It’s a mess on Ethereum – Every day, new tokens and phenomena appear in the ecosystem, managing to generate more or less traction. The latest, WTF, is a token distributed via an airdrop based on fees spent on Ehtereum (ETH).
WTF: a cryptocurrency that lives up to its name
On Thursday, January 13, the contract for a new protocol was deployed on the Ethereum mainnet. Accompanied by this, a site with a name that is eloquent to say the least: fees.wtf.
In fact, the site allows connect an Ethereum wallet and to see how much ETH have been spent on fees on the network as well as the number of failed transactions. The larger this number, the more WTF Tokens that can be claimed.
For example, our national Hellmouth has done well REKT by Ethereum, spending a total of 0.4126ETH for 79 transactions that didn’t even go through. RIP, the Dino!
“The heavy and painful price of failure. Not only is it missed, but in addition, you are put in a socket. Kiss. ! Ethereum 1.0, 20s.”
Hellmouth Banner, JDC Editor
Note, however, that it is necessary to pay 0.01 ETH “registration fee” to be able to claim the tokens as part of the airdrop. A surprising situation! Whereas most of airdrops are in general free, this is one of the few where you have to pay anything other than gas costs. Note that, in addition, the cardboard airdrop is accompanied by a sponsorship system exploded on the ground to make Charles Ponzi mad with jealousy
Quickly, everyone rushed on this airdrop. In less than 24 hours, more 100,000 transactions were recorded by the contract.
REKT in shambles
Obviously, this tungsten rush has, once again, caused the ruin of many users. Indeed, the launch created a lot of excitement and, consequently, transactions on Ethereum. Once is not custom, costs transaction exploded.
Thus, we were able to see the classic canceled transactions that we love so much on Ethereum. In addition, this new launch was a bargain for all of front runners of Ethereum.
For example, a user who wanted to buy the token in the first hours was beautifully outpaced by a frontrunning bot. In fact, the latter spent 42ETH to obtain the modest sum of 0.00004WTF. Suffice to say that the 42 ETH were completely lost, with the price of the WTF which oscillated between 1 and 2 dollars, in the hours following the launch.
In fact, the transaction was spotted by a frontrunning bot, which sent an upstream transaction that artificially increased the price of the token.
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Bots: the big winners of this airdrop
As often on Ethereum, the bots are the ones who have done the best. For example, one of them succeeded in making a profit of 58 ETH, taking advantage of the launch mess.
At launch, team members filed 2211.46WTF and almost no WETH in Uniswap’s WTF/WETH pool.
Quickly, dozens of bots threw themselves into the pool. The first bought the 2,211.45 WTF for 2ETH, almost emptying the pool of its WTF tokens, driving the price up. Subsequently, another bot bought the remaining 0.01 WTF at the new price.
At that time, the pool mainly contained ETH, and the WTF award was at the highest. This is where a user resold WTF at full price, siphoning off the entire 58 ETH deposited in the pool. A nice profit of 58 ETH for a most pleasant airdrop for this user.
At the same time, the future looks bright for Ethereum. Indeed, the developers recently announced the date of the deployment of The Merge on the mainnet. Ethereum should go into proof of stake around June 22.
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