Another holiday drop: $GAS plunges after GasDAO airdrops tokens

Another holiday drop: $GAS plunges after GasDAO airdrops tokens

Airdrops became a popular trend in 2021 as more projects went to cash in on the latest marketing stunt. GasDAO is yet another decentralized autonomous organization (DAO) that has leveraged the holiday fad by airdropping its tokens to Ethereum users.

As per the qualifications, the DAO airdropped tokens to Ethereum users who had spent more than $1,559 in gas fees before Dec. 26. $GAS acts as the governance token of the organization, however, it is unclear what kind of products and services the project is set to offer.

“There are over 143 Million unique addresses that have made a transaction on the Ethereum network. Gas DAO was created to be the voice and the heartbeat of the most active 643,000 users within that 143 million, to bridge together communities spanning across Defi, DApps, and NFTs,” GasDAO wrote on its official Twitter account.

Only 55% of the limited token supply will be airdropped to users and the rest will go towards project treasury (30%) and reserve for 25 main participants (15%). Out of the total 643,000 users selected, over 26,000 users have so far claimed the tokens. Users have until May 2022 to claim $GAS before they are sent back to the treasury.

GAS tokens have already been listed on decentralized exchanges (DEX) such as Uniswap and Sushi Swap. However, as mentioned above, GasDAO is yet to reveal the motives of the project. Its introductory document stated that it aims “to be the heartbeat and voice of the Ethereum network’s active users” without specifying any outlines of the project.

After the initial momentum fell through, the $GAS token, which at one point was trading around $0.000594, was trading around $0.000116. According to CoinGecko, The figures are down by more than 73% at the time of writing.

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