On the morning of December 25th, the NFT investing local community in the cryptocurrency business is “rolling out” a new undertaking known as OpenDAO (SOS).
Based on facts Coinlive obtained from the project’s internet site, OpenDAO says it is an initiative to problem tokens to reward the NFT local community and these who have been in this area considering the fact that the early days.
Therefore, OpenDAO will pass the undertaking token, known as SOS, to individuals who by now use OpenSea, the biggest NFT market place platform in the planet.
Specifically, the amount of SOS airdrop tokens will rely on the sum of cryptocurrency (ETH, DAI, USDC) that the consumer has invested on OpenSea in the previous multiplied by a element of .seven and plus the amount of transactions manufactured on OpenSea multiplied by a element of .seven with .three.
To get the airdrop, end users merely want to connect their wallet to the OpenDAO internet site. Eligible end users will be capable to participate in token reception from now by way of June thirty, 2022.
SOS is a token issued on Ethereum with a complete provide of one hundred trillion units. In there:
- 50% will be made use of for airdrops to OpenSea end users
- twenty% as a stake bonus
- twenty% is retained by OpenDAO for the growth of the undertaking And
- ten% as a reward for liquidity suppliers.
OpenDAO claims to use twenty% of the complete SOS provide to proceed encouraging the growth of the NFT array, which include pursuits this kind of as:
- Compensation for victims of OpenSea scams
- Support emerging NFT artists
- Support NFT communities
- Support artwork conservation pursuits
- Create sponsorship packages for the SOS ecosystem.
According to Coinlive’s evaluation, OpenDAO’s ambition with the SOS token is to be capable to develop into the official currency for OpenSea when this market place has “recognized” that it will hold an IPO in the US as an alternative of issuing tokens. Even so, the good results of SOS will rely heavily on the NFT investment local community, due to the fact OpenDAO’s growth approach is nevertheless quite sketchy and does not have several breakthroughs other than the airdrop token, just as the undertaking has no “real rights” to run OpenSea.
Another worrying stage is that even OpenDAO does not mention the potential use of the SOS token. Despite the title of a DAO organization, the section of the local community cryptocurrency undertaking that has acquired a good deal of consideration in latest many years with popular names like ConstitutionDAO, but the undertaking does not advertise the get the job done if the SOS token represents the ideal to participate in the organization of governance for OpenDAO.
According to CoinMarketCap, SOS tokens are traded on Uniswap v3, SushiSwap, DODO, and MEXC exchanges, with a 24-hour trading volume of $ 94 million. The value of the SOS token is increasing by practically 500% at press time.
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