Polygon Labs engineer: Currently, Blast is not an L2, and the contract is controlled by a 3/5 multi-signature from anonymous new addresses
ChainCatcher news, Polygon Labs developer relations engineer Jarrod Watts stated that the Blast contract is an upgradeable contract controlled by a 3/5 multi-signature, with all 5 addresses being anonymous new addresses. Blast has the potential to execute code upgrades and immediately steal funds through multi-signature, although many other Layer 2 solutions, including Arbitrum, currently have the same capability. However, the current Blast is not Layer 2, but merely a smart contract that accepts user funds and invests them in protocols like Lido. There is no testnet, no transactions, no bridges, no rollups, and no transaction data sent to Ethereum. If the 3/5 multi-signature controlling the contract does not "do the right thing" in the future, users will not be able to withdraw the money deposited in the Blast contract at any time.Yuxian, the founder of Slow Mist, commented that the Blast contract is indeed an upgradeable contract as Jarrod Watts mentioned, controlled by a 3/5 multi-signature (the identities of the 5 individuals are unknown) and without a time lock. If they want to run away, they can either upgrade to a malicious logic contract or set a malicious mainnetBridge with enableTransition. Currently, apart from the contract deployed on Ethereum, Blast's other activities are centralized Web2 project spin-offs, but there are several well-known institutions backing it. Users tend to trust projects that have institutional endorsements.