According to Foresight News, Jarrod Watts, a developer relations engineer at Polygon Labs, has expressed concerns about the Blast deal. Contract 3/5 is an upgradeable contract controlled by MultiSeg, with all five addresses being anonymous new addresses, he said. Blast can potentially perform code upgrades via multi-signatures and steal funds instantly. While many other Layer 2 solutions, including Arbitrum, have similar features, Blast is not a Layer 2 solution but simply a smart contract that accepts user funds and invests them in a Lido-like protocol.

Watts pointed out that there is no testnet, no transactions, no bridges, no rollups, and no transaction data sent to Ethereum. If the 3/5 multisig governing the contract does not 'work right' in the future, users will not be able to withdraw their money stored in the Blast contract at any time.

In response to these concerns, SlowMist founder Yu Xiang confirmed that the Blast contract is indeed an upgradeable contract, as described by Watts, with control over 3/5 multisig without a timelock. He added that if the contract is to be leveraged, either a lossy logic contract can be upgraded through multi-signatures or a Bremannet bridge can be established through Able Transition. Blast currently operates as a centralized Web2 project, aside from its Ethereum-based contract, and is supported by several well-known institutions.