Is BlastUP ICO a SCAM or Legit? Project Review and Investigation

BlastUP has been on the media radar lately, hitting the headlines with ambitious plans to become the next big thing in crypto. Since its launch in early February, BlastUP has been getting a lot of attention from both supporters and skeptics. 

The crypto space is notorious for ICO scams, so questioning the legitimacy of a new entrant to the scene is a reasonable concern for any sensible member of the crypto community. This article delves into the ins and outs of the BlastUP background to provide a verdict on its legitimacy and credibility. 

How to distinguish a legit ICO project from a scam?

Distinguishing a legitimate crypto project that is undergoing an Initial Coin Offering (ICO) from a scam can be challenging, but several key criteria experienced crypto investors always pay attention to:

• Whitepaper Quality. A legitimate ICO will typically have a detailed and clear whitepaper that explains the project’s purpose, technology, the problem it aims to solve, how the funds will be used, and the long-term plans.
• Tokenmonics. A well-structured token economy should clearly define the token’s utility, total supply, distribution schedule, and how it integrates into the project’s ecosystem.
• Third-party Audits and Partnerships. Projects that have undergone security audits by reputable firms have an extra layer of credibility. Partnerships with well-established companies can also be a positive sign.
• Community and Communication Channels. Legitimate projects often have active and transparent communication channels such as Telegram, Reddit, and Twitter. They engage with their audience, answer questions, and provide updates. A red flag is if the team avoids answering difficult questions or does not actively engage with its community.
• Technical Roadmap. Legitimate projects provide detailed roadmaps with realistic milestones and technical achievements they plan to reach over time.

Getting back to BlastUP, let’s see if it meets these criteria. 

Is BlastUP ICO Legit or Scam?

BlastUP emerged in early February as the first launchpad on the Blast L2 blockchain. The platform sees its mission in helping crypto startups on Blast grow faster and earn more which is the first phrase that captures attention when you visit the official website blastup.io. 

BlastUP’s Security confirmed by CertiK and Assure Defi

The important elements that also catch the eye are the icons indicating the approval by CertiK and Assure Defi which enhances the credibility of the platform. 

CertiK is a leading company in the cryptocurrency audit sector. With a track record of over 3,000 audits, CertiK has built a reputation for meticulous and comprehensive reviews. 

The current CertiK security score of BlastUP is impressively high, ranking it among the top 30 most secure pre-launch projects.

CertiK has worked with prominent exchanges such as Binance, Huobi, Crypto.com, and OKX. CertiK’s extensive portfolio also includes audits for major platforms like PancakeSwap, Aave, BNB Chain, and Decentraland.

Platform Name	CertiK Security Score	Comments
PancakeSwap	92.17	Ranked in the top 10 in security sub-scores.
BlastUP	82.06	Ranked in the top 30 on the Pre-Launch Leaderboard.
Aave	89.45	Strong performance in code security.
Decentraland	85.83	Good practices with no security incidents.
Phantom	79.97	High operational security score.

The BlastUP documentation is well-elaborated and features the product description, tokemonics, and roadmap. Let’s explore these aspects in more detail.

BlastUP Products

• Launchpad Accelerator assists projects in developing documentation and tokenomics to raise funds.
• Stake & Earn is a product that allows members to stake assets, as well as get monthly distributions of Blast Gold and discounts on project launches.
• Community Incentives Program allows projects on Blast to distribute tokens or other rewards for various user activities, thus enhancing user engagement.

BlastUP Tokenomics

The native token of BlastUP is $BLP. It provides its holders with several utilities, including:

• allocations for token sales on BlastUP
• staking opportunities
• loyalty benefits during Initial DEX Offerings (IDOs)

The tokenomics for the $BLP token details a total supply of 1 billion tokens, with allocations for private sales, pre-sales, public sales, and other categories like liquidity and marketing. A structured vesting schedule accompanies each category, ensuring the controlled release of tokens into the market. 

BlastUP’s Roadmap

BlastUP’s roadmap for 2024-2026 outlines quarterly goals such as: 

• deploying an AI IDO screener
• introducing yield and $BLP staking programs
• launching the Community Marketplace and Incubation program

Future initiatives also include introduction of user-friendly tools for token and liquidity management, such as AI Launchpad Assistant and liquidity pool analyzers.

BlastUP’s Recent Achievements and Open-Source Contributions

BlastUP’s development progress is demonstrated by its frequent updates and key announcements on social media. Most notably, the company recently announced the completion of its launchpad contracts documentation. These contracts have been made open-source, and comprehensive guides on installation and deployment can now be accessed on their GitHub repository. 

Based on the above information we can conclude that BlastUP has gone a long way in elaborating its strategy and securing endorsements from top audit firms which definitely differentiates it from bogus companies. 

From concept to reality: BlastUP launched first project on its platform

BlastUP primarily serves as a launchpad for crypto startups, and the BlastUP App has already gone live, facilitating a presale of its first project, CYBRO. This event marks a significant milestone as BlastUP, still in a presale phase itself, hosts essentially an alpha sale for CYBRO. This launch tests the initial functionality of the BlastUP platform and sets the stage for its upcoming official release.

BlastUP speaks openly with its community

We have noticed that BlastUP has a strong presence on all the popular social networks, including X, Telegram, and Discord. These accounts are frequently updated with new announcements. Importantly, BlastUP regularly holds AMA sessions, demonstrating its open and transparent approach to communicating with its audience. 

The BlastUP community demonstrates strong loyalty, often sharing positive feedback and comments about the platform’s new features and developments.

BlastUP also has an active Telegram chat, where users can ask questions about the project and get immediate answers from the team members.

When it comes to transparency and community support, BlastUP raises no doubts. 

Growing popularity of BlastUP exploited by scammers

Scammers often exploit ICOs to conduct fraudulent schemes like creating fake projects or engaging in pump-and-dump strategies.

As BlastUP’s popularity grows, fraudsters are taking advantage by creating phishing links and directly contacting users. The BlastUP team has reported such cases on their X account. 

BlastUP noticed by reputable crypto experts

CryptoMoonShots, a subreddit focused on identifying potential crypto moonshots with 2M members, has recognized BlastUP as a highly promising contender.

Another respected crypto influencer, Orbid, also noted BlastUP’s significant potential, highlighting its early achievements in the presale phase and its rapidly growing user base.

As we can see, BlastUP has received widespread recognition from reputable experts, which makes it a trustworthy project.  

Is BlastUP a scam? Final Verdict

The BlastUP launchpad platform represents a promising addition to the crypto landscape. It combines rigorous security measures, a robust product lineup, and a well-planned roadmap. The high security scores from leading audit firms mean that BlastUP is a trustworthy platform. 

BlastUP has established a transparent dialogue with its community, further solidifying its legitimacy. Regular updates, active social media engagement, and open communication channels through AMA sessions demonstrate BlastUP’s dedication to transparency. With no evidence of fraudulent practices, BlastUP is an example of a reliable and forward-thinking crypto platform.