The development team behind newly launched Ethereum Layer-2 solution Blast has released a statement in rebuttal to negative claims about the protocol’s security and operations. These developments come amidst the high level of attention currently surrounding the L2, with a reported Total Value Locked of $443 million gained within four days of operation.
Blast Not An L2 Solution, Users Assets At Risk — Polygon Developer
In a series of posts on X on November 23, Jarrod Watts, a developer relations engineer at Polygon, shared his concerns about several aspects of Blasts operation, highlighting the protocol’s proposed aim as well as user asset safety and accessibility.
Launched on November 21, Blasts claims to be a layer-2 solution that offers users native yields on ETH and stablecoin deposits. In contrast to most blockchains with an immutable smart contract, Watts stated that this Ethereum-based L2 operates an upgradable security contract managed by a ⅗ multi-sig authorization model.
While upgradable contracts may be common with L2 solutions, they are a usually temporary arrangement as they allow developers to fix bugs in the early days of a protocol’s operation.
In the case of Blast, Watts highlights that this is the L2’s permanent security model, meaning if a malicious third party gains majority control 3 out 5…
