My FORTH Tokens Claiming Adventure

My FORTH Tokens Claiming Adventure

By Feax21 | Crypto Monkey | 15 May 2021


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In my previous article A critical eye on FORTH Token Big Sellout I described my 3 big questions that stroke my mind about the FORTH Token airdrop from Ampleforth Foundation and my efforts to claim my tokens. However, I have decided to create a new article that will include all the relevant updates that took place since then. As a reminder I will also put my 3 initial questions:

Question 1: Is it worth to make your move NOW and spend your precious $ETH in order to pay the gas fees and claim the TOKEN amount that corresponds to your AMPL funds  or wait and HODL them on the FORTH Governance Platform at least until July 2021 waiting for the Ethereum upgrading hoping that Ethereum Network Gas Fees will be significantly reduced?

Question 2: And even if you decide to go ahead and waste $50 worth of precious ETH NOW that is being rocketed into the moon, is it worth to trade them short and earn a short term significant profit or HODL them at least on your Metamask Wallet taking advantage of a future bullish rally?

Question 3: Finally, taking into consideration that FORTH is actually a Governace token, when the majority of the FORTH Token holders opted for the short-term profit solution, spending double ETH gas fees in order to claim and sell their tokens, who is the mysterious buyer or cluster of buyers of those lots of FORTH tokens in such a high price?

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In the end I came out with the conclusion that my FORTH Token strategy about the airdrop is to wait to find an affordable value of the Ethereum network Gas Fees of around $10-$15, max $20 worth of Ethereum in order to claim my FORTH Tokens into my Metamask account and HODL them without selling them short to earn some short term profit. However, during that process, I came across with few difficulties that I would describe them as updates 

****UPDATE 1****

It appears that while I have been writing my initial article A critical eye on FORTH Token Big Sellout (and trust me every article can take several days and editions until it will be published) and visited the FORTH Token Governance page, my claimable amount has been disappeared. What a huge disappointment after all! I should have claimed it earlier!

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Was that a hack of my Metamask wallet meaning that someone stole them while I was offline or a bug of the system ?

I decided to contact the Discord channel of Ampleforth Ecosystem, and I was surprised to discover that several others FORTH Token eligible Holders have experienced the same problem and posted their complaint on the Support section of the channel.

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Hopefully the issue will be resolved within the following weeks but I have no special information about this. At least, the current bug will provide me some time in order to brainstorm deeper before taking any decision about my FORTH Tokens.

****UPDATE 2****

The issue with the FORTH Token claim interface in Ampleforth platform has been resolved rather quickly from the developing team of Ampleforth as it appeared to be a website bug and there wasn't a major issue in the AmpleForth blockchain. On the meantime I have managed to deposit an amount of ETH into my Metamask account and I am checking periodically the situation with the gas fees on the Ethereum Network, waiting to find an affordable price of around $10-$15 worth of ETH gas fees, in order to at least claim my Tokens into my Metamask account according to my strategy.

And here are some examples of various timestamps of the gas fees amounts and their values while I was trying at least to claim my FORTH Tokens into my Metamask amount.

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As it is visible, the gas fees have skyrocketed from an initial amount of 0.016896 ETH and a value of $56.14, up to $75.13, 93.74 to over 0.0276 ETH with a value of $108.42 before falling significantly to 0.01032 ETH which is still expensive to confirm at $40.54 and not affordable for my HODL pocket while the ETH trading continues its bullish rally to a new ATH of 3,800 BUSD. Last time I checked the Gas fees were steadily above $110 at $146.71 for 0.03636 ETH.

In the following graph, someone can relate the above gas fees with the Ethereum Gas Price Chart for the period May 5th to May 11th provided by https://ethereumprice.org/ where it is visible that Gas Price reached the peak of almost 300 gwei twice.

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Image Source

An indication of the Gas Price by Time of Day can be found below provided also by https://ethereumprice.org/:

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At the same time, the bearish rally of the FORTH Token continues in contrast with the general cryptotrading bullish surge as after the repair of the FORTH Token platform bug even more FORTH Token holders (and not HODLERS) are trading short their tokens in order to obtain a short term profit while the FORTH Token mysterious whales continue to buy the dip putting into my wicked mind the idea that I should also buy some extra FORTH Tokens to increase my position instead of selling my airdrop cheaply. And when I say "cheaply" I don't refer to the current trading price but to the future long term value of a Governance Token.

****UPDATE 3****

Then I received a comment from [Igor Tomic] of Publish0x Team as follows:

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His last phrase put me into deep thinking especially after reminding what actually happened during withdrawing my BATs from Metamask to Binance Savings.

You can even set up an alert that will send you a nudge once gas hits a certain price. For example an alert I might use can easily be set up within the GasNow browser extension, but I also believe it’s possible to get an email notification too.

That's a very good idea Igor but an alert won't save me especially because I am not online 25/7 and my spare time online is limited due to heavy working obligations and it isn't possible to do these kind of works from my job's desk. Unfortunately I am not a full time Publishox Team member either a professional writer to be able to earn money just for writing articles on Publish0x and in other platforms or working on crypto as a hobby and my real time offline work is always a priority. So even if i could get a notification about a drop in the Gas Price I would only see it when i will be back from work at home. Thank you very much Igor but I can always check the Gas Price when i will be home.

However, that reminded me what really happened during withdrawing my BATs from Metamask to Binance Savings. As I was trying to save some extra gwei from the Gas Fees, I have decided to tweak the Gas Fees in an extremely low price than the current one after being foolishly trapped from this extremely useful Publish0x article about Binance Smart Chain lowest fees on Metamask with title How to - pay less BNB fees in Metamask on the BSC network (BEP20), staking, claiming or sending. by [usedname]. Therefore my BATs were stuck into a pending transaction not because Ethereum Node Operators didn't want to accept my price but because the set gas limit was much lower than the current one. My first attempt was on Gas Price 22 Gwei after being foolishly trapped from a Publish0x article about Binance Smart Chain lowest fees on Metamask and the 2nd was on 95 which it also took me 19 days to be executed before I got my BATs into Binance Savings only when the gas Price fees fell into the same level !!!

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So the only solution was to use the same strategy for my FORTH Tokens especially since the Gas Fees started to fall during the weekend following the bearish run that followed the new Ethereum ATH and Elon Musk's tweet about Bitcoin not being ecologically friendly. Nevertheless, this is a kind of automatic reminder that Igor Tomic mentioned. I don't need to check the Gas Fees all the time or receive an email notification that I would only see and act accordingly when I will be only again. I have only set the transaction fees in the desired level with a so called "Claim Order"  just like traders do while trading when they set their desired Buy/Sell orders. 

After all I am not in a rush to Claim and Sell my FORTH Tokens and my Tokens are guaranteed in the AmpleForth platform until April 2022. Since I plan just to HODL them at least until their price would go over $50+ again. The only issue is that I failed to participate on Publish0x mini tweet contest #MayTheForthBeWithYou as it is described on the article Claim #AMPL $FORTH Tokens, Tweet Screenshot, Win 3x $150 Extra in FORTH! by [Igor Tomic].

****UPDATE 4****

It is obvious from the chart below that during since 13th May 2021, the price Gas fee has fallen significantly but still it was quite high to claim my FORTH Tokens, so I set up my  a "Claim Order" on Metamask 93fa4f5012f7b05ec737f602078064b51aeabd4baf2bef3724f21373f2197dce.jpg

Therefore, I have decided to create an initial "Pending Claim" on Metamask with Gas Price on 50 Gwei and a total cost of initial $14.88 or 0.004 ETH which can be considered an acceptable cost. 

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Then I have decided to become a bit generous with the Gas fees and increased my Gas Price to 55 with a total cost of $21.36 or 0.0055 ETH with the possibility to raise it to 60 Gwei in the future but without rush as the gas Price fell temporarily to 61 Gwei and then went higher again.

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*** THE FINAL UPDATE ?***

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Better late than never the surge of Gas Fees that was initiated after 10th May and had a peak of 500 Gwei on 13th May didn't last long and as on 15th May, Saturday night, Eth Gas Price finally had a major drop in their value to 45 Gwei as it is obvious in the following chart. As a result, I have finally managed to claim my FORTH Tokens into my Metamask account as my "Pending" "Claim Order" has been executed while I was sleeping. 

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Nevertheless, due to the fall of Ethereum trading price, I finally paid $17.07 and 0.004456 ETH on Gas Fees instead of $21.36 and 0.0055 ETH for 55 Gwei of Gas Price or even the high Gas Fees mentioned on Update 2, which is a quite satisfying amount and accomplishment.

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Had I left the Gas Price on 50 Gwei, the reduction would have been even less but this is a very good exercise for the future to study the volatility of the Gas Fees value and have tremendous amounts of patience before making a Metamask claim on the Ethereum Main Network. 

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At least now my FORTH Tokens are secured into my Metamask account which bring us to my Questions 2 and 3...

***Disclaimer: All information found on this article is for informational purposes only. I do not provide any personal investment advice so please make your own research before proceeding to any investment/trading action.***

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