Posts

$WTF Airdrop Turns Into a Battle Of Bots

avatar of @jerrythefarmer
25
Jerry The Farmer
@jerrythefarmer
·
·
0 views
·
2 min read

The ETH community is always lively when the latest airdrop comes to town but it seems we may be reaching an oversaturation point. A closer look at the lastest $WTF airdrop should give us a better perspective.

The Premise

Fees.wtf is a tool that allows you to see how much ETH you spent on gas fees since you started using Ethereum. By the looks of the website, you can easily realize how much effort went into this idea. At best, it was someone's side project.

It would probably stay that way if $SOS and $LOOKS airdrops didn't stir up the pot and made a lot of "small spenders" mad because they were left behind getting nothing from these two. $WTF was supposed to be the airdrop of the people with a low barrier of entry.

The buzz was generated, the hype was real but everything fell apart just minutes after the token launch.

Chronology

  • Airdrop aanounced with a 0.01 ETH fee that is paid out to the treasury and referrals (?)

  • Most of crypto Twitter expresses concerns about the claiming fee being a possible red flag

  • Wtf team reassures everyone that the fee makes sense because you also get an NFT with the claim

  • People start preparing for the claim and paying ETH fee in advance

  • fees.wtf becomes 4th largest ETH burner in a matter of hours

  • Claiming starts and team ads liquidity on Uniswap with almost no ETH in the pool.

  • Pool imbalance triggers a few bots to start draining the pool

  • First one buys 2211.45 $WTF for 2 ETH sending $WTF prices on a parabolic rise

  • Others that came late to the party get completely destroyed with the last one paying 10 ETH for 0.00014 $WTF

  • Total confusion ensues as the WTF/ETH pool gets filled with Ethereum almost instantly

  • A victor emerges putting an end to the saga by selling 0.00013 $WTF for 58.3 Ethereum ensuring their victory by paying a gas fee of over $1.5k.

Another One For The History Books

It is fascinating that all of this took place with very little human intervention. Those that claimed the airdrop and wanted to sell for profits during this chaos got sandwiched immediately losing all of their tokens and getting nothing in return.

The absolute winner of this week's airdrop disaster is the person (or bot) that spent 42 Ethereum for 0.000042 WTF tokens.

A lot of pain came out of this one but it was still a joy to watch. This is what I call quality entertainment.

Posted Using LeoFinance Beta