Without any sign of gas fees on Ethereum being less of a pain to users, the fees continue to be a hot topic, and a driving force and tailwind for so-called Layer-1 competitors such as Solana and Avalanche, both of whom boast much lower fees.
As Ethereum gas fees stir some frustration among its users, there’s perhaps no surprise some are trying to capitalize on the emotions. There are now at least two tokens that have gained a non-ignorable amount of attention from parts of the industry.
GAS down 94%
The GAS token was launched on the 29th of December, claimable to Ethereum users who spent a significant amount on gas fees in the past. Launched by the Gas DAO, the purpose of the token is, as per the DAO website, “Providing strategic insights and a voice for the network’s most active users.”
The “strategic insights” come from polls conducted among token holders.
“Gas DAO polls Ethereum users on behalf of protocols, leveraging the most diverse user base on Ethereum to create actionable Insights for protocols. Responses are cryptographically verifiable,” the website reads.
However, if the intention of the GAS token ever was to bring some comfort to hardened gas payers, it has thus far failed to do so. The market price of the GAS token fell by 75% on the opening day and has so far lost 94% of its initial value. The total market cap is now under $10 million.
The second shot at tokenizing frustrated gas payers comes from the builders of the otherwise excellent and quite…
