Home Token News The SOS token airdrop: What is all the hype about?

The SOS token airdrop: What is all the hype about?

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sos token airdrop

In recent years, the SOS token has been subject to many conversations. The token was created by OpenDAO. However, it is important to understand that the token is not affiliated with opendao.io, a platform with a similar name. The other is a procedure for imprinting stablecoins. The SOS token supports the general NFT space and compensates OpenSea scam victims. Most of the conversation around SOS tokens stems from the recently launched $SOS airdrop. Crypto airdrops have often caused a great deal of excitement in their spaces. However, they often do not make headlines as the SOS token airdrop has.

About the SOS token airdrop

The SOS token airdrop is a means for OpenDAO to recompense people that have bought NFTs on OpenSea, a popular marketplace. OpenDAO launched this project to appreciate people contributing to the NFT market, predominantly OpenSea. Everybody who used up money or transacted on OpenSea is qualified for SOS prizes.

Criteria for claiming SOS tokens

The first thing you must understand is that the amount of free SOS tokens you can claim depends on the money you spent on OperaSeas. This includes the Ethereum, DIA, and USDC you spent on OpenSea. The total amount of money is multiplied by 0.7. The number of tokens you are awarded is sent to you as an airdrop. It is also worth mentioning that the number of transactions you have made also counts. It would help to have some Ethereum in your MetaMask wallet before claiming the airdrop. You can then transfer your SOS to your Ethereum wallet after the airdrop.

Procedure for claiming SOS Airdrop

Claiming SOS Airdrop is as easy as the following steps:

• Open the opendao.com website in your web browser
• Connect with your MetaMask wallet (ensure to select the correct address with which you have previously transacted on the OpenSea portal)
• Proceed to claim the SOS tokens

In other words, all you have to do is connect to the crypto wallet you used on OpenSea and claim your SOS token airdrop.

About the SOS token

SOS has an overall stock of 100 trillion tokens. Half of the tokens have been assigned to OpenSea users. The other 20% will be used as an incentive for staking, and additional 20% will be set aside for OpenDAO. The final 10% will be set separately as an incentive for the liquidity pool. The SOS token has a marketplace capitalization of around 300 million dollars. It also has a 20-hour trading capacity of about 342 million dollars.

Below are some notable features of SOL token:

• Decentralization- The token is DAO governed by the community, which also determined the token’s future.
• Fair distribution- IDO on the platform is 100% fair. Each investor earns SOS tokens based on the number of tokens they own. This means that there is no preferential treatment.
• Guaranteed allocations- The platform guarantees no manipulation to the platform. This is done by avoiding bots sniping the pool.

OpenDAO has no official affiliation with the OpenSea NFT marketplace. However, this project rewards users of the marketplace based on their transaction count and funds spent. Multiple users claim tokens without any issues despite their varying fund expenditure. However, people who have spent more money on the platform form flipping NFTs will earn more than the latter. This is also proof of the quality listed above; fair distribution.

Statistics show a genuine interest in $SOS because of its relatively high trading volume. So far, there have been around 118000 token transfers, which have created over 602 million dollars in transaction volume. This is a clear indication of a healthy token. However, statistics also show more interest in selling $SOS instead of buying. However, there is nothing normal about this since airdrops are often liquidated faster by recipients.

Also worth mentioning is that the overall volume for each transaction remains small. Few transactions exceed 100 dollars. This makes the overall trading volume remarkable. Also, the buy volume is slowly but surely gaining momentum. While this does not guarantee an automatic price surge, it helps. Currently, no one knows what the airdropped token will do in the future. However, so far, the reception has been tremendous.

Is the $SOS airdrop project legit?

While many users are excited about this project, some have also shared their concerns about it being a scam. In the crypto space, caution is always advised. Caution is particularly necessary in this case because the OpenDAO website was only recently created. This means that there is little to no information about the project and its founders. However, there is significant proof that the project is legitimate. Analysts have opted to wait until the hype settles down. However, even as the hype cools down, the crypto space will not be done with the project anytime soon.

Final word

Note that you can only claim these SOS tokens until June 30th 2022. If you do not claim the tokens before then, they will be sent back to the DAO treasury. Also, understand that it is possible to claim multiple times if you bought and sold NFTs using multiple accounts. All you have to do is upload the transactions in MetaMask and claim them. So far, around three-quarters of the tokens have been claimed. Many people are enthusiastic about claiming the token. This is especially because it is non fee-based for OpenSea users.

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