Resonance weighs in on Blast third-party dependency and security issues
The post Resonance weighs in on Blast third-party dependency and security issues appeared on BitcoinEthereumNews.com.
Resonance, a comprehensive cybersecurity platform and software provider has weighed in on the security issues surrounding Blast, a highly anticipated Ethereum (ETH) Layer 2 solution. The analysis, posted on Resonance’s Medium page, highlighted the potential vulnerabilities associated with Blast and emphasized the importance of robust security measures in ensuring the integrity of the ecosystem. Blast funding and launch Blast launched on February 29, 2024, promising an array of features, including points, airdrops, jackpots, native staking yields, and gas revenue sharing. Between its announcement in November 2023 and its subsequent launch, Blast accepted ETH deposits via a one-way bridge, offering native yield and Blast Points, which would ensure early adopters could participate in future airdrops. Despite some criticism, Blast’s strategy proved effective. As of June 25, 2024, Blast’s Total Value Locked (TVL) stood at $3.16 billion, making it the fourth-largest Ethereum Virtual Machine (EVM) Layer 2. Native yields for ETH and stablecoins According to Resonance, Blast’s appeal lies chiefly in its native yield offering for ETH and stablecoins, which is based on auto-rebasing to enhance price stability and efficiency while mitigating market volatility. For ETH, users can deposit onto Blast and receive liquid L2 tokens which are automatically staked into Lido staking pools, giving users a 4% interest rate. For stablecoins, users can bridge their stablecoins to Blast in exchange for USDB, Blast’s native stablecoin, generating yield through MakerDAO’s T-bill protocol at a 5% interest rate. In addition to yield generation, Blast promises users airdrop eligibility points based on their ETH/USDB balance and rewards dApps based on their TVL. Points and gold can also be earned through referrals. Blast security concerns As per the analysis provided by Resonance, Blast’s reliance on Lido and MakerDA, two 3rd-party DeFi protocols, introduces significant risks, one reason for this is that MakerDAO “has not published…
Filed under: News - @ June 27, 2024 2:24 pm