Recently, the BLUR token ignited the alternative cryptocurrency market by making 100% gain in the past month, following its recent listing on the Binance platform. Despite the meme-driven enthusiasm within the cryptocurrency community, there have been speculations about BLUR’s potential link to a Ponzi scheme. Is Blur good to buy?
BLUR’s Founder Addresses Concerns and Misconceptions
In response to the circulating memes and misconceptions about BLUR, the founder, Packman, took to social media to clarify some key points. A prevalent meme suggested that BLUR operates as a Ponzi scheme due to its attractive returns. Packman explained that BLUR’s returns initially stem from Lido and MakerDAO.
The Source of Returns: Lido and MakerDAO
According to Packman, Lido’s returns originate from Ethereum staking yield, an integral part of Ethereum’s Proof of Stake consensus mechanism. On the other hand, MakerDAO’s returns come from on-chain treasury bills, which are U.S. government debt obligations.
Packman emphasized that these returns are sustainable and are fundamental components of both on-chain and off-chain economies. The reason BLUR’s returns appear too good to be true, as per Packman, is that BLUR makes this high yield the default setting for all users, effectively democratizing the higher return.
Addressing Another Meme: Paradigm’s Role in BLUR’s Launch
Discussing another meme, Packman dismissed the notion that Paradigm played a role in BLUR’s launch, clearly stating that Paradigm had no involvement in BLUR’s go-to-market (GTM) strategy. Acknowledging Paradigm’s expertise in research and technical design for the second layer (to be launched in February), Packman confirmed that they do not consult with Paradigm on GTM, while appreciating these aspects.
Packman recognized that Paradigm had provided post-launch suggestions, which are actively under consideration. He praised Paradigm as a research powerhouse and valued the collaborative relationship where trusted entrepreneurs make final decisions, highlighting one of the reasons he enjoys working with the Paradigm team.
Combating FUD Around BLUR’s Invitation Rewards
In response to the spread of FUD (Fear, Uncertainty, and Doubt) regarding BLUR’s invitation rewards, Packman clarified that the invitation system is not a new mechanism but a well-established concept used for a long time.
Explaining the rationale behind BLUR’s invitation mechanism, Packman emphasized the pivotal role of the community in the project’s success. Recognizing that BLUR’s vision heavily relies on community contribution, Packman highlighted the goal to enhance the on-chain economy with the highest possible return from the second layer (L2). Achieving this ambitious vision requires a collective effort.
From Packman’s perspective, contributions to the second layer can take various forms, including being a developer for the base protocol, creating applications on top of the second layer, or being a user of the second layer. By analogy, he compared the community to people in a city, asserting that users who help make BLUR a thriving second language by bringing in friends provide real value to the ecosystem and thus deserve the reward. Packman stated that this is the fundamental reason for the existence of invitation rewards within the BLUR platform.
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