Dire Performance of Ethereum Gas Fee Tokens Forms Ponzi Allegations

• Couple of new tokens have shifted concentration on airdropped tokens gas fees of Ethereum to users of network.
• Mediocre performance of both tokens have started to raise questions, and allegations are being made that tokens might be associated with Ponzi scheme.
• 2-transaction claiming setup might appear exotic, there are more features skewed to perquisite the team behind.

Ethereum gas fee remains the talking point without being less of a pain to clients, and a tailwind and a pushing force for Layer-1 contenders like AVAX and SOL, both of whom offer reduced fees comparatively.

As annoyance grows among users regarding gas fee of Ethereum, it is not surprising that users are capitalizing on their sentiments. There are a couple of tokens to attain an unavoidable amount of attention from sectors of industry.

‘Low’ GAS

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GAS token was released on December 29, and can be claimed by Ethereum clients who previously had spent a prominent amount in ETH gas fees. Released by GAS DAO, token’s purpose, according to website of DAO, is to offer strategic perception and voice to highly active users on network.

Strategic perception will come from token holders’ organized polls.

Gas DAO polls Ethereum clients on behest of protocols, leveraging most dynamic client base on Ethereum for producing useful insights regarding protocols. Responses are susceptible to proof through cryptography.

Even if GAS token’s motive was to provide relief to high gas payers, it has failed as of now. On starting day, GAS token slipped by 75% and has lost a significant percentage since the beginning.

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Another annoyance for users came from WTF token’s site. Total gas fee is displayed by website, spent by Ethereum’s linked wallet, a harrowing experience for some, and a crisp reminder of spendings done by users on Ethereum.

WTF is Contract Doing?

WTF token was released by fees.wtf. As per Rotkiapp’s founder, Lefteris Karapetsas, a couple of transactions need to be made by the users in order to claim tokens. First transaction to “unlock” token or to pay fees to issuer, and second one to claim tokens.

Unlock feature will give 0.01 ETH to WTF team every time it is invoked.

WTF token was down since its launch. It saw a bump for a while, but then got bearish.

Operations Beneficial for Issues

Though the 2-transaction establishment might appear astounding, more operations are there to provide advantages to the team behind.

Every time a transaction is made, a fees will be offered to team behind WTF, yes, it is correct, they will be receiving benefits for every transaction, says Karapetsas on Twitter.

As per a data, team has netted 200 ETH just by “unlock feature.” There’s a fee of 4% on every transaction, and has received a total of 4,098,132 WTF tokens in form of fee, equaling to around $143K.

As explained by Karapetsas, governing smart contracts or airdrop does not inflict harm directly, does not steal, instead of that, it may be a dirty deed, and if gas fee of Ethereum are ascending, claimants are risking losing ‘free money’ airdrop.