Gas DAO is a new project aspiring to give Ethereum's most active community members a voice.
It launched today with a token airdrop to 643,000 of Ethereum network's most active users.
The token has a total supply of one trillion coins. It's currently trading at fractions of a penny—down over 40% from its all-time high.
Share this article
Gas DAO seeks to become “the heartbeat and voice” of Ethereum’s most active community.
Gas DAO Airdrops Tokens to Ethereum’s Biggest Spenders
A new project called Gas DAO launched in bold fashion today by airdropping tokens to Ethereum’s most active users.
The project allocated 55% of the supply of its GAS token to 643,000 of the most active Ethereum users. The distributed amount was calculated based on the amount of gas each user has spent on the Ethereum network. Users who had spent more than $1,559 on transaction fees before a snapshot date were eligible for the airdrop.
The $1,559 threshold was likely chosen as an homage to the network’s EIP-1559 upgrade, which shipped as part of the London hardfork. Launched Aug. 5, the upgrade introduced a new gas fee mechanism that burns a portion of Ethereum transaction fees with each block. Previously, all of the transaction fees went to Ethereum miners. Data from ulrasound.money shows that the protocol has burned over 1.29 million ETH worth around $4.9 billion since the new mechanism was introduced.
According to a blog post introducing the project, Gas DAO is hoping to become “the heartbeat and voice of the Ethereum network’s active users” through on and off-chain governance. Users holding over one billion GAS tokens will be able to submit governance proposals, while those holding at least 1.78 million tokens will gain access to an exclusive channel on the project’s Discord server.
As the price has ETH has risen over the last year, transaction fees on the Ethereum network have also skyrocketed. As a result, many users have sought refuge in less expensive Ethereum competitors such as Binance Smart Chain, Solana, and Avalanche.
Gas DAO is now looking to give Etheruem’s most devoted community members a voice. The project wrote on Twitter:
“Gas DAO, formed as an on-chain DAO from Day 1 through one of the largest free and fair distributions in history, now gives you the platform to make our collective wants and needs heard.”
According to Etherscan data, more than 23,274 users have claimed the airdrop at press time. The GAS token is currently trading at fractions of a penny, with around $25 million circulating market capitalization and a total token supply of one trillion. Ironically, for many recipients, the gas fees to claim the airdrop are higher than the value of the GAS tokens.
Gas DAO isn’t the only Ethereum DAO to launch with a high-profile airdrop this holiday season. Another project called OpenDAO memorably launched a token with a similar airdrop on Christmas Eve, rewarding anyone who had made a trade on the NFT marketplace OpenSea. OpenDAO’s SOS token rallied and sent the project’s market cap above $300 million market cap on Christmas Day, but it’s now down 62% from its highs.
Disclaimer: At the time of writing, the author of this feature was eligible for Gas DAO’s airdrop. They also owned ETH and several other cryptocurrencies.
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
NFT Traders Wanted an OpenSea Airdrop. Then OpenDAO Launched on Christ...
Following an overnight surge, OpenDAO’s market cap is at roughly $295 million. SOS Airdrop Calms NFT Community’s OpenSea Woes Christmas just keeps getting better for the NFT community. A new...
The Top 10 Ethereum Token Airdrops Rumored for 2022
Those who test out new protocols can often be handsomely rewarded. DeFi Airdrops in 2021 To say 2021 was a good year for airdrops would be something of an understatement. ...
A Guide to Yield Farming, Staking, and Liquidity Mining
Yield farming is arguably the most popular way to earn a return on crypto assets. Essentially, you can earn passive income by depositing crypto into a liquidity pool. You can think of these liquidity...
BitMEX Launches Token With Airdrop for Exchange Users
BitMEX has described BMEX as “the token for true believers.” BitMEX Launches BMEX BitMEX is launching a token. We’re thrilled to announce the minting of our token, BMEX 🔥 The...