OpenDAO (SOS), LooksRare (LOOKS) and WTF token: 3 airdrops, with 1 scam

2 years ago

NFTs proceed to surge with what looks to beryllium nary extremity successful sight. Since January 14, 2022 OpenSea notched trading volumes implicit $1.03 billion, and its latest rival, LooksRare, has eclipsed the level according to information from DappRadar.

What’s wide is that NFT collectors and traders look to beryllium shifting their sentiment connected wherever they are seeing value. Since the commencement of 2022 there's been an accent connected “community” with a buzz and advocacy of rewarding users for their participation.

OpenSea has already generated much than $3.2 cardinal successful full measurement contempt galore NFT traders feeling that the marketplace betrayed the notions of Web3. These investors are voting with their feet and readying to boycott the marketplace by turning their attraction to others who are much “Web3 friendly.”

Community-driven NFT marketplace, LooksRare and different platforms person successfully completed a vampire attack, leaving disgruntled OpenSea users migrating distant from it for not valuing and rewarding idiosyncratic participation.

Participants look to beryllium adamant connected advocating for the worth they make wrong the ecosystem and consciousness competitors are gathering their demands.

However, could much rivals to OpenSea sway users by claiming to worth and reward their participation? And could others perchance exploit users who blindly travel these notions and protocols?

SOS: OpenDao receives mixed reviews

Since launching, SOS has locked successful 13.7 trillion SOS successful staking ($45.6 million) and 50% of its full 100 trillion full total proviso is distributed to the community. Up until January 12, 2022 users were eligible to assertion a 145% APY for its veSOS governance token and this came equipped with voting rights for aboriginal projects and protocols.

SOS appeared to person lit the lucifer for assemblage activism but it faced backlash aft taking backmost its archetypal plans to extremity claiming until June 30, 2022. Many voiced their frustration and confusion, learning that successful DAOs, decisions tin alteration with the telephone of a vote, and information is highly recommended.

Currently determination are implicit 200,000 holders and much than $2.5 cardinal traded and aboriginal task launches positive the existent NFT marketplace could spot much liquidity rotating into SOS.

SOS has decreased astir 70.5% and is trading astatine $0.00000327despite a looming marketplace that is speculated to connection unsocial trading opportunities for NFTs.

NFTs proceed to surge with what looks to beryllium nary extremity successful sight. Since January 14, 2022 OpenSea notched trading volumes implicit $1.03 billion, portion its latest rival, LooksRare, made implicit $1.79 cardinal ranking supra the giant, according to information from DappRadar.

Is determination much to LooksRare than conscionable lavation trading?

Launched connected January 10, 2022, LooksRare aimed for OpenSea’s jugular— oregon alternatively its deficiency of Web3 incentives and initiatives— and gained the attraction of galore who were already discussing the “Death of OpenSea.”

The token was a “free” drop, but it came with the terms of respective transaction fees, including placing an NFT up for sale, claiming the airdrop and staking (optional).

Even with the costs, implicit 110,000 wallets claimed LOOKs, from astir 60% of the full eligible wallets, according to information from Dune Analytics.

LooksRare has amassed astir $2.4 cardinal successful full volume, but the metric lone shows a portion of the full pie. A fewer reddish flags were raised erstwhile a person look astatine the magnitude of transactions was viewed.

Comparing the fig of transactions connected LooksRare to OpenSea reveals that OpenSea processed implicit 50 times the magnitude of transactions of LooksRare.

LooksRare has an estimation of 17 times the magnitude of users, yet OpenSea’s measurement is fractional that of its rival.

Shortly aft launch, investors grew suspicious that traders were lavation trading with Larva Labs Meebits postulation to instrumentality vantage of trading rewards.

While there’s a campy of individuals who are championing LooksRare and find its exemplary promising, others are raising questions and concerns astir the platform’s sustainability.

Fees.wtf lived up to its name

Many were fortunate to payment from the SOS and LOOKs airdrop but the Fees.wft airdrop was a antithetic story. Initially, the task was a interest work connected the Ethereum blockchain that calculates the full state fees a idiosyncratic has spent.

A idiosyncratic had to walk astatine slightest 0.05 Ether to beryllium eligible to assertion and erstwhile announced, traders rushed to currency successful lone to find the archetypal liquidity excavation was excessively tiny resulting in 58 Ether, ($188,036) being drained by a bot.

1/ $WTF: A service, a token, and what everyone said 5 minutes into the motorboat erstwhile 1 bot drained 58 ETH from the pool.

Let's instrumentality a look astatine what happened.

— meows.eth (@cat5749) January 14, 2022

Aptly named, it seems users did not person to mint the Fees.WTF NFT to consciousness rekt. Users who were not acquainted with slippage tolerances recovered that their orders were executed for importantly little than expected, leaving 1 idiosyncratic trading implicit $135,000.

Despite falling astir 84% since a spike aft its archetypal launch, WTF seems to proceed to drawback the attraction of caller holders with its claims model inactive unfastened and the fig of holders increasing.

Programming the declaration truthful that the squad makes 4% aft each transfer, the squad has allegedly made implicit $3 cardinal and counting. Even though the level "intended" to reward users for the fees they person spent, Fee.WTF stunted connected users who paid much successful fees than they really claimed.

According to Rokitapp founder Lefteris Karapetsas, the astute declaration was coded to siphon Ether from anyone who interacted with the contract. Upon further inspection, Karapetsas saw the declaration encoded a fixed whitelist of those who did not request to wage transportation fees.

Oh hey look the @feeswtf squad posted a post-mortem: https://t.co/8v1Ng3DupH

If that does not archer you request to cognize astir the "project" I don't cognize what will.

— Lefteris Karapetsas | Hiring for @rotkiapp (@LefterisJP) January 15, 2022

Despite suspected lavation trading and the contentious issues surrounding the relation to Cole, Pudgy Penguin co-creator and capitalist successful the project, LooksRare provides a competitory borderline to OpenSea due to the fact that it falls successful enactment with the existent request of Web3 users. OpenDAO and LooksRare are bully examples of what OpenSea competitors person and are waiting to unleash.

With the expanding fig of individuals entering the crypto ecosystem, and galore advocating for Web3 incentives, traders request to instrumentality heed and measure wherever they are placing their attraction and worth since determination are platforms that are laser-focused connected exploiting their needs.

The views and opinions expressed present are solely those of the writer and bash not needfully bespeak the views of Cointelegraph.com. Every concern and trading determination involves risk, you should behaviour your ain probe erstwhile making a decision.

View source