Key takeaways :
- Blur founder Pacman addresses community concerns about Blast being a Ponzi scheme due to incredible returns
- Pacman explains the logic behind initial returns provided by Blast that comes from Lido and MakerDAO.
In the fast-paced world of cryptocurrency, innovations like layer 2 solutions have the potential to revolutionize the landscape.
Blast, a layer 2 project gaining considerable attention within the crypto community, recently reported a Total Value Locked (TVL) exceeding $405 million, a testament to its rapid adoption since its announcement. Led by Tieshun “Pacman” Roquerre, co-founder of Blur, the largest NFT marketplace, Blast aims to replicate Blur’s success by rewarding users for their loyalty and engagement.
Amidst the buzz surrounding Blast, a hacker, impersonating Paradigm co-founder Matt Huang, orchestrated a phishing scam that led to the theft of over $130,000.
The fraudster promoted fake invite codes for Blast, capitalizing on the heightened interest in the project. The incident was first highlighted by Bitrace, a blockchain analysis company, which issued a warning about the phishing contract.
Tieshun Roquerre, alias Pacman, founder of Blast, addressed these concerns, emphasizing that the restrictions are temporary and essential for fostering both on-chain and off-chain economies.
Roquerre responded to what he termed as “misunderstandings” surrounding Blast. He refuted claims likening Blast to a Ponzi scheme, asserting that the project’s yields are sustainable and integral to democratizing higher yield for all users.
He clarified that Paradigm had zero involvement in Blast’s go-to-market strategy, dismissing speculations about their role.
Another point of contention has been Blast’s invite rewards, with critics comparing the structure to a pyramid scheme. Roquerre defended the system, stating that it is a strategic move to incentivize community growth, recognizing user contributions to expanding the ecosystem. Contrary to being a mere marketing gimmick, the rewards system aims to acknowledge and reward the community.
The recent phishing scam targeting Blast serves as a stark reminder of the risks associated with the crypto space’s rapid developments.
As Blast addresses concerns and clarifies misconceptions, the incident underscores the importance of vigilance within the community. Moving forward, the crypto community must remain cautious and informed to navigate the evolving landscape of innovative projects like Blast.
