OpenDAO is currently one of the largest NFT communities, with more than 210k holders of their native governance token, $SOS. Last year, the team organized a free fair airdrop of the $SOS tokens to NFT creators and collectors on OpenSea. So who is this OpenDAO, and what are they doing?
OpenDAO x $SOS
OpenDAO chose to airdrop the tokens to OpenSea users as a tribute for promoting NFT trading. However, the team and the project are not affiliated with the NFT marketplace. Currently, the claim window is closed but the tokens can be traded in various crypto exchanges and DEXs.
There is a total supply of 100 trillion $SOS tokens. The best part about the airdrop is that the $SOS token allocation reserves absolutely ZERO tokens for the founding team. 50% was allocated for the airdrop, 20% are staking incentives, 20% is the OpenDAO treasury, and 10% are liquidity pool incentives.
According to the first OpenDAO “Improvement Proposal”, every $SOS token will receive $veSOS as a staking reward. Holders will be eligible for future airdrops, and have voting rights within the DAO. In addition, they also act as governance tokens in other protocols and projects. The rewards are automatically compounded until they are unstaked, where owners will get their $SOS back plus the rewards from the staking pool.
Liquidity providers typically earn a fee on all trades proportional to their share of the pool. Fees are added to the pool, accrue in real-time, and can be claimed when holders withdraw their liquidity. Currently, the SOS/WETH Onsen pool is live on SushiSwap, with $8.05m TVL. Besides, it boasts a juicy 148.10% annual percentage yield (APY).
The final allocation is towards the main objective of the DAO, it is where the good stuff finally takes place. Firstly, theopendao treasury will compensate verified victims of crypto and NFT scams, which are grossly common in the space today.
Next, the funds will support emerging artists and NFT communities. In collaboration with NFTwiki, 721Artist is selecting 50 talented artists with a prize of 50 Million $SOS + 150,000 $NFTK. Given the massive amount of voters, the best artists should win.
Another OpenDAO mission is to drive education in the space. There is a lack of proper education, which often leads many into the trap of speculation and short-term thinking. Moving forward, theopenDAO will decide how to promote education with regard to crypto, NFTs, and art in general.
The founders would also like to remind the community that at the end of the day, we are all still human. Therefore, all participants should acknowledge and uphold human ethics and participate with benevolence. The community should execute its vision and mission through acts of generosity, kindness and respect towards the community and others in the crypto space.
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This article is educational material.
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