All You Need to Know About OpenDAO's SOS Token

All You Need to Know About OpenDAO's SOS Token
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On the gift-giving eve of 2021, OpenSea investors got an unexpected gift of SoS tokens, a free Ethereum token. The amount of SoS will be determined by their investment in OpenSea NFTs. Within 24 hours, thousands of people claimed the token, and its value skyrocketed to more than 1000%. The tokens were made available by an independent, autonomous decentralized organization named OpenDAO. 

OpenDAO commits to utilizing some of these tokens to support the evolving NFT industry and compensate its users for the scams they face. Although meme coins are airdrops common in the crypto space, SoS blew up, especially on Christmas Day, becoming the highest gainer on CoinMarketCap. 

What Is OpenDAO? 

The OpenDao project sets up the SoS token to protect, promote and pay tribute to the non-fungible token (NFT) industry and everyone who is a part of it. Additionally, the project shows gratitude to all the NFT collectors, creators, and marketplaces for bringing this new industry to the forefront. Anyone who has traded, bought or sold an NFT through OpenSea marketplace can claim the SoS token airdrop. The purpose of the SoS token airdrop is:

  • To support emerging NFT communities.
  • To compensate the verified OpenSea scam victims.
  • Support preservation of art.
  • Offer a grant to emerging developers to enhance the SoS system.

How to claim SOS? 

The number of SoS tokens to be claimed depends on an individual's OpenSea investments. The more a person trades on OpenSea, the more SoS tokens they can claim. The SoS token can be claimed through OpenDAO's site by connecting your cryptocurrency wallet. 

The site will estimate how much an individual has spent on ETH, DAI or USDC. OpenDAO calculates the SoS token allocation based on an individual's transactions before December 23. The tokens can be claimed on the Ethereum platform until June 30, 2022, paying a gas fee. After claiming, the SoS tokens will be automatically transferred to the individual's Ethereum address. As of now, SoS tokens are distributed to over 241,000 addresses, and the number could increase. 

$SOS Tokenomics

OpenDAO has a fixed supply of $SOS 100 trillion tokens, further distributed as:

  • 50% tokens are airdropped to OpenSea users, which holders can claim till June 30, 2022.
  • 20% will be utilized in staking incentives.
  • 20% will be reserved for the OpenDAO treasury.
  • 10% will be used for providing liquidity incentives.

The team can modify the supply of 100 trillion SoS tokens if they decide to change their model. The aims of this airdrop make OpenDAO unique in its ways. As the token is part of the Decentralized Autonomous Organization (DAO), community members will govern everything. Any unclaimed airdropped token will be automatically transferred to the DAO treasury. 

Airdrops usually spark excitement in the cryptocurrency industry. NFT holders don't often receive tokens like SoS; tremendous social momentum has surrounded this airdrop. Users from across the industry have been sharing the number of tokens they have received, building up more momentum.