The new L2 project “Blast” launched by NFT trading platform Blur has quickly gained attention, with a total locked value (TVL) of up to $567 million within just six days. The research director of leading investment firm Paradigm publicly expressed concerns about the project yesterday, highlighting three points of disagreement between Paradigm and the founder of Blur, Pacman.
(Previous summary:
Big Brother Maji made a move! Deposited “6 million USD worth of ETH” into Blast, Blast’s locked value broke 500 million USD in 5 days!)
(Background information:
TVL exceeds 400 million in 4 days! Team responds to negative feedback from the community: Paradigm is not leading, and cold wallet management will be implemented.)
Since its launch, the new L2 project “Blast” initiated by NFT trading platform Blur has achieved an astonishing TVL of approximately $567 million within just 6 days, thanks to its highlights such as automatic earning and early airdrop activities. However, while Blast quickly attracted a large amount of funds, it also sparked heated discussions within the community regarding its technical nature as a Layer2 solution, its invitation-based marketing strategy, and its association with top investment firm Paradigm.
In response to the community’s doubts, founder Pacman addressed the issue on Twitter on the 25th, stating that Paradigm did not directly participate in Blast’s go-to-market strategy. He emphasized that the project’s market strategy was entirely developed and executed by the internal team. Pacman revealed that although Paradigm has made some suggestions for modifying the market strategy after the product release, these suggestions are currently being actively discussed and evaluated within the team. Pacman reiterated his respect for Paradigm as an investor, especially their attitude of allowing collaborating entrepreneurs to make the final decisions, which is one of the many reasons he enjoys working with the Paradigm team.
Disagreements between Paradigm and Pacman’s team
Regarding the evaluation and concerns about Blast, Dan Robinson, the research director of Paradigm, posted on X platform in the early morning today, stating that Blast’s announcement last week exceeded the boundaries in terms of information dissemination and execution strategy. He explicitly stated that despite the differences in opinions between Paradigm and Pacman’s team on certain issues, they still appreciate the team’s open communication attitude. He mentioned that the support for Pacman’s team’s decisions is based on their excellent track record in building outstanding products over the years. Even with differences in product launch and marketing tactics, Paradigm remains committed to achieving best practices in the crypto field and will take corresponding responsibilities seriously.
Over 240,000 ETH locked in
According to the latest data from DeBank, Blast’s current TVL is $567 million, including 243,670 ETH pledged, which is expected to be retrieved to the Ethereum mainnet by the end of February next year. This has sparked discussions within the community regarding the large amount of ETH being locked and the potential impact on token prices when withdrawals are allowed.
Account @jzinvest_xyz compared Blast with Ethereum’s previous Shapella upgrade and pointed out that over 17 million ETH were locked on the beacon chain before the Shapella upgrade. Even though there was a temporary drop in prices during the redemption period, the entire process did not cause a severe imbalance in ETH supply and demand. In comparison, Blast currently only locks around 243,670 ETH, with a lock-up period of only three months, which is much shorter and smaller compared to the duration and quantity of the pledge before the Shapella upgrade. Therefore, although there may be some selling pressure during the unlocking period, the overall impact on the ETH market is expected to be limited.
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Tags:
Blast
Blur
Go to Market
GTM
Layer2
Pacman
Paradigm