Blast Launches Mainnet and Unlocks Access to $2.3 Billion in Retained Assets

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Bittime -Blast, an Ethereum layer 2projectfounded by Pacman, the creator of Blur, a leading NFT marketplace, launched its mainnet on February 29, 2024. With this launch, approximately $2.3 billion in crypto previously locked on the Blast network can now be withdrawn by its users.

Blast is an optimistic rollup, a blockchain scalability solution that combines multiple transactions into one and executes them simultaneously, thereby increasing speed and reducing transaction costs. Blast is also equivalent to the Ethereum Virtual Machine (EVM), which means that all existing dApps on Ethereum can be moved to Blast without the need to change the source code.

One of the unique features of Blast is the native yield, which is the return given to users who deposit Ether (ETH) or stablecoins (USDC, USDT, DAI) on the Blast network. This yield comes from staking ETH and United States Treasury Bills (T-Bills) managed by the MakerDAO blockchain protocol, the creator of the Dai stablecoin.

Users who sent crypto to the Blast network before the mainnet launch were unable to withdraw it until now. Blast is also holding an airdrop campaign, where users can earn points that can be exchanged for Blast tokens in May 2024.

These points are earned by inviting friends, promoting Blast on social media, or participating in Big Bang competitions hosted by Blast.

Also Read How to Buy Crypto:

The Controversy Behind Blast

Despite attracting more than $1 billion in deposits, Blast also drew a lot of criticism from the crypto community. Some of the controversies that have arisen include:

• Blast does not yet have open source code and has not undergone a security audit, so user funds are at risk of being lost or stolen.
• Blast uses a 3 out of 5 multisig contract to manage user funds, meaning it only needs three out of five key holders to access the funds. This could give rise to the potential for abuse or collusion.
• Blast uses a campaign mechanism similar to a pyramid scheme, where users are required to invite other people to earn more points. This can lead to a negative perception of Blast as an unserious project or a scam.
• Blast relies on Lido, an ETH staking protocol, to generate yield for users. However, Lido itself has centralization problems, as almost a third of the total ETH staked comes from Lido. This could threaten the security and decentralization of the Ethereum network.
• Paradigm, one of Blast's main investors, also criticized Blast's marketing decisions and strategy. Dan Robinson, Paradigm's head of research, wrote in He also said that much of Blast's marketing denigrated the team's serious work. Paradigm does not support such tactics.
• Blast was also accused of forking the source code of Optimism, another L2 Ethereum project, without giving credit to the original authors. Blast allegedly changed the license and removed some functionality from Optimism's code, which was considered copyright infringement.

How to Buy Crypto on Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappbeti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet . For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Monitor price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

Also read:

What is Ethereum (ETH) 2.0 and how is it different from Ethereum

What is MEV Ethereum

What Are Ethereum Options?

Ethereum History Story: How Ethereum Became Popular

DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.