What Is SOS Token and Why Is the Market Going Nuts?
  • OpenDAO has airdropped SOS tokens to people who traded on OpenSea.
  • SOS token’s function is to support the overall NFT space and compensate OpenSea scam victims.
  • OpenDAO is not necessarily affiliated with stablecoin creation protocol opendao.io.

The crypto space social media has been talking about SOS token, which recently started its airdrop.

The SOS token airdrop is a way for OpenDAO to reward people who bought non-fungible tokens (NFTs) on popular marketplace OpenSea. According to its official website, OpenDAO is grateful to all who contributed to the NFT space, particularly OpenSea. Hence, the airdrop to all users on the said marketplace.

Everyone who spent money or transacted on OpenSea is eligible for SOS rewards. To claim, the user only needs to connect his or her crypto wallet used on OpenSea.

SOS has a total supply of 100 trillion tokens. 50% has been allocated to OpenSea users, while 20% will be used as a staking incentive. Another 20% will be reserved for OpenDAO, while the remaining 10% will be set aside as a liquidity pool incentive.

Despite its recent listing, SOS token already has a market capitalization of almost $300 million, with a 24-hour trading volume of $342 million, at the time of writing. On the other hand, it is not clear how the token or OpenDAO will fare in the coming months. Still, many are excited about claiming the token since it is free for OpenSea users.

To be clear, SOS token creator OpenDAO (theopendao.com) is not necessarily affiliated with another platform of the same name (opendao.io). Specifically, the latter is a protocol for minting stablecoins.

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