OpenDAO SOS Token
Updated January 20, 2022

OpenDAO SOS Token: Why I’m NOT Claiming My Airdrop

Cryptocurrency

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Many ethereum NFT junkies got what appears to be a Christmas gift from the NFT gods in the form of the The OpenDAO $SOS Token airdrop — and by the way, no, I have no idea what $SOS stands for, and I don’t think anybody on Twitter does either.

But what is The OpenDAO and what is this SOS token?  And how do you claim your $SOS?

And am I claiming my SOS token airdrop?  The answer is no — at least not right now — and I’ll give you my three reasons why later in this piece as well as tell you what you need to know about this airdrop.

But first, I want to know.  Are you eligible for an $SOS airdrop and if so, have you claimed your $SOS tokens yet?  Let me know in the comments below.

Now let’s talk about the project behind the $SOS token airdrop, OpenDAO.

What Is The OpenDAO?

The OpenDAO is a cryptocurrency project that popped out of nowhere last week shortly before Christmas.

Where Did OpenDAO Come From?

Its first appearance on Twitter was on December 23 with a retweet of somebody announcing that they claimed their $SOS airdrop.

NFT Influencer 9x9x9 is heavily associated with the project.

9x9x9 claims to be working for The OpenDAO for free.

But what is the OpenDAO?

A Tokenization Project

At its core, The OpenDAO is, well, a DAO (decentralized autonomous organization) that is governed by The OpenDAO Token, whose symbol is $SOS.

There is a strong anti-venture-capital sentiment in The OpenDAO’s community.

In the announcements channel in The OpenDAO’s Discord, 9x9x9 said:

“One of the reasons I come to contribute to OpenDAO is I feel that we are the people that contributed to help OpenSea to a $10 billion+ valuation.  But only VCs are getting the gain?  Let’s show VCs they can’t own WEB3!”

So this project is apparently all about the NFT community, and of course the airdrop of the $SOS token — which I’ll talk about shortly — is on the heels of OpenSea’s CFO Brian Roberts telling Bloomberg that “it would be foolish not to think about going public.”

Well now, OpenSea users are getting an airdrop, albeit one not from OpenSea itself but from this unaffiliated project, The OpenDAO.

How Does the SOS Token Airdrop Work?

On December 23, 2021, at 12:00 P.M. Coordinated Universal Time (UTC), OpenDao took a snapshot of all addresses that have traded on OpenSea since day one.

So if you’ve traded on OpenSea before the time that the snapshot was taken — and this means actually trading on OpenSea so minting doesn’t count — you are eligible for the $SOS token airdrop.

All you have to do to claim it is connect your wallet at theopendao.com.

How Much $SOS Do You Get?

Exactly how much $SOS you get is based on how much ETH you’ve spent on OpenSea and the number of transactions you’ve had on OpenSea.

I have personally not connected my wallet yet for reasons I’ll tell you about later in this piece, but people are tweeting the estimate of their rewards from The Open Dao website which populates after you connect your wallet to the site.

And while most of these individuals are big NFT influencers posting the amount of $SOS they’re getting airdropped off spending thousands of ETH on OpenSea, here’s a Tweet from someone more maybe relatable for many of you who has spent 1.59 ETH on OpenSea and has participated in 11 transactions on OpenSea.

So this individual will likely receive something like 19.1 million $SOS, and with the current price of $SOS being $0.0000065, that’s the fiat equivalent of something like $125.

Watch Out For Gas!

But here’s the catch: you have to pay for gas on these transactions.

Gas was pretty low yesterday on Christmas at least when I checked, but for a lot of these folks, the gas may exceed the fiat value of their $SOS airdrop.

So for these folks, it might be worth it for them to wait and see what happens to the price of $SOS before claiming because you do have until June 30, 2022, to claim.

Is the SOS Token Airdrop Legit?

Now, of course when I first heard about this, my first thought was, “Is this thing legit or will it drain my MetaMask wallet?”

Now, some pretty big names in NFT and crypto Twitter in general have attested to the legitimacy of the airdrop.

For example, fellow YouTuber The Coin Bureau — which I think is a great channel, by the way — tweeted, “Shoutout to OpenDAO rewarding the NFT community in a way OpenSea wouldn’t…Time to claim some $SOS”.

And some people smarter than me have apparently gone through the $SOS contract and given it a full breakdown and concluded that it’s harmless.

Now, the conclusion among all these folks is that this $SOS airdrop is legit.

I don’t know enough about reading contracts to verify this information one way or the other, but based on what appears to be the consensus on NFT and crypto Twitter, claiming the $SOS airdrop appears to be legitimate and harmless.

That said, one Twitter user, @fabdaRice, shared a thread expressing concerns about the long-term value of $SOS based on the contract.

I’m not going to go through this, but here’s the link if you’d like to look it over for yourself.

SOS Token Distribution

Here’s The OpenDAO’s roadmap for how the $SOS token will be distributed in total:

  • 50% airdrop to OpenSea users which is what I’m talking about here
  • 20% staking incentives
  • 20% to the OpenDAO itself, which will be used to compensate OpenSea scam victims and supporting the NFT community in general
  • 10% liquidity pool incentives

The Future of $SOS

As of the time of writing, there are over 200,000 holders of $SOS.

Also, according to 9x9x9, there is no team reserve token meaning that the community entirely owns $SOS token.

And shortly aftert the $SOS airdrop was announced, $SOS is now on Bybit and KuCoin.

Also, The OpenDAO has announced parternships with decentralized NFT markethplaces x.xyz and Treasureland, which is interesting given that the $SOS token is being airdropped to OpenSea users rather than users of these platforms.

Now, at this point, the $SOS token is very new, and I have no idea what its long-term price movement will look like after this initial hype fades away.

Assuming it’s not a rug pull, it seems like a noble project with good goals, but of course whether it reaches those ambitions is a different story.

Why I’m Not Claiming My SOS Token (Yet)

With all this being said and the $SOS airdrop token sounding like a legitimate way to get some free cryptocurrency, I have not claimed my $SOS yet and don’t intend to for some time.

And here are a few reasons why.

1. I haven’t done my own research because I don’t know enough.

Yes, everybody and their mother on Twitter is claiming that it’s safe to claim.

And it probably is.

But the cardinal rule in NFTs, cryptocurrency, and life in general is to DYOR or “do your own research.”

And unfortunately — and I’m just being honest here — I do not have enough knowledge of how to read smart contracts to really form my own judgment here on whether the $SOS token is legitimate or not.

Note that you can tell Metamask to disconnect your wallet from The OpenDAO’s site if you do choose to claim.

2. I have until June 30, 2022 to claim.

This thing is literally three days old.

What’s the rush?

I have over six months to do my own research and claim my $SOS token if I decide that’s the route I want to go.

3. I wouldn’t intend to sell / swap right now anyway, so what’s the rush?

The amount of my airdrop would likely be in the four-figure range in terms of USD.

This isn’t life-changing money for me, and I would very likely just keep my $SOS in $SOS rather than swapping it anyway, so what’s the rush to claim it?

Of course, this being the case, depending on how the staking mechanism works, I would obviously miss out on staking rewards the longer I want to claim and stake my $SOS token.

Alright, folks, that is why I have not yet claimed my $SOS token airdrop.

However, I know many of you have likely already claimed your $SOS token airdrop, and that’s perfectly fine, too.

I’d love to know in the comments below whether or not you’ve claimed your $SOS token airdrop!

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Author:

Logan Allec, CPA

Logan is a practicing CPA, Certified Student Loan Professional, and founder of Money Done Right, which he launched in 2017. After spending nearly a decade in the corporate world helping big businesses save money, he launched his blog with the goal of helping everyday Americans earn, save, and invest more money. Learn more about Logan.

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