Pacman's Blast L2 Reaches $1.1 Billion TVL Amidst Controversy and Excitement, may be a pyramid scheme

So i was just reading about this new project from pacman, the guy behind blur. it's called blast, an ethereum layer-2 that promises native staking yield in the form of more blast tokens. and it's already got over a billion dollars in deposits from the crypto community. Kinda reminds me of the whole trx thing with ftx, but on a different scale.

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basically, people are depositing in ethereum and stablecoins, getting around 4% to 5% return , and earning these "blast points." they're for the blast token airdrop planned for may 2024. it's a lot like what happened with blur and their token giveaways.

but here's the twist - there's some controversy. the bridge for blast is up, but it's not connected to the actual network yet. There's no code published and people can't pull their money out till next february. paradigm, the big money behind it, even said they're not happy with how it's being rolled out. At present, any money sent to Blast goes into a five-person multi-sig wallet. Then, your ETH gets staked on Lido, and if you deposit USDC, it gets deposited to MakerDAO’s DSR

paradigm's dan robinson called them out on twitter about the launch, saying it's not cool to have the bridge before the network and lock up withdrawals.

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Not to mention, the founder 'Pacman' revealed his identity as a 24-Year-Old High School, MIT Dropout. I swear, the crypto space is so unpredictable, I'd never imagine that almost 100,000 people have handed over $1B to this guy's wallet to stake in exchange for promised airdrops. if he makes one mistake and loses all the money, there is no way everyone will get refunded.

so yeah, blast is getting a lot of money and attention, but not everyone's happy about how it's going. still, with that much money already in, it's gonna be interesting to see how it all plays out.