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Gate Blog
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SOS Coin
17 January 17:57
[TL;DR]
· OpenDAO is distributing trillions to all NFT creators, collectors on opensea.
· what you need to know about OpenDAO and SOS Coin.
· An Aid to protect and help NFT rug pulls and scams victims.
· Red flag around the SOS coin distribution.
What Is the $SOS Token?
SOS coin was introduced by a Decentralized anonymous organization (DAO) called OpenDAO. The essence of the SOS coin was first to promote the adoption of NON-Fungible-Token (NFT) especially on opensea, a popular NFT marketplace. 50% of the total supply has been made available for anyone who has transacted on opensea prior to December 23, 2021.
The distribution is by a factor of 0.3 of the total number of transactions in ETH, DAI, USDC spent by NFT creators, buyers, and sellers on the opensea marketplace.
As of the time of this writing, the market capitalization of $SOS is about $400 million and currently trading at $0.00000476 on coinmarketcap.com. According to etherscan.io, OpenDAO SOS is being held by 211,203 addresses.
The total supply of SOS tokens: 100 trillion,
50% of it will be airdropped to OpenSea users.
20% is for the DAO itself,
20% for staking incentives, and
10% for liquidity provider incentives.
To be eligible for this airdrop, you must have had a transaction on Opensea before the 23 of December. That is, Any OpenSea transactions made after that date are invalid for the airdrop.
Connect your OpenDAO supported cryptocurrency wallet and hit “initiate claim.” on the OpenDAO official website. An estimate of your prior transactions would be compounded by a multiplier of 0.3, and a total number of transactions on Opensea by 0.7.
Depending on how congested the Ethereum network is, You’ll also pay a gas fee in ETH to claim your token.
P.S: All tokens are to be claimed before 12th, January 2022.
Other claims of the OpenDAO project
Beyond the airdrops distribution, the OPenDAO project has also apportioned a total of 20% of SOS token to:
compensation of NFT verified scam victims on opensea.
Appreciate emerging artist and their original work
To support NFT creators and provide grants for developers on the $SOS ecosystem.
Support art preservation.
Staking Incentive
Another 20% of the total SOS Coin is available for staking incentives. The present community, headed by an anonymous 9X9X9eth, has passed her first improvement Proposal with a 64.36% outcome. They agreed to a 1-year yield schedule.
20% of the total supply of $SOS is to reward those who believe in the long-term vision of OpenDAO and HODL.
9X9X9 Proposal:
20,000,000,000,000 $SOS has been set aside for distribution by staking smart contract over a while.
The initiative targets those who believe in the long-term vision of OpenDAO: those who are willing to hold long.
Participants of the SOS staking pool will receive $veSOS in return. $veSOS enables participants with voting rights in the governance of other projects in the OpenDAO ecosystem. It may also receive potential airdrops from other projects. At the end of the staking period, you are entitled to your original $SOS and an additional $SOS from the official staking pool or other OpenDAO revenue.
P.S
It is important to clarify that the Opensea team has nothing to do with the distribution of SOS coins. According to the OpenDAO Twitter bio, the anonymous character 9x9x9eth is the core contributor, while the other members participate in governance.
Opensea also tweeted.
Although there have been very positive claims from the founding contributors, multiple Ethereum developers have raised red flags concerning the risk of a rug pull. About 65% percent of $SOS supply is claimed by 3 addresses linked to the core team. Hence speculation of a dump is looming in the air, making the creators millions, and driving the value of the token to zero.
-OpenDAO core team is largely anonymous.
-Bad actors are currently utilizing bots to spam Discord servers via malicious links.
- the lack of a road map for the project could lead the project in an unknown direction.
Closing Thoughts
Despite the security alarms and lack of actual product, It is fascinating to see the tremendous growth attributed to the SOS coin within a very short period. This pattern is an attribute of a project that has won the heart of a community of a valuable asset type, such as NFTs. We do not know for sure the integrity of the core contributor but their concerns, as stated, have been found attractive to NFT lovers.
Author: Gate.io Observer: M. Olatunji
Disclaimer:
* This article represents only the views of the observers 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 other cases, legal action will be taken due to copyright infringement.
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