OpenDAO carried out an SOS token airdrop for OpenSea users; OpenSea distanced itself from the project

On December 24, the OpenDAO project carried out an SOS token airdrop among OpenSea users. Since the distribution began, the asset’s price has risen by more than 300%, according to CoinGecko.

SOS is an ERC-20 token. Eligible for the airdrop were users who “bought on OpenSea in ETH.” The distribution is based on a snapshot taken on December 23, 2021. Tokens can be claimed until June 30, 2022.

Ok for everyone asking regards the eligibility: everyone that BOUGHT on OpenSea in Eth is eligible to claim $SOS token.

Also: there is absolutely no rush — you can claim your $SOS until the 30th of June.

— OpenDAO🆘 (@The_OpenDAO) December 24, 2021

According to the project site, the size of the reward depends on the total number of transactions and their volume. The second metric is more important.

Ultimately, 50% of the SOS supply — 50 trillion tokens — will be distributed among users. Unclaimed assets will be directed to the OpenDAO treasury.

The SOS distribution proved extremely popular. In less than a day, the number of token holders surpassed 12,000. As of writing, organizers had distributed over 73% of the allocated funds (about 36.55 trillion SOS) among 231,094 addresses, according to Dune Analytics.

The average reward per address was 27 million SOS — about $225 before network fees.

According to Etherscan, the token is held by 184 163 addresses. The OpenDAO contract ranked among the three largest gas users on the Ethereum network.

On the decentralized exchange Uniswap, SOS trading volume over the last 24 hours exceeded $261 million.

Despite the hype, little is known about the project itself. The OpenSea developers stressed that they have no association with SOS, and recommended “study the contract before claiming tokens.”

Happy Holidays!

We’re getting a lot of questions and want to clarify that we are not involved with the SOS drop.

We love seeing the community find creative ways to drive the space forward, but we always recommend researching the contract and the source before claiming tokens.

— OpenSea (@opensea) December 25, 2021

According to ICANN Lookup, the OpenDAO site was registered on December 9 through Domains by Proxy, a service that provides domain privacy.

User 0xQuit noted that the SOS smart contract prevents double-spending and uses standard functions for issuing tokens and interacting with them. According to him, the contract is safe.

7/ tl;dr? $sos is safe to claim and trade. There’s nothing out of the ordinary buried in the contract.

You can take a look at @OpenZeppelin standard contracts here: https://t.co/W1dD8uP4Tc

*This is not an endorsement of $sos as a store of value, merely as a safe interaction.

— quit (@0xQuit) December 24, 2021

The head of Quadrata Network, known as fabdaRice, also deemed the SOS contract safe, but stressed that the project team has broad powers over the asset’s issuance.

4/ 🚩 Red Flag #2:

The `claim` function below is allowing the dev team to arbitrary grant any arbitrary amount of $SOS to any arbitrary wallets by simply generating «valid signatures».

This is VERY SCARY as nobody can differentiate the valid claims from the invalid ones. pic.twitter.com/W7jKRNHDU3

— fabdarice (@fabdaRice) December 25, 2021

SOS tokens have already been added to listings on major exchanges such as KuCoin and OKEx.

Earlier in the community criticized OpenSea’s chief financial officer Brian Roberts, who after his appointment hinted that he was already planning an IPO for the platform. Users argued that to fund the company’s initiatives it should issue its own token rather than seek funds on the stock market.

In December, the Terra Name Service presented the token TNS and conducted an airdrop.

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