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

The number of NFTs continues to rise with no end in sight. OpenSea has seen trading volumes surpass $1.03 trillion since January 14, 2022, while its new rival, LooksRare has eclipsed it, according to DappRadar data.

Top 8 NFT markets by volume Source: DappRadar

It is clear that NFT traders and collectors are shifting their views on the value they see. There has been a strong emphasis on “community” since the beginning of 2022. This buzz has encouraged users to participate and rewarded them for it.

OpenSea already has generated over $3.2 billion in total volume, despite NFT traders feeling the marketplace is not Web3. These investors have decided to vote with their feet and plan to boycott the marketplace, focusing their attention on others that are more “Web3-friendly.”

LooksRare, a community-driven NFT marketplace and other platforms, has successfully defeated a vampire attack. OpenSea users are migrating away because it doesn’t value and reward user participation.

Participants are determined to advocate for the ecosystem’s value and feel that competitors are not meeting their needs.

OpenSea could be influenced by rivals who claim to reward and value their participation. These notions and protocols could be exploited by others.

SOS: OpenDao receives mixed reviews

SOS has secured 13.7 trillion SOS through staking (or $45.6 million), and half of its 100 trillion total supply has been distributed to the community. Users were eligible for a 145% APR for the veSOS governance token. This came with voting rights and voting rights for future projects.

SOS seemed to be the spark for community activism, but it was rebuffed after it canceled its original plans to stop claiming until June 30, 2022. Many expressed their frustration and confusion. However, they learned that decisions can be changed in DAOs by calling for a vote. Participation is highly encouraged.

SOS Staking Pool. Source: SOS Queries Dune Analytics

There are currently more than 200,000 holders, and more than $2.5 Billion traded. Future project launches and the current NFT market could see more liquidity turning into SOS.

SOS is now trading at $0.00000327 despite the looming market that may offer NFTs unique trading opportunities.

SOS/USD Live 24-Hr Sushiswap Chart. Source: CoinGecko Terminal

The number of NFTs continues to rise with no end in sight. OpenSea has seen trading volumes surpass $1.03 billion since January 14, 2022, while LooksRare made more than $1.79 billion, ranking it above the giant according to DappRadar data.

What is more to LooksRare that just washing trading?

LooksRare was launched on January 10, 2022. It aimed to take OpenSea’s jugular, or its lack thereof of Web3 incentives, and attracted the attention of many people who were already talking about the “Death” of OpenSea.

Although the token was “free”, it had to be paid for several transaction fees. These included placing NFTs up for sale and optionally staking.

According to Dune Analytics data, more than 110,000 wallets claimed the LOOKs despite the cost. This is approximately 60% of all eligible wallets.

Airdrop: Number of LOOKS vs wallet address. Source: Dune Analytics

LooksRare has amassed almost $2.4 billion in total volume. However, the metric does not reflect the whole pie. A closer inspection of the number of transactions raised some red flags.

OpenSea’s transaction volume is more than 50 times that of LooksRare.

OpenSea has a volume that is twice as large as its competitor, but LooksRare’s estimate of users is 17 times higher than OpenSea.

Investors became suspicious of traders who were using Larva Labs Meebits Collection to wash trade in order to reap trading rewards shortly after launch.

LooksRare vs. OpenSea Daily Users Source. Dune Analytics

There are a few people who support LooksRare, and they find the model to be promising. However, there are others who have concerns about its sustainability.

Fees.wtf lived up its name

While many were able to take advantage of the SOS and LOOKs airdrops, the Fees.wft drop was a different story. The project started as a fee service that calculated the gas fees for each user.

To be eligible for a claim, a user must spend at least 0.05 Ether. Once the announcement was made, traders raced to cash in, only to discover that the initial liquidity pool was insufficient. This resulted in 58 Ether ($188,036) being taken out by a bot.

$WTF: A service and a token. This is what everyone said when one bot took 58 Ethereum from the pool. Let’s look at what happened.
— meows.eth, @cat5749 January 14, 2022

It was appropriately named because users didn’t have to make the Fees.WTF FFT to feel rekt. Users not versed in slippage tolerances discovered that their orders were executed at significantly lower prices than they expected. One user traded over $135,000.

Daily WTF holders. Source: Dune Analytics @Milkman

WTF has fallen nearly 84% in the eight years since its initial launch. However, it continues to attract the attention of new holders. The claims window is still open and the number increasing.

Daily WTF price. Source: Dune Analytics

The contract was programmed so that the team earns 4% for every transfer. This team is said to have made more than $3 million. The platform was “intentional” to reward users for their fees, but Fee.WTF stifled users who actually paid more than they claimed.

Lefteris Karapetsas (Rokitapp founder) claims that the smart contract was programmed to siphon Ether away from anyone who used it. Karapetsas discovered that the contract contained a whitelist of people who didn’t need to pay transfer fees.

Oh hey look the @feeswtf team posted a post-mortem: https://t.co/8v1Ng3DupH If that does not tell you need to know about the “project” I don’t know what will.
Hiring for @rotkiapp (@LefterisJP) January 15, 2022

Despite allegations of wash trading and the contentious issues around the association to Cole and Pudgy Penguin cocreator and investor, LooksRare gives OpenSea a competitive advantage because it is in line with current Web3 user demand. OpenDAO, LooksRare and other OpenSea competitors are excellent examples of what they have and are eager to unleash.

With increasing numbers of people entering the crypto industry and advocates for Web3 incentives, traders should pay attention to where their attention is going. There are platforms that will focus on their needs.

com. You should do your research before making any investment or trading decision.

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Eileen Wilson

Eileen Wilson –Technology and Energy My Name is Eileen Wilson with more than 5 years of experience in the Stock market industry, I am energetic about Technology news, started my career as an author then, later climbing my way up towards success into senior positions. I can consider myself as the backbone behind the success and growth of topmagazinewire.com with a dream to expand the reach out of the industry on a global scale. I am also a contributor and an editor of the Technology and Energy category. I experienced a critical analysis of companies and extracted the most noteworthy information for our vibrant investor network.

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