The team behind the recently launched<a href="https://www.cryptoknowmics.com/news/ethereum-layer-2-scaling-solution-arbitrum-ready-for-major-upgrade/" target="_blank" rel="noopener"> Ethereum Layer-2 solution</a>, Blast, has responded to criticisms regarding the protocol's security and operations. This comes amid increased scrutiny surrounding the Layer-2 (L2), which has garnered significant attention, accumulating a <a href="https://x.com/Blast_L2/status/1728188031876886764?s=20" target="_blank" rel="noopener">reported</a> Total Value Locked of $443 million within its first four days of operation.

Jarrod Watts, a developer relations engineer at Polygon, expressed concerns about various aspects of Blast's operation, focusing on the protocol's stated objectives and considerations for user asset safety and accessibility.
<h2>Blast's L2 Status Challenged: Security Model and Missing Features Spark Controversy</h2>
<blockquote class="twitter-tweet">
<p dir="ltr" lang="en">"Blast is just a 3/5 multisig..."

I spent the past few days diving into the source code to see if this statement is actually true.

Here's everything I learned:</p>
— Jarrod Watts (@jarrodWattsDev) <a href="https://twitter.com/jarrodWattsDev/status/1727584394796323042?ref_src=twsrc%5Etfw">November 23, 2023</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

Blast positions itself as an L2 solution providing native yields on ETH and stablecoin deposits. Watts highlighted a distinctive feature of Blast's Ethereum-based L2, emphasizing its utilization of an upgradable security contract managed by a ⅗ multi-signature authorization model. While upgradable contracts are common during the early stages of L2 protocols to address bugs, Watts noted that Blast's model is intended to be permanent, raising concerns about potential threats to user asset safety if a malicious party gains majority control over three out of five contract keys.

Watts further contested Blast's classification as an L2 solution, asserting the absence of essential features such as a testnet, transactions, bridge, roll-up, and any proof of data communication with Ethereum. According to Watts, Blast currently only provides yields on deposits, which remain inaccessible to investors due to the absence of a withdrawal feature.
<h2>Blast Defends Security Model Amid Criticism, Affirms Commitment to L2 Solution</h2>
In response, Blast addressed the security concerns in a separate post. The development team defended the upgradable security model, asserting its superiority in handling complex operations compared to immutable security contracts. They acknowledged the inherent risk of bugs in immutable contracts and emphasized the strength of their multi-signature model, with all five keys stored in cold storage managed by individuals in different geographic locations.

Despite the controversy, Blast remains steadfast in its assertion as an L2 solution and emphasizes the resilience and security measures in place to protect user assets in the evolving landscape of Layer-2 protocols.

Ethereum L2 Blast Addresses Security Concerns

Get the scoop on Ethereum's Layer 2 solution, Blast, as it responds to critiques on security and operations. Stay informed on the latest developments.

Sonakshi is into the crypto world ever since she heard about it and is pursuing her interest through Cryptoknowmics. She is a sensational poet, technical writer and content strategist.

Ethereum L2 Blast Addresses Security Concerns

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