Happy Holidays from $SOS – Free ETH or Airdrop Scam?

25th December 2021

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. 

 

 

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: 

 

 

 

 

@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. 

 

 

 

 

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. 

 

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