The controversial Ethereum-based Layer 2 (L2) project, Blast, is collaborating with its key investor, Paradigm, in a bold move to reshape its narrative by implementing a significant update. Despite the controversy, Blast has already drawn over $835 million in deposits. Let’s now examine the details of the update and how the project aims to redefine its perceptions.
Blast’s Update Signals Paradigm’s Commitment to Positive Change
The Ethereum-based Layer-2 project, Blast, is undergoing a major transformation. Dan Robinson, General Partner and Research Director of Paradigm, one of Blast’s key investors, announced that significant progress has been made in the platform’s technical design. The protocol is preparing to shift to a new update system planned for implementation next week.
Robinson emphasizes that with the update, the system will be open source from the very beginning, offering other projects the opportunity to emulate Blast’s positive changes. GitHub Gist links containing updates in the LaunchBridge.sol contract underscore the transparency of this update.
Addressing Criticisms and Embracing Open Source
The update, particularly affecting the function named withdrawAndLosePoints, aims to address and correct past criticisms directed at Blast. The controversial promotion of a “single node-focused side chain” and the tokenomic design containing uncertain rewards for liquidity providers has been a source of contention.
Paradigm’s commitment to making the update open source signals a significant change, setting a better precedent for transparency and collaboration in the crypto space.
Despite criticisms, Blast continues its rise, reaching new peaks in terms of Total Value Locked (TVL). Blast, which currently has over $835 million in deposits, has become the fastest-growing network according to the DefiLlama tracker.
The funds injection primarily took place in the early days of Blast’s public beta launch. Notably, Blast was listed as a yield farming application by DefiLlama. It also challenged traditional categorization as a Layer-2 scaling solution on Ethereum. This resilient growth in TVL underscored the platform’s ability to develop amidst controversy and positioned it for new milestones.
Blast’s collaboration with Paradigm and the open-source update signaled a paradigm shift for the controversial L2 project. As it approaches new TVL milestones, the move towards transparency and positive change could redefine the project’s narrative within the crypto community.