Everything You Need to Know About OpenDAO, From Staking $SOS to Much More
With approximately 210k holders of their native governance token, $SOS, OpenDAO is presently one of the largest NFT communities. On OpenSea last year, the team conducted a free fair airdrop of $SOS tokens to NFT developers and collectors. So, who is OpenDAO and what are their goals?
$SOS x OpenDAO
As a thank you for supporting NFT trading, OpenDAO elected to airdrop the tokens to OpenSea users. The crew and the project, however, are unrelated to the NFT marketplace. The claim window is currently closed, but the tokens can still be exchanged on a variety of crypto exchanges and DEXs.
The total supply of $SOS tokens is 100 trillion. The nicest aspect about the airdrop is that there are no tokens reserved for the founding team in the $SOS token allotment. The airdrop received 50% of the total, with 20% going to staking incentives, 20% to the OpenDAO treasury, and 10% to liquidity pool incentives.
Every $SOS coin will receive $veSOS as a staking incentive, according to the first OpenDAO “Improvement Proposal.” Holders will be eligible for future airdrops and will be able to vote in the DAO. They also serve as governance tokens in a variety of other protocols and initiatives. The rewards are compounded automatically until they are unstaked, at which point owners will receive their $SOS back along with the rewards from the staking pool.
Incentives for Liquidity
On all trades, liquidity providers typically earn a fee equal to their part of the pool. Fees are deposited into the pool, accrue in real time, and can be retrieved by holders when they withdraw their funds. The SOS/WETH Onsen pool is currently online on SushiSwap, with $8.05 million in TVL. It also has a delicious yearly percentage yield of 148.10 percent (APY).
Treasury of OpenDao
The final allocation is directed toward the DAO’s core goal; this is where the exciting stuff happens. To begin, the Treasury Department would recompense confirmed victims of crypto and NFT scams, which are all too widespread in today’s market.
The funding will then be used to help budding artists and NFT communities. 721Artist is selecting 50 great artists with a prize of 50 million $SOS + 150,000 $NFTK in partnership with NFTwiki. Given the large number of voters, the top artists should emerge victorious.
Another OpenDAO objective is to promote space education. Because of a lack of basic knowledge, many people fall prey to conjecture and short-term thinking. The DAO will decide how to promote education in crypto, NFTs, and art in general in the future.
The founders would also like to remind the community that we are all still human at the end of the day. As a result, all participants should recognize and defend human ethics, as well as participate benevolently. The community should carry out its vision and objective by being kind, kind, and respectful to one another and others in the crypto world.
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