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NFT Tech

What is Fees.WTF?

Are you tired of Ethereum gas fees? Well, now you are going to be rewarded for all your spending.

Fees.WTF is a tool used for showing the lifetime spend on Ethereum blockchain transactions, and now they’re airdropping $WTF tokens to anyone who has spent a minimum of 0.05 ETH on gas fees.

Here is an important update from the Fees.WTF team: “Before we launched, we always mentioned that we’d be adding liquidity shortly after launch being that zero tokens were circulating.
We also didn’t say the amount because we didn’t want bots to front-run our liquidity and take it all.

So what happened? To my understanding, it was a battle of bots vs bots. Immediately on launch, there was only a tiny bit of liquidity and there were ape bots that were chucking in 100’s of eth into a pool with an eth or two in liquidity.

They also had high slippage and ended up being sandwiched by the other bots which essentially drained all their eth. It was a case of high slippage, low liquidity, and the chance to get in big on a big launch.

This is why before launch I was saying to be careful and tread lightly. The core contracts are all fine, this was a war on Uniswap. I hope none of you were affected by it. Everything is still on schedule. We are adding liquidity and getting it beefed up. You can stake and the rewards open up in about 22.5 hours.”

How to claim your $WTF tokens

In order to claim your $WTF tokens, you must first meet the requirements. All Ethereum addresses that spent a minimum of 0.05 ETH in gas fees by block 13916450 are eligible to receive the airdrop.

You can claim your tokens today (January 13th) at 7 PM ET on Fees.WTF.

It’s important to note that users must pay a service charge of 0.01 ETH, to claim the airdrop to compensate referrers and the development team for their efforts on the project. This service charge is paid directly to the team and referrer and is not used to provide any benefit to airdrop claimants.

Also, if you contributed to the Fees.WTF donation, then you will be rewarded with an additional allocation of tokens. This is true for all donations up until block 13943000, including those that donated before the airdrop was conceived in May 2019.

Why is there an airdrop?

The reason for the airdrop is to encourage people to use the Fees.WTF platform, and more specifically, the Pro Dashboard they are rolling out very soon.

Moreover, the airdrop is a way to provide value to those of us who are victims of the outrageously high Ethereum gas fees that we’ve been experiencing.

What is included in the airdrop?

If you are eligible to receive the Fees.WTF airdrop, this is what you will gain access to upon claiming:

  • $WTF tokens
  • Official Fees.WTF 1 of 1 NFT
  • Upcoming pro version of Fees.WTF as long as you hold a WTF NFT
  • WTF rewards
  • LP and WTF staking
  • Upgradable referral link that pays you in ETH
What is the Fees.WTF NFT?

Each Fee.WTF NFT contains SVG data that can be updated to reflect the current USD value of the gas you spent up until the snapshot, at no cost to you. Most importantly, holding your NFT will allow you access to the upcoming Pro Dashboard at Fees.WTF. 

The Pro Dashboard will contain stats, charts, and valuable insights regarding how and where you were ripped off by fees. Furthermore, you will gain access to date-based reports, smart contract breakdowns, a choice of fiat/meme currencies, ranking and leaderboards, and other features which are on the way.

What can you do with $WTF?

Once you claim your $WTF tokens, there are several things you can do with your tokens including:

  1. The staking rewards pool will unlock after launch. This includes a single asset staking pool for your $WTF tokens and an LP token staking pool.
  2. Holders will receive rewards in the proportion to the fee incurred on all $WTF transfers.
  3. You have to option to burn your $WTF to mint a Pro Pass.
  4. You are able to burn your  $WTH to upgrade your referral link.
What are staking rewards pools?

There are two staking reward pools that provide benefits to users who stake their $WTF tokens or, LP (liquidity pool) tokens gained by staking $WTF and ETH in the Uniswap V2 liquidity pool.

When the staking pools are active, the staking page at Fees.wtf will display the rate at which tokens are awarded, which fluctuates over time and is proportional to the total amount of $WTF staked.

To offer stakers benefits, the two staking reward pools ($WTF and LP tokens) are seeded with $WTF at launch. At the start, the $WTF rewards pool will get 20 million $WTF, while the LP staking rewards pool will receive 40 million $WTF.

A percentage of the transfer costs spent on $WTF transfers are used to boost the rewards. In particular, 10% of the transfer fee is added to the $WTF rewards bucket, and 30% is added to the LP rewards bucket.

Rewards are accrued by stakers over time, with the staking rewards contract disbursing 50% of the remaining $WTF balance of each rewards pool each month. 

Staking and unstaking $WTF incurs a 5% deposit and 5% withdrawal fee. These $WTF are immediately disbursed to existing $WTF stakers. There is no deposit/withdrawal fee for the LP token staking rewards pool.

How to get your referral link

To claim your referral link, simply go to the site, connect your wallet, and copy your personalized link. Your referral link has no expiration date and may be updated by burning $WTF.

Your referral link receives 10% of the service fees. You can burn your $WTF to upgrade the reward proportion. This in turn incentivizes token burning, ultimately decreasing the total supply of $WTF.

Here is a breakdown of the burn proportion upgrades:

  1. Burn 10 $WTF to upgrade from 10% to 20%
  2. Burn 100 $WTF to upgrade from 20% to 30% 
  3. Burn 1,000 $WTF to upgrade from 30% to 40% 
  4. Burn 10,000 $WTF to upgrade from 40% to 50%
<div class =”code”><p class = “twitter-tweet”>https://twitter.com/feeswtf/status/1479432988458819586?ref_src=twsrc%5Etfw</p></div>

Note that the NFTs are only available to those who are eligible to claim. Otherwise, you will need to burn 50 $WTF to mint a Pro Pass or purchase an NFT on a secondary market in order to gain access to the Pro Dashboard.

Fees.WTF Treasury and Governance

The treasury will be seeded with 40 million $WTF to start and will be refilled over time by a percentage of the internal $WTF transfer costs incurred on token transfers.

The treasury will be frozen upon launch while a DAO is formed. Once unlocked and owned by the DAO, the DAO can consider what the treasury money will be used for.

<div class =”code”><p class = “twitter-tweet”>https://twitter.com/feeswtf/status/1481146592854175744?ref_src=twsrc%5Etfw</p></div>

What if your ineligible to claim your $WTF?

If you are not eligible to claim the $WTF token airdrop and NFT, that doesn’t mean that you can’t participate in the project. You can still utilize your personal referral link to earn ETH.

Final thoughts

If you’re someone who has spent at least 0.05 ETH on gas fees and you want to be rewarded for all your spending, then the Fees.WTF airdrop is a great opportunity to repay yourself.

Out of all the airdrops that have occurred recently, I believe that this airdrop provides the most value, to the largest number of people. Not only do you receive $WTF tokens, but you also receive your own 1 of 1 NFT which gives you access to the Fees.WTF Pro Dashboard.

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