Paradigm-Backed Blast Bridge Addresses Security Concerns

Blast, a network funded by Paradigm, responded to doubts regarding its blockchain model after its meteoric ascent to a market capitalization of more than $300 million and assurances of a token airdrop.

Blast Bridge, an Ethereum L2 network, refuted security concerns raised by some in the crypto community on account of the smart contract architecture of the protocol, which employs a multi-signature construct to protect assets.

The project stated in an X thread on November 24 that no contract code security is entirely impenetrable and that every smart contract design contains its inherent vulnerability.

Blast cited additional layer-2 blockchains, such as Arbitrum and Polygon, which store funds in multi-sig accounts, adding that this option has advantages if appropriately implemented.

Five seasoned technical engineers are the signatories to Blast’s multi-sig wallet, the company emphasized.

Additionally, the project disclosed its intentions to enhance resilience and reduce the impact of black swan events by initiating an upgrade to the hardware wallet provider that underpins its controversial multi-sig structure.

Tieshun Roquerre, co-founder of the NFT marketplace Blur and alias Pacman, brought attention to Blast when he unveiled the L2 network after raising $20 million from investors, including Paradigm.

The deposit-only protocol provides users with native yield and imminent mainnet launch and airdrop commitments for early adopters.

As of press time, the market capitalization of the one-way bridge had surpassed $300 million due to the substantial inflows into Blasts’ contract address.

Furthermore, DeBank disclosed that Blast’s asset portfolio comprised millions of staked Ether (stETH) on Lido and Maker’s DAI, classified as a defi stablecoin.