Solana-based LFG Token Luring Ethereum Users, Unveiling Second Airdrop and Grant Initiative

Solana’s newest project, identified as Less Fn Gas, drew the crypto community’s attention on Twitter following the airdrop comprising two-fifths of the LFG token supply. The airdrop involved handing LFG tokens to eligible Ethereum users whose gas fees amounted to over $4,269 in 2023. 

Ditch Expensive Ethereum for Solana

The Solana-based project is yet to slow down with its recent ploy targeted at enticing Ethereum maxis to attempt the Solana trial. It attempts to lure them to hop over the fence and witness that SOL DeFi is greener and spends less on gas. 

The looming airdrop seeks to demonstrate to the Ethereum users that they could incur less transaction fees that would otherwise be expensive on Ethereum.

The team behind the Less Fn Gas is not stopping despite the LFG token crashing to a meager $25 million in fully diluted market capitalization after the surge to $129 million. The decline is attributed to the fading hype. 

The LFG team is mulling a second airdrop set to be more inclusive. A pseudonymous member of core developers indicated that the second airdrop seeks to establish grant programs for the Ethereum developers who facilitate the switch to the Solana network. 

A review of market activity shows that over 50,000 Ethereum users earned the LFG airdrop on Monday following its launch. The Ethereum-Solana bridge Wormhole reported a $35 million volume on the launch day – a surge first witnessed since the Solana meme coins began their descendency last week. 

The market observers indicate that LFG burned hotter and faster, leaving a shadow of itself at 80% down from Tuesday’s peak. 

LFG Developers Target Onboarding Ethereum Users to Solana

Another pseudonymous developer, Bobby Axelrod, lifted from Billions Showtime series, disclosed meeting with the high profile members behind Solana Community. The LFG developer revealed the talks involved building a project to onboard Ethereum users to Solana. 

Axelrod ruled out knowing the number of the eligible 50,000 Ethereum users claiming the airdrop was new to the Solana. However, the developer pointed to the multiple DMs inquiring about setting up the Phantom wallet as numerous. The reference signifies many users were embracing the Solana wallet Phantom.  

The LFG project drew the attention of core leaders from the Solana community. It attracted Solana co-founder Anatoly Yokavenko and Multicoin Capital founder Kyle Salmani. 

The LFG initiative attracted scammers to the surging token and created phishing links to the tweet’s replies regarding the project. Such development is a common experience on Crypto Twitter—the phishing attacks net New Wallet chief executive Bill Lou into becoming a victim of the well-draining scam.  

The phishing attacks did not slow Crypto Twitter from the degening. A leading pseudonymous crypto trader, Deeze, went public on Twitter, claiming the airdrop. Fellow crypto trader oxQuit captured a thread detailing the security audit that declared the token contract safe. 

The plans by the LFG team affirm that the airdrop season is extending to 2024. Axelrod indicated that the initial was limited in scope to the Ethereum wallets whose gas fee spending exceeded $4,269 during the last 12 months.

LFG Airdrop Targets Wider Audience

Axelrod indicated that the looming airdrop would capture a wider audience, with users’ eligibility capped at those spending above $1,000 in gas fees. 

The LFG airdrop will extend to other buckets, including Ethereum developers involved in deploying smart contracts. Also included are users interacting with the leading Solana protocols and those contributing liquidity toward the LFG token. 

Axelrod iterated that the LFG project focuses on bringing more Ethereum developers to Solana. He added that most looming airdrops will focus on users deploying contracts on Ethereum. 

The LFG developer added that Less Fn Gas is seeking to utilize a portion of the treasury to begin the decentralized grants program. Ethereum developers can apply for the grants settled in LFG to help them build on the Solana blockchain.  

The plans for a second airdrop coincide with the crypto community’s uncertainty about the project’s longevity. LFG is no exception, with market observers citing the sharp fall from the peak. 

The involvement of many prominent figures from the Solana ecosystem in the second airdrop plans signifies the potential to lure Ethereum users.