A crypto airdrop marketed to Ethereum users botched everything imaginable last week, with widespread complaints of bunk tokenomics and terrible liquidity.
The ironically-named WTF airdrop promised to help to defray the cost of Ethereum users’ historical gas fees. WTF was initiated by the folks behind fee-tracking portal fees.wtf.
The site subtly skewered the absurdity of Ethereum’s often-costly transactions by allowing users to see how much they’d spent to transact on the network.
Any Ethereum user who’d spent more than 0.5 ETH ($1,559) in gas by the January 1, 2022 snapshot could claim a minimum of 30 WTF tokens. They could then sell to spiritually reclaim fees they’d spent until that point.
To receive the airdrop, WTF asked gas spenders to:
- connect their wallets to its website,
- pay a special fee on top of Ethereum gas fees to claim WTF tokens and an NFT,
- execute smart contracts to “enable” trading for two tokens on decentralized exchange Uniswap (more gas),
- and finally, execute a costly Ethereum transaction (plus slippage) to swap the claimed WTF tokens into Ether or some other safer asset.
Indeed, to claim the WTF tokens, participants had to transfer $40 worth of Ether as a mandatory courtesy to the project.
Yet even typical reward amounts of 100 to 200 WTF tokens failed to cover the gas required to claim and sell on Uniswap.
At best, those tokens were worth between $16 and $32 at their brief price peak.
Now, WTF tokens trade for just $0.03 apiece — worth $3 to $6 and down more than 80% since topping out on Uniswap.
‘It seems right that we get paid for this’
WTF also charged a 4% fee for subsequent token transactions, which would generate revenue for token holders moving forward.
According to the team, project members don’t have a stake in the token, so the 4% Fee on Transfer (FoT) tax won’t benefit any insiders.
As for the $40 fee to claim WTF tokens, in a post-mortem the team said up to half of those paid for those who initiated referral links, in which case the site would’ve received between 0.005 ETH and 0.009 ETH ($16.2 to $29.23) per unlock split between four team members.
Etherscan shows roughly 21,000 addresses hold some amount of WTF tokens. In total, reported figures indicated the team raked in over 147 ETH ($460,000) via its unlock fee, and 7.8 million WTF tokens from transaction fees as of last week.
“We worked hard creating fees.wtf, and will continue to work hard supporting it. Call us crazy but it seems right that we get paid for this,” said the group. “We didn’t take a team share of tokens for this reason.”
Please Read Essential Disclaimer Information Here.
© 2022-2023 Crypto Caster provides information. CryptoCaster.world does not provide investment advice. Do your research before taking a market position on the purchase of cryptocurrency and other asset classes. Past performance of any asset is not indicative of future results. All rights reserved.
Contribute to CryptoCaster℠ Via Metamask or favorite wallet. Send Coin/Token to Addresses Provided Below.
BTC – bc1qgdnd752esyl4jv6nhz3ypuzwa6wav9wuzaeg9g
ETH – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
MATIC – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
LITECOIN – ltc1qxsgp5fykl0007hnwgl93zr9vngwd2jxwlddvqt
Support CryptoCaster with any amount of Bitcoin by copying and pasting our Unstoppable Domain; villagewest.crypto in your sending wallet or crypto coin exchange.
Your contribution support will help in our growth, coverage, and global presence. CryptoCaster is a decentralized publisher “Covering a Global Evolution Re-defining Mediums Of Exchange”. We will continue to upgrade and create impactful sections to our lineup.
Any amount, as often as you can contribute will be greatly appreciated.
Every contribution, however big or small, is so valuable for our future. Thank you for your consideration and support!
Member of Global Meta Media Consortium℠ – www.g2mc.world