BLUR token experienced an impressive 100% increase last week after being listed on Binance, the leading cryptocurrency exchange. While the crypto community celebrated the rise with excitement, concerns about BLUR being a pyramid scheme emerged. The founder of BLUR has made a statement regarding this issue.
Statements from the Founder of BLUR
Packman, the founder of BLUR, addressed the circulating rumors and misunderstandings through social media. A common narrative implies that Blast operates as a pyramid scheme due to its attractive returns.
Packman explains that the returns from Blast are derived from Lido and MakerDAO. The return from Lido is generated from Ethereum staking, an important element of Ethereum’s Proof-of-Stake consensus. On the other hand, the return from MakerDAO comes from on-chain T-Bonds, which are U.S. government debt obligations.
Packman states that the seemingly incredible returns are a result of Blast making it the default for all users, effectively democratizing higher returns.
Paradigm’s Role in Blast’s Launch
Packman firmly denies any involvement of Paradigm in Blast’s launch strategy. He emphasizes that Paradigm’s expertise is highly regarded but they do not provide consultancy in these matters.
In response to the circulating FUD about Blast’s invitation rewards, Packman explains that the invitation system is not new and is a well-established concept. Highlighting the community’s important role in Blast’s success, Packman states that the invitation rewards exist to recognize users who contribute to the platform’s growth and align with the goal of creating the highest-yielding Layer-2 (L2).
Current Status and Future Speculations of BLUR
As of the latest update, BLUR is trading at $0.63 with a market cap of $691 million. Notably, there has been a significant accumulation of BLUR by whales, fueling expectations that the token price could potentially reach $1.
In conclusion, the recent success of BLUR has been well-received. However, along with success comes scrutiny. Packman’s statements aim to address concerns and position BLUR as a promising player in the evolving crypto landscape by providing a transparent perspective on its mechanisms.
