Blast Founder Clarifies: Not Led by Paradigm, Sustainable Revenue, Explains Invitation System

Blur founder Pacman stated that he has heard a lot of FUD about Blast, although many are humorous memes, he needs to clarify a few points.

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Blast is Not a Ponzi Scheme, Profits Come from Ethereum and RWA and Are Sustainable

Pacman stated that Blast's profits come from Lido and MakerDAO, with Lido's profits originating from Ethereum staking, which is a mechanism inherent to Ethereum itself.

Meanwhile, MakerDAO's profits come from on-chain treasury securities issued by the United States, which are crucial for the operation of the U.S. economy.

Therefore, these profits stem from essential on-chain and off-chain mechanisms, making them sustainable.

Paradigm Did Not Lead the Launch of Blast

Pacman emphasized that Paradigm had absolutely no involvement in Blast's Go-To-Market (GTM) launch plan:

Paradigm had almost zero involvement in Blast's launch. To be honest, if Paradigm had been involved, they might have requested numerous modifications to Blast. We consulted Paradigm for L2 technical design, and they performed well in that aspect. Although they did request modifications to the GTM plan after the launch, they left the decision-making to the partners, which is one of the many reasons I enjoy working with Paradigm.

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Why Does Blast's Invitation System Seem Like a Pyramid Scheme?

Pacman mentioned seeing a lot of FUD (fear, uncertainty, doubt) regarding Blast's invitation system.

He explained:

This invitation system has been around for a long time, and ultimately, Blast is nothing without its community. As early contributors to Blast, whether as developers or users at the foundational level, they can contribute to Blast. If users recommend friends to help Blast thrive, they are providing real value and should be rewarded. That is the reason for the existence of the invitation system.

The community also commented in support, sarcastically saying, "We love Ponzi schemes, no problem at all."

I've seen a number of misunderstandings about Blast spreading around. While many of these are humorous memes, it's important to set the record straight on a few points:

— Pacman | Blur + Blast (@PacmanBlur) November 24, 2023

Blast Official: Multi-Sig Hardware Wallet to Be Updated Within a Week

Due to concerns from various sectors about Blast only having a 3/5 multi-signature contract, the Blast official specifically tweeted that Arbitrum, Optimism, Polygon, and other L2 solutions also use the multi-signature model. They announced that they will update the multi-signature hardware wallet within the next week.

Blast's multi-signature custodians are experienced engineers with development experience in high-risk applications such as financial applications and smart contracts. However, to better prepare for black swan events, they will update one of the multi-signature wallet hardware providers within a week. This will ensure that a single wallet is used 3 out of 5 times for signing, even if the hardware wallet is compromised, maintaining security.

On multisig security.

Read this thread to understand the security model of Blast along with other L2s like Arbitrum, Optimism, and Polygon.

— Blast (@Blast_L2) November 24, 2023