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L2 Crypto Project Blast Achieves $660M TVL Amid Mockery for Key Developer Recruitment

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Recent data reveals that Blast, the new layer two (L2) blockchain platform, has amassed a significant $660 million in value within its decentralized finance (defi) protocol. Concurrently, while accumulating a variety of crypto assets, the initiative has commenced a search for experienced senior blockchain developers.

While Amassing $660M, L2 Blast Project Searches for Developers

In recent times, Blast has emerged as a focal point of interest. This project, conceptualized by Pacman, the mind behind the non-fungible token (NFT) marketplace Blur, has rapidly gained traction. Within a span of less than a week, the platform’s total value locked (TVL) soared to approximately $400 million.

Concurrently, Blast faced allegations of resembling a Ponzi scheme. During this period, Paradigm, a principal investor in the project, admitted that the team had overstepped in certain aspects of communication and implementation.

Pacman has also countered the Ponzi scheme allegations and further clarified that Paradigm played no role in shaping Blast’s market entry strategy. In a mere five-day period following these events, Blast witnessed its TVL swell to $660 million, bolstered by an additional infusion of $104 million.

Notably, on November 30, when the TVL reached $634 million, Blast broadcasted its intent to expand its team, announcing open positions for hiring.

“Hiring announcement,” Blast stated. “Blast has reached $634m TVL across 67,757 community members. We’re hiring a senior devops engineer and senior protocol engineer. Reach out if you would like to contribute to Blast.”

The hiring announcement sparked skepticism upon its release, as observers questioned the project’s lack of engineering staff. “No mainnet, no testnet, no code, no employees, $634m TVL,” mocked one commentator, sharing an image of Pepe the frog.

Skepticism continued to mount on social media platform X, where another user exclaimed, “This cannot be real LOL.” Doubts persisted, with a further remark stating, “Yea this ain’t gonna end well.” The situation’s gravity led another individual to inquire, “Do you need a lawyer?”

Another person replied in jest:

Does anyone know how to make an L2? We needz help!

Currently, Blast holds a portfolio of 198,733 ether, 73,518 staked ether (STETH), and considerable amounts of stablecoins: 39.56 million USDC, 30.66 million tether (USDT), and 15.6 million DAI tokens. The role of senior protocol engineer, as outlined in the job specification, is pivotal.

This individual will significantly contribute to the team’s adaptation of the open-source OP Stack, which is rooted in go-ethereum. The OP Stack represents a unified, shared, and open-source development framework that fuels Optimism, under the stewardship of the Optimism Collective. Several L2 forks are based on the OP Stack.

What do you think about the L2 project Blast? Let us know what you think in the comments section below.


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