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Blast Network Gains $400 Million in TVL, But Faces Security Criticism Over Centralization

In just four days since its launch, the Blast network has accumulated over $400 million in total value locked (TVL), according to DeBank. However, concerns have been raised by a developer relations engineer at Polygon Labs, Jarrod Watts, who claims that the network's security risks are due to centralization. Watts argues that the Blast network is less secure and decentralized than users realize, as it is just a 3/5 multisig. The Blast team has responded to the criticism, stating that the network is as decentralized as other layer-2s, including Optimism, Arbitrum, and Polygon, and that user funds are kept in cold storage managed by an independent party and separated geographically. However, the network has faced criticism for having upgradeable contracts, which was also a problem seen in the Stargate bridge, and was exploited in December 2022 when a former employee hacked into the developer's database to upgrade the smart contract and create 20 trillion Ankr Reward Bearing Staked BNB.

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