OpenDAO (SOS) is a newly formed decentralized platform that seeks to help NFT communities and up-and-coming artists with their original work. It is a community of digital natives dedicated to leveling the playing field for both producers (creators) and consumers (collectors).
Decentralized autonomous Organizations—or DAOs for short—are those that are run independently of a centralized power source.
Similar to stablecoins like USDC, OpenDAO describes itself as “the token of the metaverse” and seeks to establish itself as a key asset for the metaverse and Web3.
This new DAO is made available to OpenSea, and it is said to assist both NFT authors in general as well as users of OpenSea. OpenDAO seeks to establish a decentralized society of digital natives that are linked by shared objectives, including:
- connecting existing intellectual property and the metaverse.
- constructing the foundational infrastructure for the non-fungible token (NFT) industry.
- And Creating SOS (OpenDAO’s governance token) to serve as the main resource for the metaverse and Web3 communities.
The stated objectives are to develop a method of honoring NFT innovators, collectors, and marketplaces, as well as to support the ecosystem for NFT.
On Christmas Day 2021, OpenDAO airdropped its SOS token to any user who had purchased, sold, or exchanged NFTs on the OpenSea marketplace.
The platform’s native coin, SOS, was developed by the community for the community. On the platform, liquidity rewards are eligible for 10% of the entire SOS. The coin is intended to be included in a DAO to recompense OpenSea with SOS-confirmed scam victims. Additionally, SOS wants to assist NFT communities, emerging artists, the preservation of art, and the creation of a developer’s award for involvement in the SOS ecosystem. OpenSea is a marketplace where users can mint and trade unique digital collectibles (NFTs), which are listed products.
20% of the total SOS token on the network goes towards the staking incentive. The holders of staked SOS tokens get veSOS in exchange for each token staked. In the OpenDAO, veSOS has full voting privileges. In other protocols and projects, veSOS can be used as the governance token, making it eligible for prospective airdrops.
The user’s benefit is gained by the automatic compounding of veSOS. The original SOS as well as any additional SOS from the official staking pool or other revenue sources will be given to the user upon unstaking.
Who are the founders of OpenDAO (SOS)?
An unknown DeFi power user and Crypto Twitter influencer named 9x9x9.eth is one of the main contributors to OpenDAO. Although OpenDAO is structured as a DAO and, as such, open for anybody to contribute to it, it is backed by “like-minded contributors.”
In addition to P2E games, a digital art gallery, an escrow NFT marketplace, and SOSChain, the OpenDAO team is actively working on several other projects and alliances. For top-tier NFT projects, Mintstarter will serve as a project launchpad. Staking a large sum of SOS will be necessary to participate. With almost no transaction fees, SOSChain will also be a blockchain designed specifically for NFTs.
What is OpenDAO (SOS) used for?
Currently, in the construction phase, the project’s utility is heavily reliant on the SOS token and the staking benefits it offers.
The use cases and goals of SOS are ever-evolving through various DAO proposals. Users can stake SOS tokens to get the veSOS governance token to vote on DAO proposals such as NFT project launches, potential airdrops, and future updates.
By enabling users to mint NFTs using SOS, exchange NFTs for SOS on markets with no access restrictions, and utilize it as a governance token in projects and games, OpenDAO hopes to increase the utility of its coin.
How is OpenDAO (SOS) unique?
According to the initiative, OpenDAO intends to replace permission marketplaces like OpenSea with a digitally native community that is created by users for users.
The mission statement of OpenDAO, which promises to assist NFT communities in putting their roadmaps into action and encourage young artists and their unique work, is one tenet of the platform. True to its claim of being a grassroots effort by the web3 community, OpenDAO likewise donated 20% of its treasury to OpenSea with SOS to recompense verified scam victims.
Also, the SOS Chain resembles a layer-two scaling solution like Immutable X and offers an EVM-compatible NFT trading experience with no gas expenses. The SOS chain can also be connected to other blockchains by a bridge and a decentralized exchange (DEX), enabling the frictionless transfer of assets between them.
The goal of OpenSAO is to create the biggest DAO in the Web3 and NFT areas and to start an ecosystem that awards grants to marketers and developers in addition to creator curation.
The creation of Mintstarter, which will increase the utility of the SOS coin and likely serve as a launchpad for recently created NFTs, is another promise made by OpenDAO.
Then there is SOSMarket, which is said to be the DAO’s answer to OpenSea as a decentralized, permission-free NFT marketplace that enables users to exchange their NFTs for SOS.
How many OpenDAO (SOS) coins are in circulation?
It has a 100,000,000,000,000 SOS coin maximum supply and a 100,000,000,000,000 SOS coin circulating circulation.
It was released transparently, with no tokens going to the founders. Airdropping was used to distribute 50% of the overall supply, with the remaining 20% going to the Treasury, 20% to the Staking Pool, 10% to the Liquidity Pool, and 0% to the founding team.
The veSOS they receive in exchange for staking their airdropped tokens grants token holders full voting privileges within the DAO. By acting as a governance token, veSOS auto-compounds until it is unstaked. Over the course of a year, stake payments are released linearly.
When SOS first launched, it quickly became popular, which led to positive price action on the price chart, which has since stabilized.
How is the OpenDAO (SOS) network secured?
SOS was released on Ethereum as an ERC-20 token. A proof-of-work consensus method that necessitates miners to create new Ethereum protects Ethereum. The Ethereum blockchain is secured, and transactions are verified by a group of decentralized nodes that verify transactions. So, OpenDAO employs the security and functionality of the Ethereum network.
How do I buy OpenDAO (SOS)?
The SOS token can be used for a wide range of purposes, like staking and payments.
OpenDAO (SOS) tokens can be easily purchased by following the steps below.
* Open an account with the crypto trading platform of your choice.
* Transfer the specific amount of your fiat currency to your account.
* Wait for your deposit to be confirmed and buy CNS through your trading account by swapping with BTC, ETH, or USDT pairs.
Which Cryptocurrency Wallet Supports OpenDAO (SOS)?
The PTPWallet platform supports many cryptocurrencies, with SOS soon to be included. Because of its vast use case, PTPWallet has grown to become one of the most popular platforms, as it serves as an exchange and an engine to discover other cryptocurrencies. The platform has a simple user interface, is compatible with both Android and iOS devices, and includes a mobile wallet app.
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