- Tuesday saw the unveiling of Blast, a new scaling network built on Ethereum.
- Watts’ initial post stated Blast may be less safe or decentralized than users realize.
DeBank, a blockchain analytics platform, reports that in the four days following the debut of the Web3 protocol Blast network, it has amassed more than $400 million in total value locked (TVL).
Tuesday saw the unveiling of Blast, a new scaling network built on Ethereum. Most Layer-2 networks are competitive because many individuals are working on solutions to Ethereum’s slowness and high transaction costs.
Tieshun “Pacman” Roquerre, co-founder of Blur, one of the major NFT marketplaces in the field, is one of the primary drivers behind this initiative. Blast seems to have the same goals as Blur, which is to provide traders with generous incentives to use and stay with the marketplace.
Security Concerns Addressed
But in a Nov. 23 social media discussion, Polygon Labs developer relations engineer Jarrod Watts warned that the new network posed severe security vulnerabilities owing to centralization. The Blast staff addressed Watts’ thread’s criticism on their own Twitter account. Blast, in its own thread, argued that their network was just as decentralized as Optimism, Arbitrum, or Polygon.
According to claims on the Blast network’s website, it is “the only Ethereum L2 with native yield for ETH and stablecoins.” Moreover, it claims that Blast supports “auto-compounded” user balances and converts stablecoins transferred to it into “USDB,” a stablecoin that auto-compounded using MakerDAO’s T-Bill protocol.
Watts’ initial post stated Blast may be less safe or decentralized than users realize, arguing that Blast “is just a 3/5 multisig.” Allegedly, an attacker may take all of the cryptocurrency stored in its contracts if they get access to the keys of three out of five team members.
The Blast team claims that documentation detailing the protocol’s inner workings will be made public in January, when the airdrop takes place.
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