The Blast protocol has exceeded $2.1 billion in total value locked (TVL) as it prepares for its mainnet launch at the end of February. The significant TVL surge, up over 2,200% since its bridging protocol went live in November, is primarily driven by users locking Ethereum in anticipation of a future airdrop of the Blast token, scheduled for May.
Controversies and Challenges
Despite its success, Blast has faced criticism and controversy. Users were unable to withdraw funds locked in the platform until the mainnet launch, leading to concerns raised by Dan Robinson from Paradigm about messaging and execution. Moreover, a recent rug pull incident involving a gambling protocol called "Risk on Blast" raised further eyebrows. The project raised 420 Ether (ETH) for a presale token and then moved funds to a noncustodial exchange before deleting social media accounts.
IT’S TIME TO BLAST OFF
— Blast (@Blast_L2) February 26, 2024
Mainnet. February 29.
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是时候发射了！
主网。2月29日。
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BLAST 여정의 시작.
메인넷. 2월 29일. pic.twitter.com/9jaBnFF6gw
Blast's Offerings and Founder
Blast, launched in mid-November, is a scaling solution for Ethereum, offering native yields in Ether (ETH) and stablecoins to users staking their funds. The protocol's founder, Tieshun Roquerre, also known as "PacMan," is the founder of the NFT platform Blur. Despite criticisms, Roquerre has defended Blast's yields, attributing them to partnerships with Lido and MakerDAO.
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.
— Pacman | Blur + Blast (@PacmanBlur) November 24, 2023
Lido yield comes from ETH staking…
