On Christmas Day, the NFT community woke up to an impressive gift of Airdrops “SOS Tokens”, the governance token of the newly formed OpenDAO project. which is targeted at OpenSea’s user base.
followdashboardDune Analytics found that so far, nearly 275,000 addresses have claimed an airdrop, averaging about $125 at current prices. But there are also many NFT collectors claiming more. And the exact method of calculating the amount that can be claimed has not been disclosed.
But even though this project was a hot start But experts warn that the vulnerabilities and the current road mapping are unclear.
Shortly after the project launched, several Ethereum developers raised red flags. to warn about potential attacks on the project’s code, as well as the risk of “rug” from the co-founders.
Because 50% of the tokens are in the hands ofaddressOnly three locations controlled by the core team. These tokens are reserved for staking rewards, liquidity mining incentives, and DAO repository, but there is no guarantee of network security such as time locks, token release schedules, or tokens. multisignature wallet or multisig
hypothetically The team has the ability to dump these tokens on centralized and decentralized exchanges at any time and make millions. and make the token’s value to zero. This is one of the types of scams often referred to as “rug pulls.”
But in an interview with CoinDesk, OpenDAO’s main contributor said that there is a proposed process in the project’s Discord channel to select seven multisig signers, meaning the transaction requires a 4 out of 7 majority to carry out. with the bag
Additionally, in an interview with CoinDesk, Quadrata Network co-founder Fabrice Cheng said that an airdrop distributed architecture can enable core teams to Claim the tokens quietly and slowly, usually reserved for the community. [OpenDAO]
Because the award calculations were not disclosed. It can be difficult to determine if the claim function has been misused. But there is no clear evidence that this happened. While most of the core teams are anonymous.
DAO will close the airdrop redemption period in June. And the unclaimed tokens are transferred to the DAO’s treasury, and the community is currently working on deciding how to use the SOS tokens.
Some on social media speculated that OpenDAO might use the funds to try to create a more decentralized alternative marketplace than OpenSea.
“There are so many great ideas. But we’re putting everything in order before the selection of the signatories. Our multisignature wallet,” one contributor said in an interview.
DAO has providedvoteTwice for token holders This includes one time to start a staking program that will generate rewards over a period of one year. And again for a liquidity mining program that rewards liquidity providers over a two-year period.
These are popular Decentralized Financial Instruments (DeFi) used to generate token requirements. but is often a component of the framework of bigger token-economic
But even with limited utility But the main sponsor has been successful in business development. In the Discord channel of the project, the contributors have announced a steady stream of cooperation with various wallets and markets.
community building
Many observers were surprised at how quickly the project was able to grow. Both with security risks and lack of both the product and the vision of the project.
Some experts say the airdrops token distribution approach is part of the formula for success. “SOS is a great example of how tokens have become a great way to coordinate the community. Even though there are no products yet,” said NFT collector and Ex Populus co-founder Soban “Soby” Saqib. “Tokens and NFTs enabled us to increase community engagement on Web 3.”
future trend
A number of well-known traders, personalities and founders. It has been included in the list of major SOS holders, including Stani Kulechov, co-founder of Aave, and NFT’s top investor Pranksy.
“When assets enter the consciousness of many players. It’s easy to make them all think of this asset again. But getting continued attention without a product and without users is much harder,” said Jordan “Cobie” Fish, a popular crypto trader.
From on-chain governance, a slow and sometimes inefficient process continues. And security risks are still a threat. It remains unclear how long SOS will be able to capture the attention of the visibly volatile crypto community. And the price may reflect soon.
refer : LINK
picture LINK