The launch of the transferable WLFI token had an impact on the Ethereum network, triggering a sharp spike in gas prices.
Sharp Increase in Gas Prices
Following the launch of the WLFI token, gas prices on the Ethereum network surged, reaching 100 gWei. This marked a significant change from a stable period of low prices below 1 gWei. Consequently, swap costs rose above $145, indicating that the network remains vulnerable to high fees and congestion during major events.
WLFI Becomes Top Smart Contract
On-chain data revealed that the WLFI token emerged as the most active smart contract as the tokens were distributed and traded. In the hours following the launch, 129.22 ETH was burned due to fees. The daily transaction count of Ethereum increased to over 1.58 million, with active addresses exceeding 550K.
Post-Launch WLFI Tokenomics
World Liberty Fi outlined its token distribution plans following the launch, with a total supply of 24,669,070,265 WLFI tokens, 10 billion of which will be held by the organization itself. There was also discussion regarding the intention to utilize around 4 billion tokens for the public presale. The token launch raised concerns as it featured a relatively small free float, potentially leading to early profit-taking.
The WLFI launch highlighted the Ethereum network's sensitivity to major events, resulting in a sharp increase in gas prices and heightened market activity. Tokenomics and liquidity factors remain central to community discussions.
