Fomo3D: lottery, snowball system, record dApp

TeamJUST, the developer of PoWH3d, has struck once again. Just like PoWH3d, the new, no less dubious dApp achieves a top ranking on DappRadar.com. The jackpot of the hybrid lottery and snowball system has grown to the equivalent of ten million US dollars. How long can this continue to go well?

The gambling principle of the Gambling-dApp is very simple

You buy so-called “keys” with ETH. Part of the money ends up in a large pot. The rest is distributed to those who already own one or more keys. How the money is distributed depends on which of the four possible “teams” you have joined. There is a 24-hour countdown, which is slightly extended with every purchase of a key.

Welcome to blockchain development. Your ICO is over, hype is drying up. Take the private keys, drain everything.

The person who bought the last key before the timer expired receives 48 percent of the pot’s content. This currently amounts to an impressive 21,400 ETH, which corresponds to almost ten million US dollars. Two percent of the pot will go to a community fund and benefit those who have participated in the development of the dApp. The remaining 50 percent will go to Fomo3D players and P3D token owners; in addition, part of the money will be transferred to the next round.

The keys become more and more expensive as time goes on. This means that those who have secured many keys early on benefit from those who join later. That’s why we’re now busy recruiting new users who are particularly prone to the fear of missing something (Fear of missing out, “Fomo”). Just as it should be for an agreed pyramid scheme.

Despite lack of seriousness currently most successful dApp

FOMO3d doesn’t even try to talk about its business model. Thus it concerns according to own statement an “exit scam”. The URL of the dApp has also been chosen carefully: The name www.exitscam.me leaves no questions unanswered as to the seriousness of the dApp.

Despite – presumably rather because of – this obvious confession to be a scam, Fomo3D currently dominates all other dApps on DappRadar in terms of user activity. The dApp currently has over 5,200 active users in the last 24 hours. That’s almost twice as many as the runner-up, the decentralized crypto exchange IDEX. The figures for the first mainstream dApp CryptoKitties also fade away against the success of the quasi-automated pyramid system: just 350 users have taken care of raising and caring for the digital kittens in the last 24 hours – and brought it to a trading volume of 22.17 ETH. For comparison: With Fomo3D, this figure is more than a hundredfold at 2,700 ETH.

If the madness continues like this, it is probably only a matter of time before the effects on the ETH course and the gas prices become noticeable. There is one thing for which you have to pay respect to TeamJUST: With their projects, they succeed wonderfully and not without humour in identifying the absurd excesses of the crypto economy. Thanks to Fomo!