New Ethereum L2 Protocol Blast Faces Scrutiny as Paradigm Raises Concerns – Here’s What You Need to Know
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.
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.
In a Friday post on X (formerly Twitter), Paradigm’s Head of Research and General Partner Dan Robinson expressed reservations about Blast’s launch, noting that his comments represented the views of Paradigm.
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.
There are a lot of components of Blast that I’m 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’t agree with the decision to launch the…
— Dan Robinson (@danrobinson) November 26, 2023
He further criticized what he perceived as marketing that undermined the work of a serious team.
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.
The network also promises rewards similar to those offered by Blur, attracting early adopters who lock up their funds in anticipation of potential airdrops.
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
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