… but fear not, as it means you no harm 🙂 🦠 🧬🧫🧪
I first noticed it when my Trust Wallet app popped a notification of 3 STT received few days ago, few minutes later I got another notification for another of my wallets, and at the end of the day all of my 10 different ETH wallets have all received some small amount of STT.
Probably just another annoying airdrop, some shitcoin spamming out as usual, I thought… but after checking Etherscan and digging a little dip on this mysterious STT token, I learned the hard truth:
I was Infected ! 👻
I love experimental ERC2–20 tokens, so I spent some time learning what was STT all about: the name is Scatter which makes sense, and the websitedescribes it as:
“Scatter is an ERC20 virus on the Ethereum blockchain. It must spread to survive and multiply.”
The concept is relatively simple, yet it’s kind of genius:
– For each transaction, new STT is minted and distributed to a reward pool.
– The Reward pool has 256 spots, first in, first out.
– To gain a spot in the Reward Pool a user must infect another user, sending at least 1 STT to a wallet that doesn’t hold any STT but holds some ETH.
– Any user can infect as many wallets has he wants, and for each sucessful infection he gains a spot in the reward pool, which in average will assure him at least a reward in the next 256 transactions, so in average if you infect 10 wallets you can expect 10 rewards.
– Rewards started at 1000 STT per transaction on genesis and will decrease over time until 1 STT when a 1 Billion STT soft cap is reached.
The project started few weeks ago as an experiment/meme, but it’s concept is viral by design so it’s probably already exceeding it’s creator expectations, in just a few weeks STT has already infected over 27,000 addresses 😱
At one point this week, the STT contract reached #4 in the ETH Gas Station for “Top 10 ETH Contracts By Transaction Count Over Last 1,500 Blocks” as new users joined and began “scattering” fighting each other for spots on the reward pool.
STT has no really utility yet, it’s founder has the unique goal of reaching as many wallets as possible and observe this experiment as it develops into the wild. The project is a typical community built project, and will probably go wherever it’s community decides, their Telegram jumped from a few dozen members to 198 members in the last few days, and will probably reach a thousand members soon.
As the Total Supply grows, the rewards shrink, which makes the cost of minting new tokens higher over time. Right now each reward is 966 STT with a cost of approximately $0.028 USD (transaction gas at 1 gwei), which give us an hypothetical cost of $0.00002899 to mint 1 STT (with ETH at the current prices of $168.24).
Current total supply is 34 Million STT, or 3,4% of the soft cap of 1 Billion STT, with the cost of minting increasing on each transaction, early adopters have more incentive and an obvious advantage against late comers, in a few months with 10% or 20% of the soft cap minted, the cost to mint 1 STT will certainly be significantly higher, in the long run when STT approaches the 1 Billion cap, “production” cost of 1 STT will be 1000X higher than genesis cost.
Proof-of-Infection seems cool and highly effective, it’s kind like POW but viral by design, since each infection is only valid on wallets that contain at least a dust of ETH (active wallets), most likely a big percentage of the infected wallets will check what is STT on etherscan (since it already shows $usd value on Metamask and Trust wallets), many geeks like me will dig a bit more and some will become STT predators, resulting on the virus spreading even more.
Distribution from a first check seems perfectly built, there’s a few wallets holding a few million STT, and a million STT is not that hard to “scatter”, it’s basically 1000 transactions, maybe a few hours for anyone motivated to do so, and there seems to be a bunch of people competing for those reward pool spots.
Global Epidemic ?
Shall we expect a global epidemic of STT? At the pace STT is spreading right now, it will soon infect a substantial portion of all ETH Active Addresses, theres 80 Million ETH Addresses, but only around 270k active addresses per day, from those 10% are already infected by STT, and this virus is just starting.
The wallet holding more STT is currently the Uniswap Liquidity Pool 🦄 still with just a tiny bit of ETH and nearly 9 Million STT, the current price of STT is near the cost price of $0.000028, but with huge volatility, as the pool has been used by “Scatters” to swap STT into ETH to cover gas prices to mint more tokens and the occasional speculator. Some users have also swapped newly minted STT into other ERC-20 tokens available on Uniswap and vice-versa.
Apart from the Uniswap listing which contains most of the liquidity, STT only trades on Bamboorelay and a few other exchanges, but it’s fair to assume that it will trade in many more exchanges, after all it’s a virus.
With more than 34 Million Tokens and the most recent price of $0.000028, STT has a market cap of… $952 USD
There is still no utility, no purpose, no nothing, except the experimental nature of STT, but I’d say that a Token that infects a huge portion of all ETH Wallets, even with no purpose (yet), will most likely be priced slightly above $1000 market cap 😉
If in the meantime utility is somewhat created; or the community grows and attracts some talented minds into building STT dApps; or FOMO kicks in; or McAfee learns about it… then it’s marketcap will likely be priced a bit higher. Either way, it will be a nice experiment to watch 🍿