New Layer-2 Network Blast Draws $225 Million Despite Limited Access, Raising Questions Over Incentive System
• More than $225 million has been deposited in Blast, a new layer-2 network, since Monday despite withdrawals being closed until March • Users receive "Blast points" for staking assets and referring new users, which some compare to a pyramid scheme • Blast is now the 7th largest holder of staked Ether, with assets deposited in liquid staking protocol Lido • The network is backed by prominent crypto investors but faces skepticism from some over the points system and need for another layer-2 • Prices of related Blur token have jumped 40% this week as investors bet on Blast as an extension of the Blur NFT ecosystem