What is OpenDAO (SOS)?

OpenDAO or SOS (SOS/USDT – trade it here) is a decentralized autonomous organization (DAO) that focuses on connecting artists and their work with the NFT communities. It is a digital-oriented community aims to utilize the playing field for both art creators and collectors. In this article, I will cover everything you need to know about OpenDAO, plus an instruction on how to buy SOS token.

OpenDAO SOS Logo
OpenDAO (SOS) Logo

What exactly is SOS token?

It is the native token of the OpenDAO’s, developed by the community for the community. On the platform, liquidity rewards are eligible for 10% of the entire SOS amount. The token is intended to be included in a DAO to compensate OpenSea with SOS verified scam victims. Additionally, SOS would like to assist NFT communities, emerging artists, the preservation of art, and the creation of a developer’s award for involvement in the SOS ecosystem. OpenSea is a market place where users can mint and trade unique digital collectibles (NFTs), which are listed products.

The Distribution of SOS Token

The $SOS airdrop started with the objective of honoring the NFT inventors, collectors, and marketplaces who support the entire NFT ecosystem. Moreover, the $SOS token has a total supply of 100 trillion and here is the breakdown of token distribution:

  • Airdrop: 50%
  • Staking Incentive: 20%
  • OpenDAO: 20%
    • Supports emerging artists and their authentic work
    • Supports NFT communities and art preservation
    • Incentivize developers for ecosystem participation
  • LP Incentive: 10%

How to stake SOS token on OpenDAO?

The holders of staked SOS tokens get veSOS in exchange for each staked token. In the OpenDAO, veSOS has full voting privileges. In other protocols and projects, veSOS can serve as the governance token, making it eligible for prospective airdrops. The user’s profit realized via the automatic compounding of veSOS. The original SOS as well as any additional SOS from the official staking pool or other revenue sources will be given to the user upon unstaking.

Founders of OpenDAO

The NFT marketplace has stated that while it is true that the OpenDAO initiative aims to reward OpenSea users, neither they nor it affiliates with it. According to the project’s Twitter bio, the fundamental creator of OpenDAO goes by the @9x9x9eth and is currently faceless.

How to buy SOS token?

You can buy SOS on MEXC by the following the steps:

  1. Log in to your MEXC account and click [Trade]. Click on [Spot].
  2. Search “SOS” using the search bar to see the available trading pairs. Take SOS/USDT as an example.
  3. Scroll down and go to the [Spot] box. Enter the amount of tokens you want to buy. You can choose from opening a Limit order, a Market order or a Stop-limit order. Take Market order as an example. Click [Buy SOS] to confirm your order. You will find the purchased tokens in your Spot Wallet.

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