As a blockchain analyst who's spent years dissecting DeFi protocols, I dove into Blast's smart contracts to verify claims that it's "just a 3/5 multisig." What I found was more concerning: not only does Blast lack core Layer 2 features like transaction batching or bridges, but its upgradeable proxy contracts create alarming security vulnerabilities. While many L2s use similar multisig models temporarily, Blast stands out for what it *doesn't* have - and the $200M+ currently locked in its smart contracts. This isn't FUD; it's bytecode forensics.