The post Blast Network Soars to $400M TVL Amidst Centralization Concerns appeared first on Coinpedia Fintech News
In a recent social media discussion, Jarrod Watts, a developer relations engineer at Polygon Labs, raised significant concerns about the security and decentralization of the newly launched Blast API network. On November 23, Watts argued that Blast’s centralization could pose serious security risks to its users.
Allegations Against Blast API
Watts’s critique began with a claim that Blast operates on a “3/5 multisig” system. This means that transactions can be executed if three out of five designated team members agree. According to Watts, this setup makes Blast vulnerable, as an attacker only needs to compromise the keys of three team members to seize control of all cryptocurrency deposited in the team’s contracts.
Let’s start at the beginning.
A fresh wallet, 0x52c31 deploys two contracts:
1/ 0xa01: The Blast Deposit Proxy Contract2/ 0x5f6: The Blast Deposit Impl
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