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Blasts, Blurs, and Ponzis

The latest Paradigm-backed project is attracting controversy and TVL
Bankless Bankless Nov 25, 20231 min read
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market analysis Blasts, Blurs, and Ponzis

BLUR Blasts. A new project from Blur's founder backed by Paradigm sent Crypto Twitter into a tizzy this week, with many criticizing Blast's ponzinomics while others threw money into it. Speculation on how to score the new token sent action towards the BLUR native token, which surged nearly 80% during the week.

While much of the criticism surrounding Blast centered on the Ponzi-like nature of the the blatant token speculation it was encouraging, others were more concerned about how exactly it was achieving the "native yield" it was advertising.

Crypto venture firm Paradigm was on the receiving end of more than a little pushback, particularly for joining a round with so many of Crypto Twitter's more... controversial.. personalities also investing.

Still, the excitement around Blast, which prompted one user to dump more than 10,000 ETH onto the network has given Crypto a shot in the arm that hasn't been felt since point-farming went full throttle on Friend.tech.

Whether the team manages to figure out a sustainable path forward or not, the new attention coming to BLUR is certainly welcome for an NFT market that is still looking for a path out of its bear market.

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