The Ethereum network has seen the activity of the smart contract belonging to the Lastwinner lottery game gradually drop. At the moment, the FOMO lottery takes up just 2.76% of gas.
In its place, the One Metric That Matters (OMTM) token has taken up as much as 20.03% of bandwidth, but the explanation is clear- the project is performing an airdrop. OMTM is a token belonging to a Chinese project.
The OMTM project promises almost everything that bigger, better known projects have so far struggled to achieve. It would allow anyone to create distributed apps and smart contracts, as well as side chain applications. For this project, the explanation of what exactly OMTM would do is filled with buzzwords, promising also to include Internet of Things and data technology:
“OMTM takes data as the core, make [sic] use of the technology of Internet of Things, Artificial Intelligence, Big Data and so on, promotes the intercommunication of various fields, achieves more efficient resource integration. ”
However, the OMTM airdrop is relatively harmless, and has not raised gas fees, as the Lastwinner game did previously. Gas prices have normalized, and transaction fees have fallen to $0.02 from more than $0.50 at the peak of congestion.
As for the game, its website is not accessible anymore. Inside the main address, there is the equivalent of $8 million, or 27,451 ETH. There is no indication of an exit scam, or the owners of the game have decided to keep the ETH haul within this address.
The Ethereum network has scaling solutions coming in the future, but for now, the gas economics creates situations where users have to overpay for transactions, to be certain they would arrive. A low fee during congestion means the transaction falls through, and the fee is lost. The Ethereum network carries around 681,000 transactions per day, based on Blocktivity data. The high count is due to token and smart contract transactions.
The Ethereum market price remains depressed, returning to last summer’s levels. ETH fell to $320.62, during the latest bout of the bull market which led to a higher dominance for Bitcoin, and deep losses for most altcoins.