TL;DR
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In the lead up to Blast’s launch, the team has basically said: “Hey, if you lock some ETH up for the next 3 months, and promise to move it over to the Blast network once it’s live – we’ll pay you rewards in the meantime.”
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This might work, but there are also a few red flags. We are hoping for the best.
Full Story
Picture this: Disney announces plans to open a new park in 2024, but opens ticket sales today.
Anyone that buys tickets early, earns 5% of their total spend in ‘Disney Bucks’ rewards, between now and opening day.
So when opening day comes, early supporters have a bunch of Disney Bucks rewards saved up (ready to spend at the park).
That’s kind of what’s happening with ‘Blast,’ the newly proposed layer-2 Ethereum network, which is headed by Pacman (founder of the NFT marketplace, Blur).
Blast will allow users to trade Ethereum-based tokens faster/cheaper than usual.
And in the lead up to its launch, the team has basically said:
“Hey, if you lock some ETH up for the next 3 months, and promise to move it over to the Blast network once it’s live – we’ll pay you rewards in the meantime.”
Only problem is: the Blast Network doesn’t exist yet.
Which is raising some red flags for some folks…
One one hand:
Pacman, has been using seemingly-too-good-to-be-true reward structures to grow the total value locked up in Blast ($535M so far).
On the other hand:
That’s kinda Pacman’s whole schtick…
Grow ridiculously fast by offering crazy rewards to users.
He’s been doing it for a while now (first with Blur), and has held true in the past.
That said…
“Past results are no guarantee of future performance.”
