Summary

Blast, a new scaling network built on Ethereum, was unveiled on Tuesday. Despite concerns about security and decentralization, the network has gained over $400 million in total value locked (TVL) within just four days of its debut.

Introduction

Blast is a Layer-2 network on Ethereum that aims to address the slowness and high transaction costs of the platform. Tieshun “Pacman” Roquerre, co-founder of Blur, a major NFT marketplace, is one of the primary drivers behind this new initiative. Blast aims to provide generous incentives to traders, similar to the goals of Blur.

Main Points

In a social media discussion, a developer from Polygon Labs expressed concerns about Blast’s security vulnerabilities and centralization. The Blast team responded, stating that their network is just as decentralized as other Layer-2 solutions like Optimism, Arbitrum, or Polygon.

Blast claims to be the only Ethereum Layer-2 solution with native yield for ETH and stablecoins. It also supports “auto-compounded” user balances and converts stablecoins into a stablecoin called USDB using MakerDAO’s T-Bill protocol.

However, the initial post by the Polygon Labs developer highlighted potential risks, stating that Blast is only secured by a 3/5 multisig, which could be exploited by an attacker with access to the keys of three out of five team members.

The Blast team has announced that documentation detailing the inner workings of the protocol will be made public in January, coinciding with an airdrop event.

Conclusion

Blast, a new scaling network on Ethereum, has gained significant attention and locked over $400 million in value within a short period. While concerns about security and decentralization have been raised, the Blast team is confident in their network’s decentralization status and plans to provide more information in the coming months.