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Blast network achieves $400M TVL, refuting allegations of excessive centralization.

Blast network achieves $400M TVL, refuting allegations of excessive centralization.

The Blast team has responded to claims that its multisignature upgrade functionality makes it too centralized. Polygon Labs developer relations engineer Jarrod Watts raised concerns about the security risks and centralization of the Blast network. In response, Blast claimed that it is as decentralized as other layer 2 solutions like Optimism, Arbitrum, and Polygon.

Watts argued that Blast is just a 3/5 multisig, meaning that if an attacker gains control of three out of five team members’ keys, they can steal all the crypto deposited into its contracts. He also stated that Blast is not a layer 2 and lacks a withdrawal function, requiring users to trust that the developers will implement it in the future. Watts further highlighted potential attack vectors, including the ability to set any smart contract as the mainnetBridge.

The Blast team defended its protocol, stating that security exists on a spectrum and that non-upgradeable contracts can still contain bugs. They emphasized that the keys for the Safe account are in cold storage and managed by an independent party, ensuring the safeguarding of user funds. The team compared their approach to other layer-2 solutions like Arbitrum, Optimism, and Polygon.

It is worth noting that other protocols, such as Stargate and Ankr, have faced similar criticism for their upgradeable contracts in the past. In January, Summa founder James Prestwich raised concerns about the Stargate bridge, while the Ankr protocol was exploited in December 2022 due to an upgrade that allowed the creation of new tokens.

Summary:

– Blast network has gained over $400 million TVL since its launch.

– Polygon Labs developer raised concerns about Blast’s security risks and centralization.

– Blast team claims to be as decentralized as other layer 2 solutions.

– Watts argued that Blast is just a 3/5 multisig, posing potential security risks.

– Blast lacks a withdrawal function and relies on user trust for its implementation in the future.

– Blast team defends its protocol, stating that security exists on a spectrum and emphasizes the safeguarding of user funds.

– Other protocols, like Stargate and Ankr, have faced similar criticism for their upgradeable contracts in the past.

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