture that protects assets through a multi-signature construct.
On November 24th via and thread, the project said that the security of no contract code is completely airtight and that every smart contract design has its associated vulnerability. Blast pointed to other Layer 2 blockchains like Arbitrum and Polygon that use multi-signature wallets to hold funds, adding that this option has benefits if executed correctly.
You want to ensure that each signing key in a multi-signature is independently secure. This helps make multisig antifragile. Each key must be cold stored, managed by an independent party, and geographically separated.
Explosion L2 via X
Blast emphasized that veteran technical engineers are the five signatories of its multi-signature wallet. The project also shared plans to further bolster resilience and mitigate black swan events by initiating an upgrade to the underlying hardware wallet provider leveraged for its controversial multi-sig structure.
This will ensure that no type of hardware wallet is used 3 out of 5 times, maintaining security even in an unprecedented hardware wallet compromise scenario.
Explosion L2 via X
Blast gained attention when Tieshun Roquerre, aka Pacman, co-founder of nft marketplace Blur, announced the L2 network after raising $20 million from investors like Paradigm. The deposit-only protocol offers native performance to users, promising an airdrop for early supporters and a mainnet launch in the near future.
The one-way bridge reached a market capitalization of over $300 million at the time of this publication following massive inflows into the direction of the Blasts contract. Furthermore, the Blast asset portfolio provided by Debank showed millions in Ether (stETH) from Lido and DAI from Maker, a defi stablecoin.
