Categories
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.

Categories
NFT Tech

Airdrop Beginner’s Guide: What’s an Airdrop and How Does it Work?

If you are at all active in the NFT or web3 space, then you’ve likely heard of people receiving airdrops. One of the most well-known airdrops is the OpenDAO’s $SOS token drop that was dropped to everyone who has interacted with Opensea, on December 13th, 2021.

Airdrops can take a myriad of different forms, but what exactly is an airdrop?

What is an airdrop?

An airdrop is a distribution of cryptocurrency, tokens, or NFTs that are sent to a web3 wallet address for free as a promotion, or as added value for participating in an experience or purchasing a digital asset. Airdrops are generally used to add additional value or to draw attention to a brand or experience.

Airdrops are most commonly implemented as a promotional strategy that is used to draw attention to an NFT project or other blockchain-based community such as a DAO, or a newly created cryptocurrency.

Keep in mind that there are numerous types of airdrops when it comes to web3. Let’s go over the different types of airdrops that are commonly seen in the web3 space today.

1. Standard airdrop

A standard airdrop is when a certain amount of cryptocurrency is sent to you in return for completing a simple task such as sharing a social media post, joining a whitelist, or providing your email address to sign up for a newsletter or other email services.

Standard airdrops do not require you to spend anything in order to receive the airdrop, it is simply a task that you complete and in return, you’re rewarded with the airdrop. The cryptocurrency is usually a newer and unknown currency and may not be as valuable as some of the well-known cryptocurrencies like Bitcoin and Ethereum.

Think of a standard airdrop similarly to a real-life coupon. For example, say a new restaurant opens up in your town and for the first week they offer free appetizers if you choose to try out the restaurant. The restaurant is providing their customers with added value in the form of a free appetizer, while at the same time they’re drawing in more attention and customers. It’s a win-win!

2. Exclusive airdrop

Exclusive airdrops are distributed to loyal holders or users of a cryptocurrency or blockchain-based community. An exclusive airdrop is essentially a reward for being a loyal user and is generally dispersed with no strings attached other than being loyal.

I compare exclusive airdrops to being a member at a grocery store and receiving gas rewards for shopping at the store. You are rewarded for your continued support, and the grocery store gains a loyal customer and provides additional value through the gas rewards.

3. NFT airdrop

An NFT airdrop can be initiated for several reasons. You may receive an NFT airdrop for holding a certain NFT in your wallet, promoting a brand in some way, participating in a giveaway, or even as a gift which is more a marketing strategy rather than a gift.

Just to be fair, NFT airdrops can be extremely valuable. A good example of a valuable NFT airdrop is the Bored Ape Mutant Serum. Holders of Bored Ape Yacht Club NFTs were airdropped variations of what’s known as the Mutant Serum NFT. 

Although these Mutant Serums were airdropped for free to holders, it didn’t take long for them to begin selling for over 3 ETH (thousands of dollars) on secondary NFT marketplaces. In fact, on January 2, 2022, a Mega Mutant Serum sold for 1,542.069 ETH ($5,907,542.97).

That being said, not all NFT airdrops are valuable. Some may be completely worthless, and some may even be scams. If you ever receive a random NFT in your wallet without your knowledge from an unknown source, you should be extremely cautious in how you handle the asset and try to avoid selling it or trading it in any way.

4. Hardfork airdrop

A hardfork airdrop occurs when there is a permanent split or new version of a blockchain that is released, hence creating the need for a new token to go with it.

Generally, the old version of the previous blockchain will still exist along with your old tokens, but the new tokens will also be airdropped to you in an equal amount to what you currently hold in the old token.

How to get an airdrop

To receive an airdrop, you generally have to hold a minimum quantity of a certain asset such as an NFT or have used a particular service that qualifies you to receive an airdrop such as transacting on a marketplace. Furthermore, you will need a web3 wallet to receive your airdropped asset.

Although, airdrops can also be received for completing a simple task for someone or a brand. Such tasks could be something as simple as sharing a social media post, creating a piece of content, or assisting in spreading awareness.

Why are airdrops important?

Airdrops are an important part of the web3 community because they act as a promotional tool for brands, allow for brands to continue to provide additional value and utility to their holders, and enable blockchains to start new without sacrificing the trust and relationship of their users.

Ultimately, airdrops allow individuals and brands to foster new relationships, strengthen current ones, and highlight their products and services in an easy and inexpensive way compared to traditional marketing methods.

Are airdrops safe?

In general, airdrops are considered to be a safe and effective way to market your brand and build community. However, that’s not to say that airdrops don’t come with some risks. There’s an extreme amount of scams in the web3 space, and any airdrop should be approached with caution and thoughtfulness every step of the way.

Many airdrop scams consist of an offering that may be hard to resist. These scams will ask you to enter your secret phrase or sign for the transaction using your web3 wallet in order to receive your airdrop, which can lead to your wallet being compromised along with everything inside of it.

If you are ever offered an airdrop, it is crucial that you do your own research and verify that the airdrop is authentic and not a scam. Here are some common signs that an airdrop may be a scam:

  • Requesting that you pay a small amount to receive your airdrop
  • Requesting any private information such as secret phrases and passwords
  • Offering to help you via sharing your screen
  • A new or lookalike NFT or crypto airdrop that’s unverified
  • Links that direct you to a phishing site that makes you sign using your wallet
  • If it’s too good to be true, then it’s likely a scam

If you find yourself in a position where you are questioning the legitimacy of an airdrop, then make sure to take your time to do the proper research and use resources such as Twitter to ask the community about the authenticity of the airdrop.

If an airdrop is legit, then it’s highly likely that you’re not the only one who knows about it, so asking the community is one of the best things you can do.

Final thoughts

Airdrops have many benefits when it comes to the web3 space such as marketing, building a community, and providing additional value and support to loyal users and holders of digital assets. However, not all airdrops are great or beneficial, and some may even be harmful if you don’t do your due diligence and research the airdrop.

Overall, airdrops can be an excellent way to earn some additional income, utility, and assets without having to do much in return. But beware, if it’s too good to be true, then it probably is.