The founder of the explosion denied that the Ponzi scheme of TVL Rockets exceeded 400 million dollars
The explosion was backed by a $20m investment from prominent backers such as Paradigm and Standard Crypto when it launched. The explosion is fueling claims of a Ponzi scheme. Roquerre explains that 4 to 5% of Blast's revenue comes from popular platforms like Lido and MakerDAO.
In recent events, Blast has faced investigations and claims of a Ponzi scheme. However, founder Tyson Rocker has strongly denied these allegations.
Despite the ongoing debates, the recently launched breakout platform has hit a milestone with a total value locked (TVL) of more than $400 million. (L2) Domestic Product Generation.
As the platform gained attention with a total value (TVL) of more than $400 million, Roquerre sought to clear up misconceptions surrounding Blast's innovative approach to generation and community engagement.
What is an explosion?
Launched in invite-only early access mode, the breakout platform quickly garnered attention, raising $20 million from investors including Paradigm and StandardCrypt.
With a TVL of over $400 million, the platform's unique features, such as ‘explosion points' for community engagement, have contributed to its rapid growth. Despite ongoing debates about the platform's viability and security, TVL's surge reflects confidence from investors and users.
The explosion positions itself as the first layer 2 (L2) with native production. The platform, which offers EVM-compatible optimism, allows users to earn on stablecoins. By linking assets like USDC, USDT and DAI to Blast, users participate in on-chain T-Bill protocols like MakerDAO, earning output in Blast's auto-rebasing stablecoin, USDB.
Despite concerns about the lock-in period and L2's yet-to-be-launched status, Roquerre anticipates the impact of the explosion in reducing transaction costs and increasing institutional-level NFT perks.
Blast's Ponzi scheme claims handling
Blast founder Tieshun Roquerre has responded to allegations that have labeled the platform as a Ponzi scheme.
Roquerre vehemently denies these claims, pointing out that 4 to 5% of Blast's revenue comes from popular platforms like Lido and MakerDAO. He pointed out that these products are the result of Ethereum's high rewards and on-chain T-Bills, positioning them as sustainable elements in the Crypto economy. Rocker's commitment to transparency aims to dispel misconceptions surrounding Blast's financial model.
As the explosion first explores its status, the cryptocurrency finance community remains active in monitoring the platform's growth and assessing its impact on the crypto financial development landscape.
