Blast has shown me that we will get another Terra Luna next cycle.
I’m not saying Blast will be the next Terra Luna so let me start with that.
But let’s look at this. They say all ETH and stablecoins will be natively yield-bearing on their network.
Honestly that sounds like a great idea, but like what’s the technical breakdown of how that works? Will there be liquidity issues going on and off their network? How does this whole thing work?
So let me see what their developer docs say. Oh wait, there are none available yet.
And wait their contract isn’t even an L2 yet, just a multi-sig with no withdrawal function?
Yet $600 million has been deposited in because of hopes for an airdrop? Granted Pac-Man has a good reputation in the community, but you are essentially throwing money into a magical black box promising great returns that nobody knows how it works yet.
Blast might turn out to be a great project. I have concerns about them dumping everything into Lido which raises security issues for the network because of the 33% thing. But that aside nobody knows exactly how this all works and yet everyone is apeing in on the word of a founder?
It’s stuff like this that shows me we have learned nothing from last cycle. The next Terra Luna is probably in the works as we speak. But degens are going to degen.
Maybe I got this wrong, but this just looks crazy to be tossing money into something you don’t know how it works. But I haven’t been able to find of technical breakdown anywhere. Not discrediting Blast, but I don’t see how you justify the risk of throwing money in at this point.