Did you spend a lot on fees with Ethereum this year? A DAO wants to compensate you – DiarioBitcoin

For Hannah perez

Gas DAO is handing out GAS tokens to compensate Ethereum users who spent a lot on fees. Although, ironically, the fees to claim the airdrop are higher than the value of the tokens.


A new decentralized autonomous organization (DAO) is preparing a New Years surprise for the community of Ethereum with a airdrop that seeks to compensate all those who spent a lot on fees is 2021.

Gas DAO has emerged this week with the mission of compensating users of Ethereum who spent over a thousand dollars on transaction fees. To do this, the team is launching its own native token, called GAS, and plans to distribute the funds via airdrop (free distribution) to eligible users in the coming days.

Although the mission of the new project is not very clear, Gas DAO ensures that all those users who prove they have spent more than USD $ 1,559 in transaction fees will be able to claim the tokens. The figure is a reference to the EIP-1559 update that carried out Ethereum this year. As reported Daily bitcoin, this update introduced a new mechanism for burning rates to the network.

Gas DAO wants to compensate Ethereum users

In blockchains, users pay a commission to perform operations such as sending and issuing assets; for example for exchanges or swaps on decentralized finance platforms (DeFi) or for minting non-fungible tokens (NFT). In the case of Ethereum Those operating fees are called Gas and are paid in ETH, the network’s native cryptocurrency.

The rates of Ethereum They have skyrocketed this year above $ 100 per trade as the price of ETH has risen as well. As a result, users have started to turn to other less expensive networks such as Binance Smart Chain (BSC), Avalanche Y Solana; even if Ethereum remains the most popular platform in space.

There are over 143 million unique addresses that have transacted on the Ethereum network. Gas DAO was created to be the voice and heartbeat of the 643,000 most active users of those 143 million, to unite the communities that span Defi, DApps and NFTs “said Gas DAO in a tweet.

As a way to cope with the high costs of Ethereum, Gas DAO will distribute 550 billion GAS tokens in an airdrop program. In a blog post, detailed that a supply of 1 billion tokens will be issued, of which 55% will go to the airdrop and another 15% will be distributed to the project’s team of developers. They will also allocate part of the supply to a treasury and another percentage will be distributed to the community over six months.

Gas DAO, formed as a DAO chain from day 1 to one of the largest free and fair distributions ever, now provides a platform to make our collective wants and needs heard.s.

An airdrop to celebrate the New Year?

The latest initiative within the growing DAO industry hopes to become a strong community. As reported, users who own more than 1 billion GAS tokens will be able to submit governance proposals to the project, while those who own at least 1.78 million tokens will gain access to a dedicated channel on the server. Discord.

The amount of tokens that each user receives is calculated based on the annual expenses in fees, until December 26. Beyond the token allocation plan, it is still not very clear what the project intends to do.

With just a few days underway, the project has attracted great attention from the community. More than 25,000 users of Ethereum have claimed the reward, as indicated by the team on Twitter and confirm Data of Etherscan.io. However, ironically, for many recipients, the gas fees to claim the airdrop are higher than the value of the GAS tokens.

With each GAS valued at USD $ 0.00015, according to data from CoinGecko, the treasure to be distributed has a value of just over USD $ 80 million, at the time of publication. Meanwhile, the market capitalization is $ 18.6 million. The price of GAS peaked at $ 0.0005 earlier, but has now plunged close to 70%.

gas token

Possibly the price drop is due to doubts about the veracity of the project. Many users on Twitter have wondered how safe it is to claim the token, as connecting their wallets to the project can expose them to hacks, fraud, or scams. In response, the DAO has stated that its initiative is secure and that its contracts are based on Open Zeppelin, a platform that offers smart contracts White brand They come equipped with safety tools.

DAOs season

The news comes amid a sudden surge in DAOs, which has recently been becoming the latest hot trend in the ecosystem.

Just a few days ago, we outlined a DAO’s plans to buy the old movie rental chain Blockbuster and transform it into a platform streaming decentralized; something like a luck of Netflix about the blockchain.

In recent months, the organization model has become very popular. Last month, a DAO drew attention after raising more than $ 40 million with the goal of purchasing an old (physical) copy of the United States constitution. At the time, the news made international media headlines, highlighting the power of DAOs to take action in the real world.

Prior to that, while a wide variety of DAOs existed, many were focused on launching initiatives within the online space. For example, there are DAOs known to be in the business of buying and investing in NFT. Since then, a lot of projects have been coming up, and even Elon Musk’s brother has launched his own charity DAO. Everything seems to indicate that we are entering the DAO season.

Sources: Decrypt, CryptoBriefing, archive

Article by Hannah Estefanía Pérez / Daily bitcoin

Image from Unsplash

We wish to give thanks to the author of this write-up for this outstanding material

Did you spend a lot on fees with Ethereum this year? A DAO wants to compensate you – DiarioBitcoin

Dispensary Business News