Blast TVL hits $390 million, with no product

In just a few days, the amount of value sent into the Blast deposit contract on Ethereum has increased by an order of magnitude to $390 million.

A smart contract, advertised as a “bridge” for a yet-to-be-developed optimistic rollup, has received about $340 million in ether and $50 million in stablecoins since launching Monday.

The contract, is controlled by a Safe 5-key multisig where 3 keys are required to execute transactions. However, one of the 5 keys has no transaction history, and the other 4 show initial ether deposits from the same Ethereum account.

There is no way for an outside observer to know whether the five keys were generated by five independent entities or…

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