One Ethereum-based altcoin is enjoying smooth sailing while much of the crypto markets struggle through stagnant waters.
OpenDAO (SOS) launched in late December after an airdrop, initially surging by over 2,000% before correcting. SOS then experienced some moderate up-and-down price action until beginning an impressive 130% run to the upside over the past week.
The OpenDAO project released the SOS token to reward participants within the non-fungible token (NFT) industry. For its airdrop on December 24th, OpenDAO started to distribute SOS tokens to users of OpenSea, the largest NFT marketplace.
Cryptocurrency data tracker WhaleStats says that Ethereum whales are now also frantically swimming toward the altcoin’s beacon.
“JUST IN: SOS @The_OpenDAO now on top purchased tokens by 1000 biggest ETH whale wallets.
RocketRocket SOS price up 41.9% in the past 24 hours…”
According to the project website, OpenDAO is,
“A digital native community centered around leveling the playing field for both creators and collectors, [where SOS] is the token of the Metaverse – created by the community, for the community.”
OpenDAO says 50% of the 100 trillion total SOS tokens would be allocated to those who have traded on OpenSea since day one. The distribution of coins depends on the user’s total number of transactions on OpenSea as well as the amount of Ethereum (ETH), Dai (DAI) and USD Coin (USDC) that a user has spent on the platform.
OpenSea users can claim their tokens until June 30th, 2022.
The rest of the tokens will be distributed as follows: 10% for liquidity provider incentives, 20% for staking incentives and 20% for the OpenDAO Treasury.
The SOS allocated for OpenDAO will be used to compensate OpenSea scam victims, provide developer grants for participants of the SOS ecosystem and support emerging artists, NFT communities and art preservation.
At time of writing, OpenDAO (SOS) is 1% lower on the day and trading for $0.000004.
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Featured Image: Shutterstock/Jackie Niam/Nikelser Kate
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