The SOS Coin takes the Cryptoverse by storm

[TR; DR]

OpenDAO launched an SOS airdrop on 25 December 2021.
OpenDAO is a decentralized autonomous organization which empowers artists, NFT creators and collectors.
The total supply of SOS coins is 100 trillion.
People can purchase the SOS coin at Gate.io, using USDT.

Many people were surprised when a new open decentralized organization (DAO) called OpenDAO launched an airdrop of trillions of SOS coins to OpenSea users on 25 December 2021. By the way, OpenSea is the largest marketplace for NFTs, whereas OpenDAO is a recently launched blockchain based organization which intends to promote artists and NFT creators. That said, we are going to delve deeper into OpenDAO and its vision.

What is OpenDAO?

As the name implies, OpenDAO is a decentralized autonomous organization whose mission is to empower the NFT community through supporting its members and artists. The key focus of OpenDAO is to compensate victims of scams on OpenSea as well as to provide grants to developers. In fact, OpenDAO uses the SOS token to honour and promote the NFT marketplace, with its main thrust on rewarding the creators and collectors of NFTs.


The owner and founder of OpenDAO

Currently, people do not know the founder of OpenDAO. However, one of the key contributors to the project is an anonymous user with the Twitter username @9x9x9eth. The same individual, @9x9x9eth, is a core contributor on 721DAO, a proposed metaverse to operate in the entertainment sector.

How OpenDAO came into prominence?

OpenDAO became well-known after launching the SOS coin airdrop on 25 December 2021 as a means to compensate victims of scams on OpenSea NFT Marketplace as well as the entire user base. Basically, OpenDAO distributed the SOS tokens to anyone who spent money on OpenSea before December 23, 2021. The amount of SOS coins which an individual can claim is proportional to the value of the transaction he/she had on OpenSea within the designated period.


Following the airdrop, the price of the SOS coin rose sharply, gaining about 489% according to CoinGecko. As of 31 December 2021 over 200 000 people had claimed an estimated 39 trillion SOS coins. This massive response to the airdrop was the reason for the sharp rise in its price. However, the price sharply corrected within a short period. At one time, the market capitalization reached $US 340 million before reverting back to about $ 252 million.

OpenDAO intends to airdrop 50% of the total supply of the SOS coin by 30 June 2022. As a result, all the potential beneficiaries of the airdrop can still claim their share before that time. Nonetheless, OpenDAO will claim back all the unclaimed SOS coins to the DAO treasury as of that date.

SOS tokenomics

The SOS is an ERC 20 token, built on the Ethereum blockchain, with a contract address of 0x3b484b82567a09e2588a13d54d032153f0c0aee0. This token has several stated uses which include compensating victims of fraud, supporting new artists, conserving artworks and providing grants to developers.

As an ERC20 token, people can store them in various wallets including MyEtherwallet, Metamask, Mycrypto, Coin98 Wallet as well as Ledger and Trezor. In addition, the SOS token exists on several exchanges which include Gate.io.

The token is distributed as follows:
Airdrop: 50%
Staking incentives: 20%
OpenDAO: 20%
Liquidity provider incentives: 10%

How to claim the SOS tokens?

In order to claim the SOS token, visit the OpenDAO website and connect your wallet. Remember that OpenDAO supports MetaMask, Coinbase Wallet, and WalletConnect. Once you connect the wallet, click “Initiate claim.” In return the site will calculate your airdrop amount based on the amount of ETH, DAI and USDT that you spent on OpenSea. When the claim is successful, your SOS tokens will go to your wallet address.

How to purchase the SOS tokens

The one unique fact with the SOS token is that people cannot buy it using fiat currency. Instead, you can purchase it using ETH or USDT. You can easily buy the SOS tokens at Gate.io. To do so, first buy USDT at this exchange. You can buy USDT at Gate.io using fiat currency through Bank Transfer or Credit Card or P2P trade.

To start trading at Gate.io, register your account and complete the KYC. Once you have done that, login to your account and go to “Buy Crypto.”


When you “hover” the mouse on “Buy Crypto,” you will be able to select your preferred method of payment, say Credit card. Since the SOS is paired with USDT, it is best if you buy USDT.


After purchasing USDT, you can exchange it with SOS through Spot Trading.


Conclusion

The SOS coin, based on the Ethereum blockchain, surprised many people after its successful airdrop which attracted over 200 000 participants within a week. Although it has no known founder as yet, its aim is to compensate victims of fraud within the NFT community trading at Opensea, the largest NTF marketplace. Eligible individuals can claim the airdrop, anytime before 31 June 2021. Those wishing to buy the SOS tokens should do so at Gate.io exchange.

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Author: Mashell. C, Gate.io Researcher
This article represents only the views of the researcher and does not constitute any investment suggestions.
Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.


Reference
OpenDAO Website
Cryptonews
Decrypt.com
Cryptobuyingtips