The post Blast L2 seeks senior blockchain builders after pulling $600m in deposits appeared on BitcoinEthereumNews.com.

The Ethereum layer-2 network launched by Blur’s co-founder and backed by Paradigm announced openings for two important roles for its promised mainnet which doesn’t exist yet. Blast, an Ethereum-based L2 scaling solution, is hiring for Senior DevOps Engineer and Senior Protocol Engineer positions after climbing to a mouthwatering $640 million in cryptocurrencies deposited by users. Blast’s job listing met with scrutiny from crypto users on social media, with many sharing doubts regarding the project’s ability to deliver a secure defi protocol that runs atop the largest altcoin blockchain. Both roles are crucial to building a functional blockchain mainnet which Blast does not yet have. However, undeterred speculative investors have poured hundreds of millions in digital assets into Blast’s deposit-only smart contract likely to capture early user advantages and position themselves for a possible token airdrop. The hiring exercise revealed on Dec. 1 was the latest in a controversial saga surrounding Blast. In addition to an absent mainnet, defi participants were skeptical about Blast’s multi-sig wallet model and its five signers.  Blast’s multi-sig operates with a 3/5 system, meaning three signers can move funds from the protocol’s wallet. The project responded to these comments by saying “security exists on a spectrum” and “nothing is fully secure”.  Notably, other L2 networks like Polygon employ a similar mechanism and Blast argued that the multi-sig wallet option offers security benefits.  Paradigm, Blast’s primary institutional backer, also voiced concerns about the project setting a “bad precedent” for other L2 networks and defi platforms coming to the market. Dan Robinson, a Paradigm researcher, did however say Blast held several exciting components.  Launched by Tieshun Roquerre, co-founder of NFT marketplace Blur, Blast would be the third-largest L2 network by total value locked according to DefiLlama data if its network was fully released at press time. Follow Us…

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Filed under: News - @ December 3, 2023 3:20 am