Why Blast Fails the Layer 2 Test

Let me be blunt: After auditing Blast’s smart contracts line-by-line (because apparently nobody else did), I can confirm it’s about as much an L2 as my toaster is a quantum computer. Here’s the technical autopsy:

The ³⁄₅ Multisig Time Bomb

1. Proxy Puppetry: Blast uses OpenZeppelin’s UUPSUpgradeable - meaning 3 out of 5 anonymous signers can rewrite contract logic overnight. Yes, Optimism and Arbitrum have similar backdoors, but at least their teams are doxxed.

2. Bridge to Nowhere: Unlike real L2s, Blast lacks:

   • Transaction batches
   • Fraud proofs
   • Data availability checks It’s literally just a wallet that auto-stakes your ETH via Lido.

The $200M Escape Hatch

Found something scarier than the upgrade vulnerability? Meet enableTransition():

• Approves ANY contract as mainnetBridge
• Only validation: Is it not an EOA? Congrats, here’s all the staked ETH/DAI!

The included screenshot of the laughably minimal validation check deserves its own horror movie franchise.

Why This Matters

While writing this, Blast TVL crossed $200M. That’s:

• 200 million reasons for attackers to target those 5 mystery wallets
• Zero technical barriers preventing exit scams
• More centralization than Binance circa 2017

Pro Tip: If your “L2” doesn’t batch transactions or post data to Ethereum… it’s just a fancy savings account with extra steps.