Blur’s Latest Reward Scheme Seems Too Good to Be True…

TL;DR

• In the lead up to Blast’s launch, the team has basically said: “Hey, if you lock some ETH up for the next 3 months, and promise to move it over to the Blast network once it’s live – we’ll pay you rewards in the meantime.”

• Only problem is: the Blast Network doesn’t exist yet.

• This might work, but there are also a few red flags. We are hoping for the best.

Full Story

Picture this: Disney announces plans to open a new park in 2024, but opens ticket sales today.

Anyone that buys tickets early, earns 5% of their total spend in ‘Disney Bucks’ rewards, between now and opening day.

So when opening day comes, early supporters have a bunch of Disney Bucks rewards saved up (ready to spend at the park).

That’s kind of what’s happening with ‘Blast,’ the newly proposed layer-2 Ethereum network, which is headed by Pacman (founder of the NFT marketplace, Blur).

Blast will allow users to trade Ethereum-based tokens faster/cheaper than usual.

And in the lead up to its launch, the team has basically said:

“Hey, if you lock some ETH up for the next 3 months, and promise to move it over to the Blast network once it’s live – we’ll pay you rewards in the meantime.”

Only problem is: the Blast Network doesn’t exist yet.

Which is raising some red flags for some folks…

One one hand:

Pacman, has been using seemingly-too-good-to-be-true reward structures to grow the total value locked up in Blast ($535M so far).

On the other hand:

That’s kinda Pacman’s whole schtick…

Grow ridiculously fast by offering crazy rewards to users.

He’s been doing it for a while now (first with Blur), and has held true in the past.

That said…

“Past results are no guarantee of future performance.”