Buy OpenDAO (SOS)

What is OpenDAO?

OpenDAO is a decentralised autonomous organisation (DAO) that focuses on supporting the NFT community, especially users of the OpenSea marketplace. It introduced the SOS token through an airdrop to OpenSea users to commemorate their contributions and foster further engagement within the NFT community.

How does OpenDAO work?

OpenDAO operates on the Ethereum blockchain, utilizing smart contracts to manage and distribute its SOS tokens. The SOS tokens were primarily distributed through an airdrop to OpenSea users. This distribution strategy aimed to ensure a wide reach and active participation within the community. The tokens serve multiple purposes, including staking incentives, DAO treasury funding, and liquidity provider incentives. Moreover, OpenDAO aims to expand its utility through various platforms such as SOSMarket and SOS Chain, offering a fee-free, EVM-compatible NFT trading experience.

What are the potential use cases for OpenDAO?

OpenDAO has several notable use cases, including:

• NFT Marketplaces: Enabling transactions on permissionless marketplaces and the minting and trading of NFTs using SOS tokens.
• Governance: Providing a governance mechanism where users can stake SOS tokens to gain voting rights in the DAO.
• Staking and Incentives: Offering staking incentives where tokens can be staked in exchange for governance tokens with voting privileges.
• Compensation for Scam Victims: Allocating funds to compensate verified scam victims from the community.
• Art Preservation and Support: Supporting emerging artists and art preservation initiatives to maintain the integrity and growth of the NFT space.
• Developer Grants: Offering grants to developers who build on the OpenDAO ecosystem, fostering innovation and development.

What is the history of OpenDAO?

OpenDAO was founded by Sean Qian and Moresh as an initiative to integrate real-world asset tokenization with the DeFi space, initially focusing on real estate. The project evolved to cover broader asset classes, with its protocol enabling borrowing against tokenized assets. Over time, OpenDAO collaborated with UMA for enhanced security measures, further developing features like the SOSMarket and SOS Chain. The SOS token, distributed via a major airdrop, has been listed on major exchanges, and OpenDAO continues to aim for a prominent role in the metaverse and Web3, akin to the stability and integration seen with stablecoins like USDC.