Crypto VC Firm Paradigm Criticizes Blast’s Marketing Strategy
Crypto venture capital firm Paradigm has expressed criticism of Blast’s protocol marketing strategy, claiming that the startup went too far in its messaging and execution. Paradigm, which is a seed investor in Blast, stated its disagreement with Blast’s decision to launch a bridge before its layer-2 network and to not allow withdrawals for three months. The head of research at Paradigm, Dan Robinson, shared a statement on social media expressing these concerns.
Points of Disagreement
Paradigm has been in communication with Blast regarding its concerns, but there are still many areas where the two companies disagree. Despite the criticism, Robinson acknowledged that Blast’s team consists of skilled builders who have demonstrated their ability to create great products. However, the governance structure of Blast and Paradigm’s role in decision-making remain unclear.
Other Criticisms
Paradigm is not the only company to address concerns about Blast’s recent launch. Jarrod Watts from Polygon Labs highlighted the centralization of the network as a security risk. Watts also pointed out that Blast is not a true layer 2 solution and raised concerns about the lack of withdrawal functionality.
Blast’s Success Amid Controversy
Despite the controversy surrounding its launch, Blast has accumulated over $555 million in total value locked (TVL) since its recent debut. The protocol claims to be the only Ethereum L2 with native yield for ETH and stablecoins. An airdrop is scheduled for January.
Hot Take: Paradigm Raises Concerns About Blast’s Marketing and Execution
Crypto venture capital firm Paradigm has criticized Blast’s marketing strategy and execution, stating that it went too far in its messaging and decision-making. Paradigm, a seed investor in Blast, expressed disagreement with the startup’s choice to launch a bridge before its layer-2 network and to restrict withdrawals for three months. While acknowledging Blast’s skilled team, Paradigm emphasized its responsibility to set an example in the crypto ecosystem and stated that it does not endorse such tactics. Other industry professionals have also raised concerns about Blast’s centralization and lack of withdrawal functionality. Despite the controversy, Blast has achieved significant success since its launch, accumulating over $555 million in total value locked (TVL).
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