Gas DAO releases GAS tokens, becoming the gas thrower of the day

Gas charges, user fees for transactions and use of applications on the Ethereum blockchain, have been on the rise for some time, both in monetary terms and in terms of user outrage. However, as a sign of the popularity of the second largest blockchain by market capitalization, few enjoy paying the required fees.

To this end, the newly formed Decentralized Autonomous Organization (DAO), Gas DAO, intends to provide users with a “platform to make our collective wishes and needs heard”, as expressed in twitter by Gas DAO, and dropped the newly created GAS token to the most active users on Ethereum. Airdrop is a way of sharing tokens and distributing tokens among users according to a token distribution scheme.

Interestingly, the smart gas release contract DAO quickly became the largest gas swallower on the day of the release, surpassing black gas-swallowing holes such as Uniswap, OpenSea and Teather, and spending $ 1.5 million on gas charges in just three hours.

GAS Guzzlers
GAS Guzzlers

Bridge communities through DeFi, DApps and NFT

According to Gas DAO, 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 heartbeat of the most active 643,000 users within those 143 million, to bridge the communities that stretch to DeFi, DApps and NFTs”.

The way Gas DAO states it in its public Notice, The purpose of Gas DAO is to be “the heartbeat and voice of active Ethereum users through chain and off-chain management, launched as a decentralized autonomous organization with free and fair initial distribution 100x greater than the original DAO”.

The GAS token is the ERC-20 management token for Gas DAO. Owners with one billion, out of a total of trillion GAS tokens, will be able to submit proposals to the DAO community.

Distribution of gas DAO tokens
Distribution of gas DAO tokens

Only gas swallowers

Owners with at least 1.78 million GAS, the minimum amount that can be claimed, will gain access to the role of gas owner in the DAO gas mismatch channel. The minimum amount that could be claimed was, at the time of publication, the equivalent of $ 1,559 – apparently in honor of the EIP-1559 Ethereum proposal released in August earlier this year. The most prominent aspect of EIP-1559 is the fee recording mechanism.

In the coming days, according to the announcement, Gas DAO will publish another post in which the management structure for Gas DAO will be presented. Potential applicants, those wallets who have spent more than $ 1,559 on Ethereum gas fees, have until May 1, 2022 to request GAS tokens.

Published in: Ethereum, technology
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