Despite the threat of Ethereum layer-2 explosion, $400 million was locked in 4 days

Interest in the upcoming Ethereum Layer-2 network explosion is bringing in a lot of money. basis For Defi Lama, the total value (TVL) in the project has now reached more than $405 million just days after the project was announced – and it's growing fast.

Blast is a new Ethereum scale network announced on Tuesday. In the crowded market of layer-2 networks (like Arbitrum and Optimism), developers sometimes come up with ideas to do things on Ethereum's slow and expensive blockchain to make it faster, easier and cheaper.

This particular project is partially driven Tieshun “Pacman” Roquerre, who founded Blur, the largest NFT marketplace in the space. Blur is known for offering generous rewards to traders for using the marketplace and staying loyal, and Blast seems to aim to do the same.

The idea of ​​the explosion is to allow users to invest in crypto-primarily stocks. Ethereum (ETH) And A stable coin– To get returns. And people are saving their money fast. A wallet this week It is sitting 10,000 ETH for the project. It is almost 21 million dollars in crypto.

But there's one catch: Blast hasn't actually been released yet.

He said he would hold the blast until it got users' money. bridge It goes live in February, and all of a sudden the network is up and questions about the model have people talking about whether it's safe to invest. Blast itself claims to have up to 53,000 users with a total value of up to $443 million locked up.

Some marketers worry it could be a Ponzi scheme, as others who refer users may receive “blast points” for a May. Air drop. The project is very promising, it offers its users “risk-free” with 4% in ETH and 5% in Stablecoins.

Others—including Anonymous NFT developer Figital and Polygon Labs Engineer Jarrod WattsHe said that requiring three out of five unknown keys to sign and execute transactions could be dangerous. Notably, Watts said the explosion “isn't L2,” at least in its current incarnation.

“Investing a fund into an explosion is like trusting 3-5 strangers to take your crypto stake,” Watts previously tweeted at X. “And you can't lift it unless 3 signatories decide. Sounds dangerous to me.

Pacman He wrote On Twitter on Friday, the project promised huge rewards as the profits would come from major decentralized finance projects Lido and MakerDAO.

“The reason the product feels so good during Blast is because Blast makes this product the default for everyone,” he says, adding that the project is “democratizing high-end production.”

The explosion said one of its product types is a risk-free interest rate ETH deposit. But members LidoHe pointed out that no case, including the one that named Sacha against X, is completely “risk-free”.

Decrypt reached out to Blast for further comment on the concerns, but did not immediately hear back.

Risk-free or not, investors continue to pour huge amounts of crypto into the project at breakneck speed—and it's been a solid investment for months. They must hope that Blast delivers on its promise.

Edited by Andrew Hayward.