Solana’s LFG token attracts Ethereum users, plans second airdrop and subsidy program

new Solana A project called “Reduce Fn Gas” caught the attention of Crypto Twitter through an airdrop earlier this week. 40% of LFG token supply to Ethereum user.

This was a ploy to force Solana to attempt the Ethereum maxis. Jump over the proverbial wall and see if your SOL has any grass. DeFi Fields may actually be greener and you may spend less money. gas. (Of course, spending less on transaction fees can be quite expensive on Ethereum.)

And even though its fully diluted market capitalization soared to $129 million and then plummeted to around $25 million once the hype started to die down, the team behind the project isn’t stopping there. They are now planning a second airdrop, which will be much more comprehensive than the first, and are establishing a grant program for: Ethereum Developers converted to Solana, a pseudonymous core team member of LFG, say: decryption.

More than 50,000 ETH users claimed LFG. airdrop Within the first 24 hours after the token was launched on Monday. Wormhole, a popular bridge between Ethereum and Solana, recorded $35 million in trading volume on the same day. This is the first increase since the Solana meme coin began cooling off last week. But it burned too hot and too fast, and the token is now down about 80% from Tuesday’s high.

One of the pseudonymous developers behind LFG. Bobby Axelrod (Borrowing the character’s name and appearance) Showtime Series ‘Billions’), said decryption He spoke with prominent figures in the Solana community about building a project to attract Ethereum users to Solana.

“I don’t know how many of those 50,000 users are new to Solana, but judging by how many DMs I get asking how to set up a Phantom Wallet, it’s likely quite a lot,” he said. referring to popular Solana Wallet Phantom.

The project has caught the attention of key thought leaders in the Solana community, including Multicoin Capital founder Kyle Salmani and even Solana co-founder Anatoly Yakovenko.

Unfortunately, scammers quickly discovered the rapidly surging tokens and posted phishing links in replies to tweets about the project. If you’ve spent any amount of time on Crypto Twitter, you know that this happens all the time. But this fooled Bill Lou, CEO and co-founder of Nest Wallet. I fell victim to a scam that stole my wallet..

That didn’t stop the decline of Crypto Twitter.

popular pseudonyms Crypto Trader Deeze It showed on Twitter that it had requested an airdrop, and fellow trader 0xQuit posted a thread with a brief security audit in which the token contract was declared secure.

So what’s next for LFG? ‘It’s airdrop season, so there’s more on the way,’ said Axelrod. The first was limited to Ethereum wallets that had spent more than $4,269 in gas over the past 12 months. The next step will be targeting a wider audience. Users only need to spend $1,000 on gas to qualify. LFG will also airdrop tokens into several additional buckets, including developers on Ethereum who have deployed smart contracts, users who have interacted with the main Solana protocol, and those who participate. liquidity For LFG tokens.

Axelrod said the LFG project is now also focused on bringing Ethereum developers to Solana. “A big part of this (second) airdrop will be targeting people who have deployed contracts on Ethereum,” he said.

The LFG developer added that Less Fn Gas plans to use part of the Treasury to launch a decentralized subsidy program. Ethereum developers can apply for grants paid in LFG to build Solana.

It’s unclear whether the project will be revitalized, considering how far it has already fallen from its peak. But anything is possible, as so many prominent figures in the Solana ecosystem appear to be rooting for Solana.