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    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

  • Coin Marketcaps
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    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

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    Enhancing Security in Online Gambling with Blockchain Technology

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    Blushush by Sahil Gandhi and Ohh My Brand by Bhavik Sarkhedi Partner to Revolutionize Brand Strategy and Personal Branding

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    How to Play Treeverse: Beginner’s Guide to Gameplay, NFTs, and Tokenomics

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    Intellivix Targets Global AI Surveillance Market with ‘False Alarm Elimination’ Gen AMS

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    The most potentially profitable investment method in 2025 is through PairMiner crypto cloud mining, earning passive income daily.

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    GameFi Q1 2025 Report: User Growth, Chain Activity, and Revenue Trends

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  • Metaverse
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    Exploring NetVRk: What Is Behind This AI-Driven Virtual Universe?

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    CryptoPunks and Pudgy Penguins Draw Major Sales

    CryptoPunks and Pudgy Penguins Draw Major Sales

    NFT Sales Spike in July—but Still Miles Below 2024’s Highs

    NFT Sales Spike in July—but Still Miles Below 2024’s Highs

    Ethereum Collections Lead NFT Sales Today

    Ethereum Collections Lead NFT Sales Today

    how NFTs became a global brand and a Web3 “social currency”

    how NFTs became a global brand and a Web3 “social currency”

    Pixel Vault Removes CEO Following Self-Dealing and Rug Pull Accusations

    Pixel Vault Removes CEO Following Self-Dealing and Rug Pull Accusations

    Labubus have succeeded in every way that NFTs have failed

    Labubus have succeeded in every way that NFTs have failed

    CryptoPunks Floor Price Hits 3-Year High of $208,000

    CryptoPunks Floor Price Hits 3-Year High of $208,000

    NFT sales surge to $574 million in July, second-highest in 2025

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    Google to Pit Top AI Models Against Each Other in Live Chess Tournament

    Blockchain Bookmakers: A New Era of Fair and Secure

    Blockchain Bookmakers: A New Era of Fair and Secure

    Ethereum NFT Sales Surge 56% in July 2025 as Alt-Chains Lose Market Share

    Ethereum NFT Sales Surge 56% in July 2025 as Alt-Chains Lose Market Share

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    The Biggest Games Releasing in August 2025

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    TaskOn Joins EPHYRA to Elevate AI-Powered Gaming Experience

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    The Squid Fighter game is taking Telegram by storm — join the fight and claim your NFT before it’s too late!

    Early Off the Grid Skin Holders Are Cashing In – Will You?

    Early Off the Grid Skin Holders Are Cashing In – Will You?

    This Game Lets You Relive the Ethereum Story Through Vitalik Buterin’s Eyes

    This Game Lets You Relive the Ethereum Story Through Vitalik Buterin’s Eyes

    NFTs at Your Fingertips: Inside Japan’s NFT Vending Machine Trend

    NFTs at Your Fingertips: Inside Japan’s NFT Vending Machine Trend

  • Blockchain
    Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

    Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

    MetaMask Users Can Now Link Binance and OKX Accounts to Their Portfolio Dashboard

    MetaMask Users Can Now Link Binance and OKX Accounts to Their Portfolio Dashboard

    NetMindAI Partners with Neurochain AI to Revolutionize Decentralized AI Services

    NetMindAI Partners with Neurochain AI to Revolutionize Decentralized AI Services

    LFG Boosts Token Launches with Community Power

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    Polyhedra Network launches Proof Cloud in open beta

    Polyhedra Network launches Proof Cloud in open beta

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    It’s a Different Sort of Olympics as Cryptographers Face Off in Polyhedra’s ‘Proof Arena’

    SoonVerse Partners with Arris to Enhance User Experience

    SoonVerse Partners with Arris to Enhance User Experience

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    Metaplex Deploys Product Suite on Sonic SVM, Enhancing Solana’s Gaming Ecosystem

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    Space and Time Becomes ZK Coprocessor in Karak’s Ecosystem

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    Bitcoin Miner Bit Digital Diversifies Into AI for ‘Substantially Higher Margin’ Than Mining

    ETH Daddy Discusses Ethereum and AI

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    How decentralization can mitigate ‘dystopic’ artificial intelligence risks: SingularityNET exec

    How decentralization can mitigate ‘dystopic’ artificial intelligence risks: SingularityNET exec

    ChatGPT is a tad too enthusiastic about Ethereum’s prospects

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    UAE emirate launches new free zone for digital assets, Web3 and AI

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    What’s the Difference & Which Is Better to Trade?

    Think Your Cold Wallet Is Safe? Not If You Make These 7 Mistakes

    Think Your Cold Wallet Is Safe? Not If You Make These 7 Mistakes

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    What are Decentralized Autonomous Organizations (DAO)? The Pros, Cons, and Real-World Examples

    What Is Copy Trading in Crypto? A Beginner’s Guide

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    What Is Crypto Staking? How to Earn Crypto by Holding It

    What Is DeFi Staking? Everything You Need to Know

  • Analysis
    Bitcoin Sees Historic Rise in Shark and Whale BTC Wallets, Records New High: Santiment

    Bitcoin Sees Historic Rise in Shark and Whale BTC Wallets, Records New High: Santiment

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Home Blockchain

Paradigm Says Ethereum Layer-2 Blast Launch ‘Crossed Lines’ as Users Lock Up $535 Million

November 28, 2023
in Blockchain
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Paradigm Says Ethereum Layer-2 Blast Launch ‘Crossed Lines’ as Users Lock Up $535 Million
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Recently announced Ethereum layer-2 scaling network Blast, led by the founder of top NFT marketplace Blur, has pulled in over half a billion dollars worth of locked funds from users seeking yield and rewards—but also faced substantial criticism over its rollout. And now early investor Paradigm has joined the list of parties with issues over the launch.

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On Sunday, Paradigm Head of Research and General Partner Dan Robinson shared a post on X (aka Twitter) that took Blast’s launch to task, attributing his comments to “we at Paradigm,” suggesting it conveyed the prominent crypto-centric venture capital firm’s stance.

“There are a lot of components of Blast that I’m excited about and would be interested in engaging with people on,” Robinson wrote. “That said, we at Paradigm think the announcement this week crossed lines in both messaging and execution.”

“For example, we don’t agree with the decision to launch the bridge before the L2, or not to allow withdrawals for three months, since we think it sets a bad precedent for other projects,” he continued. “We also think much of the marketing cheapens the work of a serious team.”

There are a lot of components of Blast that I’m excited about and would be interested in engaging with people on. That said, we at Paradigm think the announcement this week crossed lines in both messaging and execution. For example, we don’t agree with the decision to launch the…

— Dan Robinson (@danrobinson) November 26, 2023

Blast is billed as an Ethereum layer-2 network that offers “native yield for Ethereum and stablecoins,” letting users stake (or lock up) their funds in the network to earn an interest-like return.

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The network also promises Blur-like “rewards” ahead for users, enticing early adopters to lock up their funds ahead of a potential airdrop ahead. Blur has already awarded hundreds of millions of dollars worth of its BLUR token to NFT traders, catapulting the marketplace ahead of former leader OpenSea in the process, and that historical example may be enticing for crypto users.

image5

However, while users have been excitedly locking up their funds ahead of Blast’s network launch in 2024—bringing Blast’s total value locked (TVL) to about $535 million at present, per data from DeFi Llama—the team has also faced significant criticism in the process.

Essentially, early users are locking their funds into a bridge that will eventually connect from Ethereum to Blast—but the Blast network isn’t actually live yet. And those funds cannot be withdrawn until the expected mainnet rollout in February, drawing security concerns due to the industry’s history of network bridges being exploited for vast sums of crypto. Some traders and industry builders have also called Blast a Ponzi scheme, given its rewards and referral model.

Blast and Blur co-founder Tieshun “Pacman” Roquerre has rebuked such complaints, writing in a Twitter thread on Friday that there were “a number of misunderstandings” around Blast and attempting to address them.

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.

Lido yield comes from ETH staking…

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

He also said Friday that Paradigm—which was one of the investors in Blast’s $20 million seed round—had no role in Blast’s rollout plans. In fact, Pacman revealed then that Paradigm asked the Blast team to “make changes” to the launch and that Blast was considering them, but that it would ultimately make any decisions in-house.

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Robinson on Sunday praised Pacman and his team for the launch of Blur, which disrupted the NFT market and provided substantial rewards to users in the process. However, Robinson ultimately said that Paradigm and Blast weren’t aligned on certain elements of the rollout, and he felt a need on Paradigm’s behalf to try and advocate for “best practices” in the industry.

Someone Got $8.4 Million in Blur NFT Marketplace’s Latest Airdrop

“We’ve been discussing our concerns with the team and appreciate their willingness to engage with us, but there are still many points of disagreement,” Robinson wrote. “We invest in strong, independent founders who we don’t always agree with. But we understand that people may look to us to set an example on best practices in crypto.”

“We don’t endorse these kinds of tactics and take our responsibility in the ecosystem seriously,” Robinson concluded.

Decrypt reached out to both Paradigm and Blast for comment, but did not immediately hear back from either side.

Tags: BlastCrossedEthereumlaunchLayer2LinesLockmillionParadigmUsers

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