Over the past few days, NFT Twitter has been overrun with screenshots of fellow NFT community members claiming hundreds of thousands, if not millions or billions, in $SOS-token courtesy of a free airdrop from The Open DAO. The airdrop has been made available for all community members who have bought and/or sold on Opensea “since day one.” Given that Opensea is the largest NFT marketplace in sales volume, according to DappRadar, hundreds of thousands of users are eligible for this airdrop. This begs the question; is it real?
While we, here at WTF, do not preach financial advice, I thought it wise to aggregate various community reactions to this airdrop, on your behalfs, in hopes to help you DYOR and decide whether or not to claim your $SOS tokens and if you should HODL or simply cash out.
Crypto 101. If you can create money out of thin air. Do it. 😂#SOS
— Kevin Wu 🛸🤖 (@kevwuzy) December 25, 2021
Before diving into some analysis from community members, we should ask who exactly initiated this airdrop? Who is “The Open DAO?”
While the information on their website is relatively sparse, according to their Twitter: “$SOS is grateful to all NFT creators, collectors, and markets for nurturing the entire NFT ecosystem.” Thereby positioning the airdrop as a reward to active users in the community. In their words, “The token [is meant] to pay tribute, to protect, [and] to promote [being active in the NFT community].” According to the website:
“There will be 100 trillion total $SOS tokens, and the distribution is as follows:
50% airdrop to OpenSea users
20% Staking Incentive
20% OpenDAO
10% LP incentives”
While there isn’t much more information on who they are on their website, there is a further explanation of their tokenomics and a link to an active Snapshot, a popular DAO voting tool, with two initial community votes already underway regarding staking and a Liquidity pool. The website also went into more details on distribution and the claiming window:
“The distribution is based on the total number of transactions (30% weight) and transaction volume on ETH, DAI & USDC (70% weight) on OpenSea. Users have until June 30, 2022, to claim their tokens, after which any remaining tokens will be sent to the DAO treasury.”
Furthermore, the project as a whole seems quite altruistic in nature as the 20% fund allocation to OpenDAO is meant to “Compensate verified scam victims on OpenSea with $SOS, Support emerging artists and their original work, Support NFT communities, art preservation,” and to initiate a “developer grant for participating in [the] $SOS ecosystem.” The microsite even goes so far as to link their contract directly for ultimate transparency to all who might be interested:
“The $SOS contract is 0x3b484b82567a09e2588a13d54d032153f0c0aee0.
Double check the website URL and contract address to avoid scams.”
Not being a dev myself, I took to Twitter and quickly found an analysis from @0xQuit, a respected community member and dev who created a thread breaking down the drop:
The answer was overwhelmingly yes, so here we go. $SOS contract breakdown for those who need it 👇 https://t.co/cPKQXY3sbW
— quit (@0xQuit) December 24, 2021
2/ You can take a look at the contract code here: https://t.co/HxGsfiEsj1
The file of interest is OpenDAO.sol, which can be found here: https://t.co/egQKpyNXxQ
You can see that this contract imports the ERC20 standard, which includes all of default functionality (transfers etc)
— quit (@0xQuit) December 24, 2021
3/ The top half of that file are all public constants, which of course are no threat. They just provide information.
What we need to investigate is the method everybody will be using: Claim. pic.twitter.com/pBeL7t0Mf9
— quit (@0xQuit) December 24, 2021
5/ This is the standard @OpenZeppelin mint function, so nothing to be afraid of here. It updates internal mappings to reflect your new balance, and emits a transfer event from the zero address to you, which is recorded on chain. That's what you see in metamask, etherscan, etc. pic.twitter.com/idKg1DCvO3
— quit (@0xQuit) December 24, 2021
6/ That covers minting. If you trade or send tokens to another address, you'll also be using the _transfer function. The contract uses the default ERC20 _transfer function (same for _beforeTokenTransfer and _afterTokenTransfer, which are called from _transfer). pic.twitter.com/SKboYUee0M
— quit (@0xQuit) December 24, 2021
@OxQuite kindly ended their thread with a TL;DR:
“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://openzeppelin.com
*This is not an endorsement of $sos as a store of value, merely as a safe interaction.”
So while we can’t go so far as to officially endorse $SOS, according to the above audit, it does, at the very least, appear to be safe to claim. Thousands of community members, myself included, have already claimed our tokens. According to Twitter user @TCryptoCurrency, if you’d like to take additional precaution, “If you claim, just remove it from connected sites on metamask after.” And if you decide to claim, you’d be in good company. Pranksy claimed 50 Billion+ $SOS, and DAO member J1mmy.eth already sold 6.5 Billion $SOS from one of his accounts for 14 ETH, though he has yet to claim from his vault wallet at this time.
sold my #sos ama
— j1mmy.eth (@j1mmyeth) December 25, 2021
my general strat on these drops is sell 1/2 when euphoria hits the community then hang on and watch – i’ve sold all my ENS now but still have a ton of RARE from the @SuperRare drop.
— j1mmy.eth (@j1mmyeth) December 25, 2021
So while you’re celebrating the holidays over this weekend, consider at least checking how much $SOS you might be eligible to claim by heading over to their microsite here. I hope that the information in this article was helpful to some, and I hope that some folks reading this receive a surprise holiday bonus from being active in the NFT community.
According to @DuneAnalytics 181,152 addresses have claimed $SOS so far. Probably nothing 🆘 pic.twitter.com/KoKyOTjqKS
— OpenDAO🆘 (@The_OpenDAO) December 25, 2021
