Blast Bridge, a new layer-2 network on Ethereum has responded to security concerns on November 24th regarding its smart contract architecture that safeguards assets using a multi-signature build.
In an X post, Blast stated that while no contract code is completely secure from vulnerabilities, its design using multi-signature wallets has proven benefits if implemented correctly.
“You want to make sure that each signing key of a multi-sig is independently secure. This helps make the multisig antifragile. Each key should be in cold storage, managed by an independent party, and geographically separated.” Blast L2 stated via X
Furthermore, Blast emphasized that its multi-signature wallet has five signers who are veteran technical engineers with extensive experience securing funds in this manner. The project also shared plans to further enhance resilience and mitigate risks by initiating an upgrade to the underlying hardware wallet provider used for its multi-signature structure.
Blast Bridge gained its attention when Tieshun Roquerre, co-founder of NFT marketplace Blur and better known as Pacman, unveiled the new layer-2 protocol after garnering $20 million from notable crypto investors like Paradigm. The deposit-only network offers native yield incentives to users and has promised an airdrop for early supporters along with a mainnet launch soon.
According to a YouTube video by Money Matter, the one-way bridge saw its market capitalization spike above $300 million following massive asset deposits into Blast’s contract address.
Data from DeBank has also shown Blast holding millions worth of other crypto assets including staked Ether and Maker DAO’s Dai stablecoin based on its latest public portfolio report.
Also Read: Is It Really Safe To Deposit Funds in Blast?