Gas DAO is a new project on Ethereum blockchain, focused on giving the voice to ETH’s most active community members. It launched recently and celebrated with a token airdrop to 643,000 users. Over 23,000 users have claimed the drop so far.
Gas DAO to Become the Voice of Active Community
Gas DAO has a total supply of one trillion tokens. It’s currently trading at fractions of a penny, which is 40% down from its all-time high. Its market cap stands at around $25 million.
The project allocated 55% of the GAS token supply to provide airdrop to 643,000 of the most active Ethereum users. This amount was calculated based on how much gas these users spent for transactions of Ethereum.
Every person that spent $1,559 on transaction fees before the snapshot automatically became eligible for the drop.
Additionally, the $1,559 threshold was a special homage to the latest EIP-1559 upgrade, introducing a new gas fee mechanism that will burn a portion of transaction fees with each block. The latest data shows that, since this upgrade, the protocol burned 1.29 million ETH, worth around $4.9 billion.
Gas DAO is also hoping to become the heartbeat and voice of active users on the Ethereum network through on and off-chain governance. Those who hold over one billion GAS tokens will submit the governance proposals, and those who have at least 1.78 million tokens will get access to the exclusive Gas DAO channel on Discord.