Key Takeaways:
- Gas DAO airdropped its GAS tokens to Ethereum wallets that spent more than $1,559 in gas fees.
NEW DELHI (CoinChapter.com) — A newly formed Decentralized Autonomous Organization (DAO), Gas DAO has airdropped its native token GAS to Ethereum wallets.
The DAO, which states its purpose to become the ‘heartbeat and voice‘ of Ethereum users, airdropped its GAS token to Ethereum users who paid $1,559 or more in gas fees before Dec 26. Nearly 650,000 Ethereum users were eligible for the airdrop.
Many projects have airdropped tokens this year to create a governance system. For example, OpenDAO airdropped SOS tokens to users who had used OpenSea before Dec 23. GAS is an ERC-20 governance token for its namesake DAO.
As per the announcement, 1 billion GAS holders will have the power to submit proposals. Additionally, token holders with at least 1.78 million GAS tokens will have access to the ‘@gas-holder‘ role in the DAO’s discord community.
The minimum claimable amount, 1.78 million GAS token, is equivalent to nearly $1,559, which might be a homage to the EIP-1559 update that Ethereum implemented in Aug 2021.
The Gas DAO token has a total supply of 1 trillion GAS, out of which the team airdropped 550 billion tokens. 30% of the total supply goes to the DAO treasury, while the remaining 15% is for the project’s ‘four core contributors and other smaller contributors’.
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High transaction fees have long plagued Ethereum, and Gas DAO aims to form a ‘broad union between the most active users in Defi, DApps, and NFTs.‘
Ironically, Gas DAO led the gas guzzler charts on the day of the airdrop, surpassing projects like Uniswap and OpenSea to spend $1.5 million in under three hours.
GAS Presents Roadmap
The Gas DAO blog post stated that the team would soon publish ‘another post outlining the governance structure’ for the community. Although the token has no clear use case or product, it has attracted significant social media attention. Currently, the DAO’s Twitter page has over 30,000 followers.
Meanwhile, the team behind Gas shared the DAO’s roadmap. The plan highlights the organization’s goal is to become the largest DAO on Ethereum. The preliminary roadmap outlines some lofty goals. For example, a proposal to participate in EIP voting would require an EIP finalization process to recognize GAS snapshot.
The DAO also plans to fund gas optimization research by donating 2.5 billion GAS tokens to Open-Zeppelin, which provides security to Ethereum. In addition, it would ‘urge’ Open-Zeppelin to develop a less gas-consuming iteration of its contract.
The team also plans to issue grants to developers working on reducing EVM gas usages. Furthermore, there are plans to introduce a line of NFTs that can be bought using GAS tokens. In addition, the tokens coming from the sale of the NFTs would be burned to create deflationary pressure.
Although the token’s roadmap has some big promises, the timeline is missing. There is no mention of when the DAO team would likely implement its roadmap targets.
Since its launch, GAS has been in a downtrend and has already lost over 75% of its value. While the use cases seem good on paper, an implementation schedule would provide more confidence to investors.
At the time of writing, GAS was trading at $0.000123.
