OpenDAO, a new decentralized autonomous organization, recently opened its platform for OpenSea users. The new DAO allegedly supports OpenSea's NFT users, as well as NFT creators in general.
Surprise Christmas airdrop
After a surprise airdrop on Christmas Eve, OpenDAO's $ SOS token was up approximately 1.270%, with over 200.000 eligible addresses receiving the tokens. The token is encrypted and published on the Ethereum Mainnet. According to its website, the OpenDAO project was established as a "token for the largest NFT community", in order to "pay homage, protect, [and] promote ..." NFT communities, with a particular attribution to OpenSea "for its leadership in promoting NFT trade ”.
The project itself is not officially recognized or affiliated with OpenSea, but all OpenSea users who had a history of active trading on the platform prior to December 23rd are eligible for the airdrop. About three days after its surprise launch, the token's market cap has reached over $ 230 million, according to recent data from CoinMarketCap.
With its surprise launch came a series of skeptical stances about the actual nature of the token. As the Ethereum network is full of scam coins and bogus token projects, the $ SOS token has faced similar backlash and scrutiny from the crypto community. It peaked at $ 320 million in market cap over the weekend, and is now down to that market cap. The CEO and co-founder of Quadrata Network "@fabdaRice" has issued some caution regarding the OpenDAO smart contract, in response to a breakdown of the smart contract by "@ 0xquit":
The OpenDAO Twitter account only mentions one primary contributor, who goes under the alias “@ 9x9x9eth”. According to 9x9x9, the token has no VC support, nor does it have any active founder or team. The core contributor went on to argue that their token work is purely voluntary and unpaid.
Available on different platforms
For transparency, OpenDAO key contributors maintain an active Snapshot page for the project, where users and community members can view current proposals for future prospects of staking and liquidity of the project. The 9x9x9 addresses are also publicly accessible, showing that the core contributor holds approximately $ 800.000 worth of SOS, as well as $ 10 million worth of XSUSHI tokens on Aave.
The token is currently listed on major exchanges such as KuCoin, OKEx, Huobi, Gate.io, Bybit, Hotbit, BKEX, and MEXC, among others, as well as on decentralized exchanges such as Bitcoin system, Uniswap (both V2 and V3) and SushiSwap.
The launch of OpenDAO can be seen as an internal struggle within the NFT community to “revolutionize” OpenSea itself as a platform. There was a request for the platform owned by the Winklevoss twins to create their own token, which was not answered by the centralized platform. This ethos of independence and autonomy is precisely why Web3 opens up a whole new horizon of possibilities.
