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Paradigm-backed network Blast addressed skepticism surrounding its blockchain model following a swift rise to over $300 million in market cap and promises of a token airdrop.
Blast Bridge, an L2 network on Ethereum, pushed back on security concerns espoused by some in the crypto community due to the protocol’s smart contract architecture which safeguards assets using a multi-signature build.
There are often misunderstandings when it comes to security. Security exists on a spectrum (nothing is 100% secure) and it's nuanced with many dimensions. There's smart contract security, browser security, physical security. Each dimension has separate attack vectors.
— Blast (@Blast_L2) November 24, 2023
On Nov. 24 via an X thread, the project said no contract code security is completely airtight and that each smart contract design has its associated vulnerability. Blast pointed to other layer-2 blockchains like Arbitrum and Polygon that use multi-sig wallets to hold funds, adding that this option holds benefits if executed correctly.
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You want to make sure that each signing key of a multi-sig is independently secure. This helps make the multisig antifragile. Each key should be in cold storage, managed by an independent party, and geographically separated.
Blast L2 via X
Blast stressed that veteran technical engineers comprise the five signatories for its multi-sig wallet. The project also shared plans to further bolster resilience and mitigate black swan events by initiating an upgrade to the underlying hardware wallet provider leveraged for its contentious multi-sig structure.
This will ensure that no single hardware wallet type is used 3-of-5 times, maintaining safety even in an unprecedented hardware wallet compromise scenario.
Blast L2 via X
Blast captured attention as Tieshun Roquerre, aka Pacman, co-founder of NFT marketplace Blur, announced the L2 network after raising $20 million from investors like Paradigm. The deposit-only protocol offers native yield to users, promising an airdrop for early supporters and a mainnet launch in the near future.
The one-way bridge zoomed to a market cap above $300 million as of press time following massive inflows into Blasts’s contract address. Additionally, Blast’s asset portfolio provided by DeBank showed millions held in Lido’s staked Ether (stETH) and Maker’s DAI, a defi stablecoin.
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