On December 24, the OpenDAO project carried out an airdrop of SOS tokens among users of the OpenSea NFT marketplace. Since the start of the distribution, the asset price has risen by more than 300%, according to CoinGecko…
SOS is an ERC-20 standard token. Users who “made purchases on OpenSea in ETH” got the right to participate in the airdrop. The distribution is based on a snapshot taken on December 23, 2021. You can pick up tokens until June 30, 2022.
Ok for everyone asking regards the eligibility: everyone that BOUGHT on OpenSea in Eth is eligible to claim $ SOS token.
Also: there is absolutely no rush – you can claim your $ SOS until the 30th of June.
– OpenDAO🆘 (@The_OpenDAO) December 24, 2021
According to the project website, the amount of remuneration depends on the total number of transactions and their volume. Moreover, the second indicator is more important.
Ultimately, 50% of the SOS supply – 50 trillion tokens – will be distributed to users. Assets that were not claimed by the participants will be sent to the OpenDAO treasury.
SOS distribution has proven to be extremely popular. In less than a day, the number of token holders exceeded 12,000. At the time of writing, the organizers have distributed over 73% of the allocated funds (~ 36.55 trillion SOS) between 231,094 addresses, according to Dune Analytics…
The average amount of remuneration received by one address was 27 million SOS – ~ $ 225 before deducting network fees.
According to Etherscan, the holders of the token are 184,163 addresses. The OpenDAO contract has become one of the three largest gas consumers on the Ethereum network.
On the Uniswap decentralized exchange, the SOS trading volume for the last 24 exceeded $ 261 million
Despite the excitement, very little is known about the project itself. The OpenSea developers emphasized that they have nothing to do with SOS, and recommended “study the contract before demanding tokens.”
We’re getting a lot of questions and want to clarify that we are not involved with the SOS drop.
We love seeing the community find creative ways to drive the space forward, but we always recommend researching the contract and the source before claiming tokens.
– OpenSea (@opensea) December 25, 2021
According to ICANN LookupThe OpenDAO website was registered on December 9th through Domains by Proxy, a domain privacy service provider.
User 0xQuit noted that the SOS smart contract eliminates double spending and uses standard functions for issuing tokens, as well as transactions with them. According to him, the contract is safe.
7 / tl; dr? $ sos is safe to claim and trade. There’s nothing out of the ordinary buried in the contract.
* This is not an endorsement of $ sos as a store of value, merely as a safe interaction.
– quit (@ 0xQuit) December 24, 2021
The head of the Quadrata Network with the nickname fabdaRice also recognized the SOS contract as safe, but stressed that the project team has broad powers to manage the asset’s emissions.
4 / 🚩 Red Flag # 2:
The `claim` function below is allowing the dev team to arbitrary grant any arbitrary amount of $ SOS to any arbitrary wallets by simply generating “valid signatures”.
This is VERY SCARY as nobody can differentiate the valid claims from the invalid ones. pic.twitter.com/W7jKRNHDU3
– fabdarice (@fabdaRice) December 25, 2021
SOS tokens have already listed some of the major cryptocurrency exchanges like KuCoin and OKEx.
Earlier, the community criticized OpenSea CFO Brian Roberts, who, after his appointment, hinted that he was already planning an IPO of the platform. Users felt that in order to fund initiatives, the company should issue its own token, and not look for funds in the stock market.
Recall that in December, the Terra Name Service, associated with the Terra protocol, introduced the TNS token and carried out an airdrop.