What is OpenDAO?
The OpenDAO token or SOS is the driving force behind the OpenDAO project.
The main feature of the SOS token is its staking system. Here, SOS holders stake their tokens and receive veSOS in return. veSOS mainly serves as a governance token, both in OpenDAO and other projects that allow it.
Most importantly, veSOS is an auto-compounding token. To put it simply, auto-compounding is a type of reinvestment system put in place by OpenDAO. It generates additional SOS tokens that stakers receive upon taking back their tokens.
OpenDAO describes SOS as a “token of the metaverse”. It’s based on an ERC-20 token standard and is deployed on the Ethereum blockchain.
Anyone can acquire SOS tokens via major supported exchanges. You can find our list of recommended exchanges in the section above.
There is a max cap of 100 trillion SOS tokens. They have been allocated as follows:
- 50% - Airdrop;
- 20% - Staking Rewards;
- 20% - OpenDAO Treasury;
- 10% - LP Rewards.
As you can see, none of the SOS tokens have been allocated to founders, the core team, or advisors. This means that the project hosted a fair launch to distribute SOS tokens via an airdrop. Coincidentally, the launch date of the SOS token is the 24th of 2021 - Christmas.
Since SOS is a digital asset, the OpenDAO price experiences fluctuations. In order to keep up with them and remain as informed as possible, check out the graph above.
In essence, it will provide you with all of the necessary information such as the SOS price history and the current OpenDAO price on the graph above.
What are the Main Features of OpenDAO?
In the words of OpenDAO itself, OpenDAO is a “digital native community” that’s aiming to provide equal opportunities to NFT community members.
One of the primary goals of the project is to empower NFT enthusiasts, whether it’s creators, collectors, or service providers, via a community-driven NFT ecosystem where users can buy, sell, trade, and even create NFTs.
To achieve this, OpenDAO has already introduced a cross-chain NFT bridge and SOSMarket.
Its blockchain bridge allows users to transfer their NFTs (and other cryptocurrencies) across different blockchain networks.
SOSMarket is an NFT marketplace. To put it simply, it’s a completely decentralized alternative to OpenSea. One of its key features is that it enables swaps between NFTs and SOS tokens.
All of these products and services are part of the SOS chain - an EVM-compatible blockchain powering the entire OpenDAO project. It claims to have eliminated the need to pay gas fees.
Other features of the project include an NFT lending protocol, a decentralized exchange, and Mintstarter.
In addition to building an NFT-centered space, OpenDAO aims to provide support to the members of the NFT community including up-and-coming creators and projects.
As discussed in the What is OpenDAO section, the SOS token is deployed on Ethereum. This means the project operates using a Proof-of-Work (PoW) consensus mechanism.
The native token of OpenDAO, SOS, and its staking mechanism have been audited by Certik. These audit reports are publicly available for anyone to review.
Who Developed OpenDAO?
The OpenDAO crypto project was launched in late 2021. Its founding team members have chosen to remain anonymous. Some of them have made themselves known under aliases like 9x9x9.eth who is an active crypto enthusiast on Twitter.
OpenDAO has managed to establish partnerships with major players in the crypto industry such as Chainlink, Crypto.com, Polygon, and Mask Network, among many others.
If you're interested in buying the SOS token, make sure to do your research. A good starting point is checking out the OpenDAO price on the graph above.