Blast founder denies Ponzi scheme claims as TVL rockets past $400 million

Blast founder denies Ponzi scheme claims as TVL rockets past $400 million

Blast was supported by a $20Ms investment from notable backers like Paradigm and Standard Crypto at launch.
Blast is facing Ponzi scheme claims.
Roquerre clarifies that Blast’s 4 to 5% yield comes from reputable platforms like Lido and MakerDAO.

In a recent twist of events, Blast has faced scrutiny and Ponzi scheme claims. However, the founder, Tieshun Roquerre, has vehemently denied these allegations.

Despite ongoing debates, the recently launched Blast platform has achieved a significant milestone with a Total Value Locked (TVL) exceeding $400 million, emphasizing the platform’s rapid growth and unique features, including ‘Blast Points’ for community engagement and an innovative approach to Layer 2 (L2) native yield generation.

As the platform gains attention with a Total Value Locked (TVL) surpassing $400 million, Roquerre has sought to clarify misconceptions surrounding Blast’s innovative approach to yield generation and community engagement.

What is Blast?

Launched in an invite-only early access mode, the Blast platform has quickly garnered attention, raising $20 million from investors including Paradigm and Standard Crypto.

With a TVL exceeding $400 million, the platform’s unique features, such as ‘Blast Points’ for community engagement, have contributed to its rapid growth. The TVL milestone reflects confidence from investors and users alike, despite ongoing debates about the platform’s viability and security.

Blast positions itself as the first Layer 2 (L2) with native yield. Promising an EVM-compatible optimistic rollup, the platform allows users to earn yield on stablecoins. By bridging assets like USDC, USDT, and DAI to Blast, users participate in on-chain T-Bill protocols like MakerDAO, receiving yields in Blast’s auto-rebasing stablecoin, USDB.

Despite concerns about a lockup period and the L2’s yet-to-be-launched status, Roquerre envisions Blast’s potential impact on reducing transaction costs and enhancing institutional-grade NFT perps.

Addressing Blast’s Ponzi scheme claims

Tieshun Roquerre, the founder of Blast, has responded to allegations labelling the platform as a Ponzi scheme.

Roquerre strongly refutes these claims, emphasizing that Blast’s 4 to 5% yield is sourced from reputable platforms like Lido and MakerDAO. He points out that these yields are a result of Ethereum’s staking rewards and on-chain T-Bills, positioning them as sustainable components within the crypto economy. Roquerre’s commitment to transparency aims to dispel misconceptions surrounding Blast’s financial model.

As Blast navigates its early stages, the cryptocurrency community remains vigilant, observing the platform’s progress and assessing its potential impact on the evolving landscape of crypto finance.

The post Blast founder denies Ponzi scheme claims as TVL rockets past $400 million appeared first on CoinJournal.

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