The BLUR token has ignited the altcoin market, soaring by an astounding 100% in the past week following its listing on Binance. However, amidst the meme-filled excitement within the crypto community, unsettling rumors questioning BLUR’s legitimacy as a potential Ponzi scheme have surfaced.
In a recent post on X, Colin Wu, a well-known personality in the field of crypto journalism and renowned for his X platform WuBlockchain, shed light on Packman’s efforts to dispel the misunderstanding that BLUR is a Ponzi scheme due to its high yield. Packman clarified that BLUR’s yield mostly comes from established sources such as Lido and MakerDAO.
According to Packman’s clarification, the yield from Lido stems from Ethereum staking, an integral component of Ethereum’s Proof-of-Stake consensus mechanism. Meanwhile, MakerDAO’s yield is derived from on-chain T-Bills and US government debt obligations.
Packman Clarifies BLUR’s Yields And Paradigm’s Role
Packman stressed that these yields are sustainable and form essential elements of both on-chain and off-chain economies. He stated that the perceived “too good to be true” yield is accessible to all BLUR users, democratizing higher yield opportunities.
Addressing another circulating meme, Packman dismissed claims of Paradigm’s involvement in Blast’s launch. He emphasized that Paradigm had zero participation in BLUR’s go-to-market strategy. While acknowledging Paradigm’s expertise in research and technical L2 design, Packman clarified that their involvement is strictly limited to post-launch suggestions, keeping the GTM strategies internalized.
BLUR is trading at $0.6200, marking an impressive 88.16% rise in the last 7 days and a market cap of $684 million. It is worth noting that whales have been accumulating BLUR, which may have contributed to the token’s price surge. This bullish sentiment may drive the token’s price up to $1 in the near future.
Source: TradingView
Regarding concerns about Blast’s invite rewards, Packman clarified that this mechanism isn’t novel but a long-standing concept within the ecosystem. He highlighted the significance of community contributions to Blast’s success, emphasizing the goal of nurturing an on-chain economy with a high-yield Layer 2 (L2), requiring collective effort.
Packman compared the community’s role to that of inhabitants in a city, attributing value to users who aid in making Blast a thriving L2 by inviting friends. He stressed that invite rewards exist to recognize and reward these contributions.
The market surge and subsequent controversies surrounding BLUR underscore the intense volatility and scrutiny within the crypto landscape as founders strive to address concerns while navigating rapid token appreciation.