Last week, a decentralised exchange organisation called OpenDAO started to distribute free tokens to OpenSea users.
The OpenDAO SOS token soared in price just days after its launch. Its market cap now sits at $266 million. This sudden explosive success demonstrates the extraordinary power of airdrops in the crypto community.
Let's take a look at what is this new token is, and how you can claim it.
What are OpenDAO SOS tokens?
According to its official website, OpenDAO intends to pay tribute, protect and promote the NFT community by launching these tokens. Any person who has made a transaction on OpenSea before December 23 is eligible to receive a free token.
The total supply is 100 trillion, out of which 50% will be airdropped to users registered with OpenSea. From the remaining 50%, 20% will be kept for DAO itself, 20% for staking incentives, and 10% for liquidity providers. OpenSea users can claim these tokens before June 30th, 2022, after which the remaining tokens will be sent to the DAO treasury.
In simple terms, the total number of transactions has 30% weight and transaction volume in ETH, DAI, and USDC have 70% weight for token distribution, which means the more a user spends money on a transaction, the more SOS tokens he can earn at the same time.
How To Claim $SOS Tokens?
A user needs to follow the instructions mentioned below to claim SOS tokens.
- Head to the OpenSea website.
- Connect your cryptocurrency wallet (MetaMask, Coinbase wallet, or Wallet Connect).
- The site will later estimate your rewards by calculating how much DAI, ETH, or USDC you spent on OpenSea.
- OpenDAO calculates how many tokens should be awarded based on a user transaction before December 23.
- A nominal gas fee has to be paid in Ethereum to claim the token.
- Once claimed, tokens will be sent to your wallet address.
Are SOS tokens legitimate?
While many users have asserted that these tokens are safe to claim and have no underlying issue associated with them, many others expressed their qualms about the particular project.
A Twitter user called fabdaRice was quick to review the token. They listed some major flaws that could pose an issue to holders.
They included points such as "granting any amount of $SOS tokens to any arbitrary wallet by generating signatures," as critical drawbacks that make these tokens susceptible to frauds and scams.
Read More: BlockbusterDAO Wants To Buy Blockbuster And Turn It Into A 'DeFilm Streaming Platform'
[Image: Executium/Unsplash]
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