OpenDAO Gives away more than 23.9 Trillion SOS in Airdrops

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Key takeaways:

  • In deep NFT groups, the free $SOS airdrop is gaining traction. In deep NFT groups, the free $SOS airdrop is gaining traction.
  • The airdrop is open to anyone who has conducted a transaction on OpenSea since its inception.
Opendao Gives Away More Than 23.9 Trillion Sos In Airdrops
OpenDAO Gives away more than 23.9 Trillion SOS in Airdrops

The NFT investing local community in the cryptocurrency sector is “rolling out” a new project known as OpenDAO on the morning of December 25th (SOS).

According to information gathered by Coinlive from the project’s website, OpenDAO is an endeavor to issue tokens to reward the NFT local community and those who have been involved in this field since the beginning.

As a result, OpenDAO will distribute the project token, known as SOS, to those who already utilize OpenSea, the world’s largest NFT marketplace platform.

The quantity of SOS airdrop tokens will be determined by the sum of cryptocurrency (ETH, DAI, USDC) that the user has invested on OpenSea in the previous multiplied by a factor of seven, as well as the number of transactions made on OpenSea multiplied by a factor of three.

Users simply need to link their wallets to the OpenDAO website to receive the airdrop. From now until June 30, 2022, eligible users will be able to participate in the token distribution.

SOS is an Ethereum-based coin with a total supply of one hundred trillion units. There are the following items:

50 percent will be used for airdrops to OpenSea users, 20% will be used as a stake bonus, 20% will be kept by OpenDAO for the project’s growth, and 10% will be used as an incentive for liquidity providers.

OpenDAO claims to be using 20% of the total SOS allocation to continue promoting the growth of the NFT array, which includes activities such as:

  • Victims of OpenSea frauds are entitled to compensation.
  • Encourage the development of new NFT artists.
  • NFT communities should be supported.
  • Contribute to art conservation efforts.
  • For the SOS ecosystem, create sponsorship packages.

According to Coinlive’s assessment, OpenDAO’s goal with the SOS token is for it to become the official currency for OpenSea once the market has “accepted” that it would hold an IPO in the United States rather than issue tokens. Nonetheless, SOS’s success will be primarily reliant on the NFT investment community, as OpenDAO’s development strategy is still unclear and lacks several breakthroughs other than the airdrop token, as well as the undertaker’s “actual rights” to administer OpenSea.

Another concerning point is that OpenDAO makes no mention of the SOS token’s potential use. Despite the title of a DAO organization, a section of the local community cryptocurrency undertaking that has gained a lot of attention in recent many years with well-known names like ConstitutionDAO, the undertaking does not advertise the work if the SOS token represents the ideal way to participate in the OpenDAO governance organization.

SOS tokens are traded on Uniswap v3, SushiSwap, DODO, and MEXC exchanges, according to CoinMarketCap, with a 24-hour trading volume of $ 94 million. At press time, the value of the SOS token has increased by about 500%.

A Breakdown of the $SOS Smart Contract

“On OpenSea, the allocation is based on the total number of transactions (30 percent weight) and transaction volume (70 percent weight) on ETH, DAI, and USDC. Users can collect their tokens until June 30, 2022, after which any remaining tokens will be remitted to the DAO treasury.”

Furthermore, the project as a whole appears to be quite altruistic, as the 20% fund allocation to OpenDAO is intended to “Compensate verified scam victims on OpenSea with $SOS, Support emerging artists and their original work, Support NFT communities, art preservation,” and to launch a “developer grant for participating in the $SOS ecosystem.” 

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Chetna Prakash
Chetna Prakash

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