blast founder Tieshun Roquerre (Pacman) commented on the claims of critics comparing the platform to a pyramid scheme. Additionally, the investor said he wanted Paradigm to change its go-to-market strategy following the reception.
Blast went live in invite-only early access mode on Tuesday, following a $20 million raise from Paradigm and Standard Crypto, among others. At launch, the team claims that the platform offers native Layer 2 yield generation for Eyhereum and stablecoins, automatically compounding balances of 4% to 5%, and invitation rewards known as “Blast Points”. The project has attracted over $400 million in bridged assets so far, according to the Dune Analytics dashboard.
While Roquerre acknowledged that Blast’s return to users might feel “too good to be true,” he said the platform’s high returns are due to legitimate platforms like Lido and MakerDAO. He said that while Lido’s return comes from Ethereum’s staking rewards, MakerDAO’s return comes from on-chain T-Bills.
Koinfinans.com As we reported, Roquerre also addressed comments regarding Blast’s invitational awards. Far from being a marketing gimmick for growth’s sake, he insisted, this system was a strategic move to encourage community growth, deserving of rewarding users for their contribution in expanding the ecosystem. Critics compared Blast’s reward structure to a pyramid scheme.
He stated that Paradigm asked him to make changes to the post-launch plans, and that this was also considered, but the final decision would be made by the Blast team.