The recent launch of the Ethereum Layer 2 project Blast has created both excitement and controversy. Tieshun Roquerre, popularly known as Pacman and also the founder of altcoin BLUR, has attempted to clear up the misconceptions behind the rewards invited from Blast’s impressive return offerings. Here are the details…
The returns of BLUR founder’s altcoin project Blast raised a question mark
Following the recent launch of Ethereum Layer 2 project Blast, Tieshun Roquerre, also known as Pacman and founder of altcoin BLUR, has come forward to address what he feels are “misconceptions” and criticisms surrounding the platform. These discussions range from humorous memes to serious accusations that Blast resembles a pyramid scheme.
1/ There'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.
Lido yield comes from ETH staking…
— Pacman | Blur + Blast (@PacmanBlur) November 24, 2023
One of the main concerns Roquerre addressed was the skepticism surrounding the seemingly “too good to be true” returns offered by Blast. Roquerre explained that high returns ranging from 4 to 5% were obtained from legal platforms such as Lido and MakerDAO. Roquerre emphasized that these returns are not unsustainable, but rather a fundamental component of both on-chain and off-chain economies.
paradigm event
Referring to the invitation rewards known as “Blast Points”, Roquerre rejected claims that this structure resembles a pyramid scheme. He suggested that invite rewards are strategically implemented to encourage community growth and reward users for their contributions to expanding the ecosystem.
On multisig security.
Read this thread to understand the security model of Blast along with other L2s like Arbitrum, Optimism, and Polygon.
— Blast (@Blast_L2) November 24, 2023
Roquerre also responded to speculation about Paradigm’s involvement in Blast’s go-to-market strategy. He explained that Paradigm was “not involved at all” in the strategy and noted that if they were, they could have suggested changes. Roquerre acknowledged that Paradigm had requested post-launch changes and that these were being evaluated by the Blast team.
Multisig security model is used
In a separate article, the Blast addressed concerns about the security of the multisig system. The project highlighted the effectiveness of the multisig security model by comparing its approach with other layer 2 solutions such as Arbitrum, Optimism and Polygon. Blast said each signing key is stored in cold storage. He explained that it is managed by independent entities that are geographically distributed and that they are all experienced technical engineers. Additionally, Blast announced plans to diversify its hardware wallet providers and reduce risks associated with potential hardware hazards. The project aims to ensure that no single type of hardware wallet is overused in a multisig setup.
Altcoin BLUR was blown away
Blast, which recently launched in invite-only early access mode, has attracted a lot of attention and raised $20 million from investors such as Paradigm and Standard Crypto. The project, which has over $400 million in “bridged” assets, aims to offer local layer 2 yield generation for ETH and stablecoins. Let us also add that BLUR, another project founded by Roquerre, has recorded significant growth, with an increase of 164.2% in the last 30 days.
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