The OpenDAO was a brand new decentralized autonomous organization (DAO) that arose out of nowhere in December 2021, intending to give away free tokens to customers of OpenSea, the largest NFT marketplace at the time.
"To pay tribute, to protect, and to promote" the NFT community was the objective of the OpenDAO and its SOS token, which should not be confused with a stablecoin minting system with the same name.
Keep reading this blog post to learn about OpenDAO's history and SOS tokens.
What Is OpenDAO (SOS)?
OpenDAO refers to itself as "the token of the metaverse" and intends to become a central asset for both the metaverse and Web3 in the same way that stablecoins like USDC have done in the past. On Christmas Day in 2021, OpenDAO distributed its SOS token to all users who had previously purchased, sold, or traded NFTs on the marketplace OpenSea in the form of an airdrop. The intention was to develop a method that would honor NFT authors, collectors, and merchants while also fostering the development of the NFT ecosystem.
OpenDAO wants to generate utility for its token by enabling users to mint NFTs with SOS, trade NFTs for SOS on permissionless markets, and implement it in games and projects as a governance token. These features are all part of OpenDAO's plan to build a utility for its token.
Anyone who completed a transaction on OpenSea before the 23rd of December was eligible to get free SOS tokens via the airdrop. They were required to do nothing more than link a wallet, such as MetaMask, to the OpenDAO website, calculate an estimate of their rewards based on the total number of transactions and dollars spent on OpenSea, and then start the process of claiming free tokens.
History of OpenDAO (SOS)
According to the information provided in OpenDAO's Twitter bio, the identity of the company's primary contributor, who goes by the handle @9x9x9eth, is unknown. The OpenDAO account on Twitter accumulated up to 125,000 followers in just the first four days of its appearance on Twitter, while @9x9x9eth amassed close to 45,000 followers on Twitter since he joined the platform in September 2021.
Additionally, @9x9x9eth is a core contributor to 721DAO, an organization that is working towards the development of a decentralized entertainment metaverse. The Block attempted to get comments from @9x9x9eth on this subject, but they did not react in time for the publication of this article.
What Is the SOS Token Used For?
The $SOS token project by OpenDAO is an intriguing idea. Initially, it came as a surprise to hear that some of the funds were going to be distributed as an airdrop to OpenSea customers because there have been rumors going around for some time regarding the marketplace establishing a native currency.
Tokens distributed by the airdrop were up for claim until the 30th of June, 2022; after that date, any unstaked tokens were transferred to the DAO treasury.
In addition, OpenSea provides adequate compensation for people who have been duped by the company. Despite the increasing number of people using NFTs and OpenSea, there are still far too many fraudulent listings and frauds on both platforms. Because transactions on a blockchain cannot be rolled back, users who are negatively impacted have no other option. Providing them with recompense in $SOS could bring some much-needed relief.
It is also the intention of OpenDAO to assist NFT communities and new artists; however, it is not yet clear how this support will be provided. The same may be said about the process of art preservation, which can take many various forms.
The developer award for participating in the $SOS ecosystem is an indication that there is a long-term vision for OpenDAO. This is the last but not the least of the three points. This may be interpreted as a sign that $SOS will gain additional utility or that there will be new products, services, and applications developed to grow the ecosystem.
Staking rewards make up 20% of the entire $SOS in circulation.
With 64.36 percent of the vote, the first "Improvement Proposal" for OpenDAO has agreed to a linear release schedule of one year.
You will receive one $veSOS token in exchange for each $SOS token that you stake. $veSOS holders are entitled to full voting rights within OpenDAO, and the token can also be utilized as the governance token in other protocols and projects, in addition to increasing their chances of receiving prospective airdrops.
Your $veSOS investment will grow thanks to the natural compounding that takes place. After unstaking, you will receive your initial $SOS, in addition to any further $SOS that you may have earned from the official staking pool or any other revenue sources.
What's the market cap of SOS coins?
The total market cap of SOS coins is around $8.93M.
SOS coin price history
The SOS coin reached its all-time high value of $0.000007750 in December 2021. Since then we have seen a downfall in its value. Currently, it's trading at 0.0000000898 USD.
How to get or claim an SOS token?
Tokens distributed by the airdrop were up for claim until the 30th of June, 2022; after that date, any unstaked tokens were transferred to the DAO treasury. You can also earn more tokens with staking.