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Solana supporters want to highlight the benefits of relatively cheap transaction fees on the blockchain, especially in relation to gas paid in ether on the Ethereum mainnet.
A new marketing campaign tokenizes that story in the form of LFG (LessFnGas) and was launched on New Year’s Day.
The project targets Ethereum users who spend at least 2 Ethers (ETH) on gas fees and offers LFG tokens through airdrops. Eligible wallet owners can specify a Solana address to receive newly minted tokens.
The project announced on X that as of 9 a.m. ET, more than 45,000 wallets had requested LFG tokens.
But while the airdrop itself was facilitated by Solana co-founder Anatoly Yakovenko, scammers quickly sprang into action, setting up fake versions of legitimate domains and targeting unsuspecting users. An attempt was made to phish the applicant. This was often done via replies in X’s related threads.
read more: 5 Biggest DeFi Hacks of 2023
Nest wallet co-founder Bill Lou reported that a link to a Medium post accidentally led him to sign a transaction that cost him 52 stETH (approximately $125,000).
Each post to X from an official account contains replies from fraudulent accounts trying to take advantage of unwary airdrop hunters.
LFG, which currently has no utility, is trading at about $0.00007 as of 12:00 PM ET, making a successful case that it is worth about $30.
While it’s being openly marketed as a way to get some Ethereum users on board, the campaign’s negative tone is alienating others.
“We understand that ETH has been leading the way for many years,” LessFnGas wrote. “The reality is that technology is obsolete and something has to remain in order to move things forward.”
read more: 3 Biggest DeFi Innovations of 2023
The 10-person team is private but has secured 10% of the 1 trillion tokens created (currently worth about $7 million) for themselves, and is an applicant for providing liquidity for the tokens on a decentralized exchange. They are promising a second airdrop.
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