TL; DR
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Leading up to Blast’s launch, the team basically said, “Hey, if you commit some ETH over the next three months and promise to transfer it to the Blast Network once it’s live, we’ll redeem your rewards in the meantime.” “
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This could work, but there are also some red flags. We hope for the best.
Full story
Picture this: Disney announces plans to open a new park in 2024, but opens ticket sales today.
Anyone who purchases tickets early will earn 5% of their total spend in ‘Disney Bucks’ rewards between now and opening day.
So when opening day arrives, early supporters will have a bunch of Disney Bucks rewards saved up (ready to spend in the park).
That’s pretty much what’s happening with ‘Blast’, the newly proposed layer-2 Ethereum network, led by Pacman (founder of the NFT marketplace, Fade).
Blast allows users to trade Ethereum-based tokens faster/cheaper than normal.
And leading up to the launch, the team basically said:
“Hey, if you commit some ETH over the next three months and promise to move it to the Blast Network once it’s live, we’ll pay you rewards in the meantime.”
The only problem is: the Blast Network doesn’t exist yet.
That raises some red flags for some people…
A hand:
Pacman has used reward structures that are seemingly too good to be true to grow Blast’s total value ($535 million to date).
On the other hand:
That’s kind of the whole tactic of Pacman…
Grow ridiculously fast by offering crazy rewards to users.
He’s been doing it for a while now (first with Blur) and has remained faithful in the past.
That being said…
“Past results are no guarantee of future performance.”