The Illusion of Layer 2

Let’s cut through the marketing hype. After poring over Blast’s smart contracts, I can confidently say: this isn’t an L2. It’s a glorified savings account with terrifying attack vectors. Here’s why:

Multisig Mayhem

The contracts are controlled by a ³⁄₅ multisig of anonymous wallets - already raising red flags. Unlike proper L2s with transparent governance (think Arbitrum’s 12-day delay), Blast could upgrade to malicious code instantly.

Proxy Perils

Blast uses UUPSUpgradeable proxies - standard in web3, but dangerous here because:

1. No withdrawal functionality exists yet
2. Future withdrawals depend entirely on these anonymous signers
3. They could rug pull before enabling withdrawals

The Bridge That Isn’t

Most damning? There’s no testnet, no bridge, no rollup. Your funds are simply parked in Lido/DAI pools. Calling this ‘L2’ is like calling a bicycle a spaceship.

Two Billion Dollar Attack Vectors

The mainnetBridge function can be set to any contract by the multisig - no security checks beyond “is this address a contract?”. $200M+ at risk from:

1. Malicious upgrades
2. Fake bridge deployments

Final Verdict

While I don’t expect an immediate rug pull, calling Blast an L2 insults actual scaling solutions. It’s centralized yield farming with extra steps. Proceed with extreme caution.

Disclaimer: Not financial advice. Just code analysis from your friendly neighborhood crypto skeptic.