Blast Locks User Assets for Three Months

Blast Locks User Assets for Three Months: Investors and Paradigm Criticize Marketing Tactics and Absence of Testnet

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KEY TAKEAWAYS

  • Blast has locked user assets worth $568 million in the deposit contract for three months.
  • Blast Points will be rewarded to depositors at the end of three months.
  • Paradigm, an investment firm, has criticized Blast and its founders.
  • Investors have raised concerns about the absence of a testnet or working Layer 2 project.
  • Blast’s marketing tactics have faced pushback from investors.

Blast, a new cryptocurrency project, has locked user assets worth $568 million in the deposit contract for three months.

Blast Points will be rewarded to depositors at the end of three months. However, the project has faced criticism from Paradigm, an investment firm, and investors.

Paradigm has criticized Blast and its founders for their marketing tactics. Investors have raised concerns about the absence of a testnet or working Layer 2 project.

Paradigm disagrees with the decision to launch the bridge before the Layer 2 project. The three-month delay in asset withdrawal is also criticized by Paradigm.

Despite the criticism, Blast garnered interest from a large community of crypto traders within a week of its launch.

Security concerns and the absence of a testnet did not deter traders. However, investors believe that the efforts of the Blast team have been cheapened.

The criticism from investors highlights concerns about the project.

Key InformationDetails
Total locked assets$568 million
Lock-in periodThree months
Blast PointsWill be rewarded to depositors at the end of three months
CriticismParadigm has criticized Blast and its founders for their marketing tactics. Investors have raised concerns about the absence of a testnet or working Layer 2 project.

What is Blast Ethereum Layer 2 network?

Blast is a new Ethereum Layer 2 protocol that features an EVM-compatible layer-2 optimistic rollup technology. 

The platform has drawn over $20 million in investments from ether and stablecoins, with a mainnet release scheduled for February 2024. 

Blast has garnered interest from a large community of crypto traders within a week of its launch.

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