Blast: A New Layer 2 Network Attracting Attention and Accusations of Fraud

Blast is an Ethereum-based layer 2 network launched by Tieshun Roquerre, known as Pacman, who is also behind the Blur NFT marketplace.

Blast, an Ethereum layer 2 network, has quickly risen to prominence thanks to its unique features and value proposition. The project has attracted several million user deposits in just four months.

Launched at the end of February, Blast boasts around 280,000 monthly active users. In terms of bridge deposits, Blast has swiftly outpaced many existing layer 2 solutions. By the time the platform listed its token on the exchange, it had garnered a total value locked (TVL) of user assets exceeding $2 billion.

Blast has crossed $2 Billion in Dapp TVL, making it the 6th largest onchain economy globally. pic.twitter.com/DQ27V4979z

Accusations of fraud surfaced shortly after the airdrop launch, with user Christian2022.eth claiming that Blast is a scam and its founder, Pacman, is a “serial rug entrepreneur.” The user's experience led them to conclude that the platform is fraudulent.

In his complaint, the investor stated that they received an insufficient number of tokens during the airdrop.

So I deposited over $50M on @Blast_L2 and get $100k airdrop on TGE. Now I am pretty sure @Blast_L2 is a scam project and @PacmanBlur is a “serial rug entrepreneur”. Never blocked anyone in CT before, he made it. I felt so shame to trust him before.This will be my last tweet… pic.twitter.com/G4f3x2gdUC

Multiple parties also highlighted the widespread distribution of phishing links throughout the network, which attackers promoted under the guise of Blast resources. X users were particularly vulnerable to these scams.

Phishing attempts took the form of social media advertisements, with the perpetrators claiming that the airdrop had already commenced and directing users to visit a third-party site to claim their coins.

is @Blast_L2 trying to get their users scammed?

why isn't the claim link on their twitter or discord announcements?

I've blocked 3 ads on twitter containing scam links pic.twitter.com/VWBYz86Hx8

Developers intend to integrate their application infrastructure and crypto wallet into the Blast network, potentially posing a threat to the dominance of the MetaMask wallet.

Comparing the approach of competitors to that of the Android OS, Blast developers assert that layer 2 solutions place excessive emphasis on optimizing their network and rely on third parties to create an ecosystem. In contrast, Blast aims to fully optimize both the infrastructure and the suite of applications.

According to the developers, phase one of Blast's incentive scheme will encompass categories of blockchain applications that already align with market demand, such as decentralized exchanges (DEX), including those offering derivatives, and lending protocols.

The developers maintain that the system for calculating profitability will serve to attract even more users to the project. This incentive mechanism has already proven successful for Blur, which quickly surpassed its main rival, OpenSea, and Rokerr now aims to propel Blast to the forefront among layer 2 networks.

Why is everyone talking about Blast

Blast continues to captivate a broad audience with its innovative features and opportunities for additional income. As an advanced layer 2 solution for Ethereum, the project boasts vast potential for development. Its ability to offer returns for freezing funds makes it particularly appealing to users and investors.