{"id":89164,"date":"2023-11-27T06:18:48","date_gmt":"2023-11-27T11:18:48","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/new-ethereum-l2-protocol-blast-faces-scrutiny-as-paradigm-raises-concerns-heres-what-you-need-to-know\/"},"modified":"2023-11-27T06:18:49","modified_gmt":"2023-11-27T11:18:49","slug":"new-ethereum-l2-protocol-blast-faces-scrutiny-as-paradigm-raises-concerns-heres-what-you-need-to-know","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=89164","title":{"rendered":"New Ethereum L2 Protocol Blast Faces Scrutiny as Paradigm Raises Concerns \u2013 Here&#8217;s What You Need to Know"},"content":{"rendered":"<div>\n<figure id=\"attachment_136638\" aria-describedby=\"caption-attachment-136638\" style=\"width: 640px\" class=\"wp-caption aligncenter\"><noscript><\/noscript><figcaption id=\"caption-attachment-136638\" class=\"wp-caption-text\">Source: Adobe \/ lumerb<\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">Blast, the newly announced Ethereum (ETH) layer-2 scaling network led by the founder of top NFT marketplace Blur, has faced some controversy despite gaining notable traction.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">For one, Paradigm, a prominent venture capital firm in the crypto space, has outlined numerous issues with the scaling solution while acknowledging its positive aspects.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In a Friday post on X (formerly Twitter), Paradigm\u2019s Head of Research and General Partner Dan Robinson expressed reservations about Blast\u2019s launch, noting that his comments represented the views of Paradigm.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Robinson highlighted several issues with the announcement and execution of Blast, stating that the decision to launch the bridge before the layer-2 network and the three-month withdrawal restriction set an unfavorable precedent for other projects.\u00a0<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">There are a lot of components of Blast that I\u2019m excited about and would be interested in engaging with people on. That said, we at Paradigm think the announcement this week crossed lines in both messaging and execution. For example, we don\u2019t agree with the decision to launch the\u2026<\/p>\n<p>\u2014 Dan Robinson (@danrobinson) <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/danrobinson\/status\/1728817674543862023?ref_src=twsrc%5Etfw\">November 26, 2023<\/a><\/p>\n<\/blockquote>\n<p><span data-preserver-spaces=\"true\">He further criticized what he perceived as marketing that undermined the work of a serious team.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Blast positions itself as an Ethereum layer-2 network that offers native yield for Ethereum and stablecoins, allowing users to stake their funds and earn interest-like returns.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The network also promises rewards similar to those offered by Blur, attracting early adopters who lock up their funds in anticipation of potential airdrops.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Blur has already distributed hundreds of millions of dollars worth of its BLUR token to NFT traders, surpassing former leader OpenSea in the process. This success has likely piqued the interest of crypto users.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">While users eagerly lock up their funds ahead of Blast\u2019s network launch in 2024, the network itself is not yet live.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The funds cannot be withdrawn until the mainnet rollout expected in February, raising security concerns given the history of exploits involving network bridges in the crypto industry.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Some traders and industry participants have even labeled Blast as a Ponzi scheme due to its rewards and referral model.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Blast has garnered significant attention and locked over half a billion dollars worth of funds from users eager to earn yield and rewards<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Blast Co-Founder Addresses Controversy<\/span><\/h2>\n<p><span class=\"replacer\"><\/span><br \/><span data-preserver-spaces=\"true\">Blast and Blur co-founder Tieshun \u201cPacman\u201d Roquerre responded to the criticisms in a Twitter thread on Friday, addressing what he referred to as misunderstandings surrounding Blast.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Roquerre clarified that Paradigm, one of the investors in Blast\u2019s $20 million seed round, had no role in Blast\u2019s rollout plans.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">He further revealed that Paradigm had requested changes to the launch, which Blast was considering, but emphasized that ultimate decisions would be made internally.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">1\/ There&#8217;s a meme going around that Blast is a ponzi. The yield that Blast provides users can feel too good to be true, so this meme is understandable. But to put it simply, the yield Blast provides comes (initially) from Lido and MakerDAO.<\/p>\n<p>Lido yield comes from ETH staking\u2026<\/p>\n<p>\u2014 Pacman | Blur + Blast (@PacmanBlur) <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/PacmanBlur\/status\/1728137456027877599?ref_src=twsrc%5Etfw\">November 24, 2023<\/a><\/p>\n<\/blockquote>\n<p><span data-preserver-spaces=\"true\">Robinson, in his Sunday statement, commended Pacman and his team for the successful launch of Blur, which disrupted the NFT market and provided substantial rewards to users.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">However, he acknowledged that Paradigm and Blast disagreed on certain aspects of the rollout.\u00a0<\/span><\/p>\n<blockquote>\n<p><span data-preserver-spaces=\"true\">\u201cWe invest in strong, independent founders who we don\u2019t always agree with. But we understand that people may look to us to set an example on best practices in crypto.\u201d<\/span><\/p>\n<\/blockquote>\n<p><span data-preserver-spaces=\"true\">\u201cWe don\u2019t endorse these kinds of tactics and take our responsibility in the ecosystem seriously,\u201d Robinson concluded.<\/span><\/p>\n<div class=\"newsletter home-newsletter single\">\n<div class=\"left-side\">\n<p>\n        <em><br \/>\n            Enter your email for our Free Daily Newsletter        <\/em>\n    <\/p>\n<p> A quick 3min read about today&#8217;s crypto news!<\/p>\n<p>    <span class=\"response-msg\" id=\"newsletter-response\"><\/span>\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/new-ethereum-l2-protocol-blast-faces-scrutiny-as-paradigm-raises-concerns-heres-what-you-need-to-know.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source: Adobe \/ lumerb Blast, the newly announced Ethereum (ETH) layer-2 scaling network led by the founder of top NFT marketplace Blur, has faced some controversy despite gaining notable traction.\u00a0 For one, Paradigm, a prominent venture capital firm in the crypto space, has outlined numerous issues with the scaling solution while acknowledging its positive aspects.\u00a0 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":89165,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-89164","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>New Ethereum L2 Protocol Blast Faces 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