Paradigm\u2019s Dan Robinson says the firm disagrees with Blast\u2019s launch campaign tactics<\/p>\n
Paradigm, a leading crypto VC firm and the co-lead investor backing Blast, the controversial Layer 2 network, is taking note of the widespread criticism targeting the forthcoming network.<\/p>\n
Blast launched<\/a> a one-way deposit contract on Nov. 20, allowing users to send ETH and stablecoins to the network. Depositors cannot withdraw their assets until the network\u2019s launch in February, but will earn \u201cBlast Points\u201d in addition to ETH staking rewards derived from Lido and stablecoin yields from MakerDAO.<\/p>\n Blast has already attracted $558M<\/a> less than one week after enabling deposits. However, critics decry<\/a> Blast\u2019s minimal security assurances, absence of a working product or even testnet, and careless contribution to Lido\u2019s alarming dominance<\/a> over the supply of staked ETH.<\/p>\n On Nov. 26, Paradigm\u2019s Dan Robinson took to social media to acknowledge the pushback against Blast.<\/p>\n \u201cThere are a lot of components of Blast that I\u2019m excited about\u2026 that said, we at Paradigm think the announcement this week crossed lines in both messaging and execution,\u201d Robinson tweeted<\/a>. \u201cWe\u2019ve been discussing our concerns with the team and appreciate their willingness to engage with us, but there are still many points of disagreement.\u201d<\/p>\n Robinson said Paradigm is unhappy with Blast\u2019s decision to launch its bridging contract before deploying its Layer 2, depositors\u2019 inability to withdraw their assets until after three months, and the marketing campaign employed by the Blast team.<\/p>\n \u201cWe don\u2019t endorse these kinds of tactics and take our responsibility in the ecosystem seriously,\u201d Robinson continued. \u201cWe still think they are world-class builders who can deliver an L2 that brings value to the ecosystem.\u201d<\/p>\n Robinson\u2019s tweet received mixed reactions from the crypto community, receiving praise from some onlookers while others accused Paradigm of disingenuously trying to save face.<\/p>\n