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To find out even more about this project, check out our deep dive of OpenDAO.

What Is OpenDAO (SOS)?

OpenDAO calls itself “the token of the metaverse” and aims to become a central asset for the metaverse and Web3, in a similar fashion as stablecoins like USDC. OpenDAO launched its SOS token on Christmas Day 2021 via an airdrop to all users that had bought, sold or traded NFTs on marketplace OpenSea. The declared goal was to create a way to pay tribute to the NFT creators, collectors and marketplaces and nurture the NFT ecosystem.

OpenDAO aims to build utility for its token by allowing users to mint NFTs with SOS, trade NFTs for SOS on permissionless marketplaces and implement it in games and projects as a governance token.

Who Are the Founders of OpenDAO?

One of the core contributors of OpenDAO is 9x9x9.eth, an anonymous DeFi power user and influencer on Crypto Twitter. He is supported by “like-minded contributors,” although OpenDAO is organized as a DAO and as such open for anyone to contribute to it.

What Makes OpenDAO Unique?

OpenDAO essentially aims to replace permissioned marketplaces like OpenSea with a digitally native community that is built by users for users, according to the project.

One cornerstone is OpenDAO’s mission statement, which promises to support emerging artists and their original work and help NFT communities with implementing their roadmaps. OpenDAO also allocated 20% of its treasury to compensate verified scam victims on OpenSea with SOS, true to its statement of being a grassroots initiative by the web3 community.

The project is currently in the building phase, and utility is strongly centered around the SOS token and staking rewards that it brings.

OpenSAO aspires to build the largest DAO in the Web3 and NFT space and launch an ecosystem that hands out grants to developers and marketers alongside creator curation.

Furthermore, OpenDAO promises the launch of Mintstarter, which will entail more utility for the SOS token and will presumably be a launchpad for newly minted NFTs.

Then there is SOSMarket, which will allegedly be the DAO’s answer to OpenSea as a decentralized and permissionless NFT marketplace alternative that allows users to trade their NFTs for SOS.

SOS Chain will be an EVM-compatible NFT trading experience with zero gas fees and is likely to be akin to a layer-two scaling solution like Immutable X. Lastly, SOS promises to build a bridge and a DEX on its SOS chain, thus connecting it with other blockchain and allowing the seamless migration of assets between blockchains.

Related Pages:

Check out Ultra (UOS) — a gaming ecosystem and launchpad.

Check out Immutable X (IMX) — an NFT-focused layer-two solution.

Check out our deep dive into OpenDAO.

How Many OpenDAO (SOS) Coins Are There in Circulation?

The total supply of SOS is 100 trillion. It was issued through a fair launch that left no tokens allocated to founders. 50% of the total supply was distributed via airdrop, with 20% being reserved for staking incentives, 20% going to the treasur, and 10% for liquidity pool incentives.

Token holders can stake their airdropped tokens and receive veSOS in return, giving them full voting rights within the DAO. veSOS thus serves as a governance token and auto-compounds until it is unstaked. Staking rewards are released linearly over one year.

How Is the OpenDAO Network Secured?

SOS was launched as an ERC-20 token on Ethereum. The project is yet to release details on its planned SOSChain and how it will affect the future of its token.

Ethereum is secured by a proof-of-work consensus mechanism that requires miners to mine new Ether. A set of decentralized nodes validates transactions and secures the Ethereum blockchain.

Where Can You Buy OpenDAO (SOS)?

SOS is available on OKEx, Uniswap V2, Huobi Global, KuCoin and Bybit.