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.
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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.”
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