I was one of the loyal Elsa users and not gonna lie about the smoothness of the dApp, but the way the team wanted to pull a swicheroo on the Wallchain quackers was disgraceful!
The AI-powered crypto playground behind the Elsa token, teamed up with Wallchain to run a campaign. The participants were promised a juicy 0.3% slice of ELSA tokens for showing up, doing stuff, and basically being good citizens of the Cryptoverse.
Wallchain did their part and delivered the top 500 eligible users and a plan for how those sweet little slices should be divvied up. I was one of them, as I hustled both onchain and on socials!
Fought hard to get into the top 500 Elsians for the first epoch and 434 felt as an achievement. Double the trouble with a level 5 Arcanist on the dApp, with gas and fees burned to get there!
But then… things got messy. Nikita killed InfoFi and the Elsa team apparently decided to play referee and filter out participants using anti-Sybil rules that nobody had signed off on.
People who thought they were in the clear were getting left out, and the promised 0.3% became more like free labor! Wallchain protested, pointing out that these extra filters contradicted every public promise Elsa had made!
I didn't expected any life changing bounty from Elsa, but didn't expected to be rugpulled by them either. Done a lot of transactions to reach level 5 Arcanist and definitely I spent more than the drop in fees.
The 124 $ELSA token I had to claim came from my onchain activity, and was different than the Wallchain reward. I shorted Elsa because of the behavior and got 15.5 USDC in return.
The community was not amused and social media lit up like a Christmas tree in January! Mast users were complaining that they either got nothing or only a fraction of what they were expecting. A
Elsa later tried to slap on vesting and cliff schedules, locking up what little tokens some participants did get, turning the “instant reward” party into a “wait and see” endurance test.
People weren’t happy and the trust started wobbling. Eyebrows were raised and the phrase “transparency” became trending in the crypto corner of the internet.
To add more gas to the fire, Elsa also said the Quack Heads NFT holders will be included in the distribution... but it didn't happened. Holding two heads and got nothing!
The Wallchain did their best to play the grown-up in this drama, fired off a notice of breach. They demanded Elsa explain themselves, take responsibility, and actually compensate those who got stiffed.
Wallchain handed over all the verified data and allocation lists ages ago, so Elsa’s excuses about extra filtering didn't hold water. Wallchain hinted that if things don’t get sorted, they might escalate... cue dramatic music.
After the drama where Wallchain’s crew called out HeyElsa for ghosting the promised 0.3% token allocation and playing fast and loose with transparency, it looks like some compromise has finally landed.
Elsa reportedly dropped about $150K in USDC into Wallchain’s hands, earmarked to be funneled out to the eligible participants who were left hanging for epoch 1 and epoch 2.
There’s more crypto spice as the participants are also getting vested tokens... think of them as the grown-up version of your birthday money. There’s a cliff, there’s a vesting schedule, and sourness!
So Elsa finally threw $150K in USDC at Wallchain as part of a settlement, tossed in some vested tokens with cliffs and schedules, and the community is cautiously watching!
They also said Epoch 2 will have only 50% of the normal pool, because it didn't reach the deadline. I was 233rd on this one... and hoped for a bigger bag of $ELSA rewards!
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