There's no indication that Ether's gas fees aren't as painful for users, but they're still a hot topic and a driving force and tailwind for so-called Layer-1 competitors like Solana and Avalanche, both of which tout the lower fees heavily.

Since Ether's gasoline bill has stirred up some frustration among its users, it's probably not surprising that some are trying to capitalize on that sentiment. There are at least two tokens that are now gaining undeniable attention in the industry.

Natural gas down 94%

The GAS token was launched on Dec. 29 and is available to Ether users who have spent significant amounts of money on gas fees in the past. The token was launched by Gas DAO and, according to the DAO website, is designed to "provide strategic insights and voice to the network's most active users."

The "strategic insights" come from polls among token holders.

“Gas DAO polls Ether users on behalf of the protocol, leveraging the most diverse user base on Ether to create actionable insights for the protocol. Responses are cryptocurrency verifiable,” the site reads.

However, if the GAS token was intended to bring some comfort to recalcitrant gas payers, it has so far failed to do so. The market price of the GAS token fell 75% on the opening day and has so far lost 94% of its initial value. The total market cap is now below $10 million.

The second shot at tokenizing frustrated gas payers comes from the builders of the otherwise excellent and very useful and simple website The site shows the total gas fees spent on connected Ether wallets, a painful experience for some visitors and a clear reminder of how much the user has spent on Ether.

WTF do contracts?

It's perhaps not surprising that the team behind has now released a token with the appropriate symbol WTF. However, according to Lefteris Karapetsas, founder of portfolio tracker @rotkiapp, there are some things to keep in mind. As Karapetsas explained in a series of tweets, claimants must make two transactions to claim the token – the first is to "unlock" the token, effectively paying the issuer a fee, and the second is to actually claim the token.

According to Karapetsas, the "unlock function" sends 0.01 ETH to the WTF team every time it is invoked.

"The brilliant thing here is that if you use a referral, you actually send a portion [of it] to the referrer It's a Ponzi scheme," Karapetsas tweeted. "Then you still need to send another transaction to receive the tokens and "NFT" [Karapetsas' quotes].

In this tweet, Louis TA, a developer and analyst at Messari, explains the recommended solution.

Functions to benefit the issuer

As peculiar as the two trade statement setups may seem, according to Karapetsas, there are more features biased to benefit the team behind them.

"Every time you transfer tokens, you pay a percentage to the WTF team. Yes, you heard that right. They take a cut of every transfer/exchange that happens," Karapetsas tweeted.

According to the on-chain data, the unlock feature alone has brought in a substantial amount of ETH 200 ($652,000) for the WTF team in just a few days. As for the transfer fee per transfer, based on the smart contract cut of 4%, the developers have now received WTF 4,098,132, or about $143,000.

As Karapetsas explains, airdropping or managing its smart contracts does not cause any direct harm and does not steal anything, instead, one might call this setup foul, and if Ether gas fees are high, claimants run the risk of losing the "free money" airdrop.

The WTF token has fallen nearly 88% since its launch, with a total market cap of less than $5 million.

CryptoSlate Newsletter

Summarizes the most important daily stories in cryptocurrency, DeFi, NFT, and more.

Source Link