Since this week, with the increasing circulation of Blast, a project launched by Blur founder Pacman, Blast has also detonated a hot bomb in the encryption industry community. On November 23, according to DeBank data, the total value of assets held by Blast contract addresses exceeded US$300 million. Among them, ETH worth US$257 million is deposited in the Lido protocol, and US$41.65 million in DAI is deposited in the Maker protocol.
In fact, thanks to the support of top VCs like Paradigm and Blur founder Pacman, Blast announced the completion of US$20 million in financing on November 21. It has been warmly welcomed by the crypto industry community, and many community KOLs have also launched Blast gameplay. and tutorials. But at the same time, many people pointed out that the mechanism of Blast is not the same as the L2 it promotes (Blast official social account@Blast_L2The handle also carries the L2 suffix).
One side is encouraging participants, and the other side is objective analysts. The two sides were not clearly differentiated at first. Many people even chose to participate in the Blast project while proposing objective analysis. However, in the past two days, according to BlockBeats observation, the discussion of Blast in the encryption industry on social platforms has been visibly intensifying.
Supporters: Blast “really has nothing”, but it does not affect users’ ability to make money
Community KOL Tuao Big Lion Brother (@BroLeonAus) may be considered a big fan of Blast. From the time Blast was officially launched on November 21, Brother Tuao has actively encouraged members to study Tieshuns routines together and make money together.
On November 24, when seeing many controversial voices, Brother Tuao also actively participated in the discussion and said, Now Blast is indeed useless and unclear. However, Blast has a strong focus on the points system, human nature, and the market. But it is excellent in terms of marketing first.
At the same time, he also said that he had put all the ETH deposited in ether.fi into Blast: If Rug is successful, I think the industry will need Ponzi to make progress.
At the same time, Christian, co-founder of crypto fund NDV and NFT whale (@Christianeth) also announced on social media that at the invitation of another well-known NFT whale, dingaling, it had deposited more than 500 ETH into Blast. At the same time, Christian also expressed high hopes for the Blast teams performance in the coming year.
Seraphim, head of Lido DeFi expansion (@MacroMate 8 ) has not made as much progress as the big lion brother of Tuao, but he believes that the wave brought by Blast will become the trend that leads L2s future changes.
After the circulation of Blast exceeded 30 million US dollars on the day of its launch, Seraphim released a news release pointing out that the competition in L2 was not so fierce a year ago, so no one cared about L2; but after Blast, in order to compete, L2 needs to have a risk-free pledge rate. Provide income on top, not just airdrops to users.
“I am willing to predict that within 1-2 years, most L2 will start locking ETH in their bridge contracts and maybe even use this ETH for liquidity mining. We are all just yield sluts, and when we compete, this It’s a little more obvious.”
Rationalists: Blast is not L2, there may be hair to be harvested but it won’t go far.
In addition to the supporters of direct confrontation, there is also a more moderate rational group. They mainly discussed the technology and mechanism of Blast, and at the same time corrected the cognitive misunderstanding of the majority of users who were biased by Blast officials, and informed the majority of users that Blast is not L2, and the possible risks of Blast. But some of them pointed out the problems with Blast and also found it really delicious.
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On November 23, Layer 2 Network Scroll Lianchuang Ye Zhang (@yezhang 1998 ) posted on social media that (projects) like Blast are not a bad thing, it shows people how much TVL can be gained once L2 decides to fulfill its airdrop expectations. Any L2 can do the exact same thing, but it doesnt really help drive any real growth and long-term effects.
Steven Goldfeder, CEO of OffChain Labs, Arbitrum’s parent company (@sgoldfed) Its sad that so many people are misusing the term L2 for marketing/growth purposes. At the same time, he pointed out that when we marketed the single-node chain as Ethereum L2, we stayed silent and we created a trend, and now this trend has become even bigger.
“We have created a monster. It’s not too late to fix this, but there needs to be a very open and honest community conversation about what L2 is and which chains are actually protected by Ethereum.”
Jarrod Watts, Developer Relations Engineer at Polygon Labs (@jarrodWattsDev) also pointed out that the Blast contract is an upgradeable contract controlled by 3/5 multi-signatures. The 5 addresses are all anonymous new addresses. It is possible for Blast to perform code upgrades through multi-signatures and steal funds immediately. While many other L2 solutions currently have the same functionality, including Arbitrum, Blast (currently) is not L2, but simply a smart contract that accepts user funds and puts the funds into protocols such as Lido.
There is no testnet, no transactions, no bridge, no rollup, and no transaction data is sent to Ethereum. If the 3/5 multisigs that control this contract do not do the right thing in the future, users will not be able to withdraw their deposits at any time. To the money in the Blast contract.”
In this regard, Slow Mist founder Cosine (@evilcos) also pointed out that Blast does have the possibility of running away, but this does not prevent the community from actively participating: Blast, the so-called L2, is currently a fission gameplay of the centralized Web2 project except for the contracts issued on Ethereum. However, It is endorsed by several well-known institutions. Users still believe in projects endorsed by institutions.”
He said that indeed, as Jarrod Watts said, Blasts contract is an upgradeable contract, and the control rights belong to a 3/5 multi-signature (I dont know who the 5 people are) and there is no time lock. If the project team wants to run away, it must either sign and upgrade a malicious logic contract, or enableTransition and set up a malicious mainnetBridge.
At the same time, he also pointed out that from a security perspective, he hopes users can understand the risks involved in Blast and be willing to take responsibility: Please remember, this is a dark forest. Here, in terms of security, no matter how loud you criticize, It’s hard to hear too much.”
Jason Chen from the Institute of Everything (@jason_chen 998 ) also holds a similar view, believing that although Blast has various problems, it does not affect users participation. He posted an update on the social platform and pointed out that he does not rule out that Blast will be successful, nor does he rule out that there are hairs to be harvested. He has also participated in it, but users need to clearly understand the risks involved.
Blast itself does not create any incremental assets. It only plays the role of a salesperson to help other banks attract deposits.
It should be noted that Blast is a chain and not a Defi protocol. If Blast initially established TVL by earning interest through deposits, this tonality will be determined. After the real mainnet is launched, TVL that seems to be such a large-scale one will have How much can we turn from dead money into living money and make the money flow, which is a challenge.”
According to BlockBeats observation, although overall the communitys evaluation of Blast is not good, this does not seem to prevent most people and even some technical OGs from tacitly participating in the wave set off by Blast. Perhaps this also raises a question to a certain extent: technical OGs despise that those who use Blast have “zero requirements for security, decentralization, etc.” But are users’ pursuit of technology really that high? ?
