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ARC: Listing $SOS as collateral

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governance.aave.com

TL;DR:

OpenDAO's governance token, $SOS, has quickly gained popularity with over 214k wallet holders and a market capital of $432.57M since its launch on 25th December 2021. However, concerns about its volatility and maturity have been raised, suggesting caution before integrating the asset into the protocol.

OpenDAO's governance token, $SOS, has seen a swift uptake within web3 communities, boasting over 214 thousand wallet holders. The token, launched on 25th December 2021, serves as the governance and ownership mechanism of OpenDAO, with 10% of the asset currently allocated as a reward for the Liquidity Pool Incentive program. A single-sided staking protocol is set to launch on 5th January 2022. The emission schedule includes 50% of total supply claimed by eligible airdrop receivers until 12th January 2022, with unclaimed tokens being transferred into the multi-sig treasury wallet. The SOS protocol features a simple contract with only claiming functionality and a multi-sig treasury wallet signed by 9 different members. The market capital stands at $432,571,714.67 with a 24hr volume of $70,659,402.65. The community size includes 141.5K Twitter followers and 57K Discord members1.

However, concerns have been raised about the integration of the asset into the protocol due to its volatility and young age. MarcZeller suggested revisiting the idea once the asset has matured2. Fig echoed these concerns, adding that the high number of transactions and holders might be inflated due to a massive airdrop. He also mentioned that anyone who spent money on OpenSea was entitled to the SOS airdrop. He expressed skepticism about the value of $SOS being added to the Aave Protocol at the current time3.

In conclusion, while OpenDAO's $SOS token has seen rapid growth and adoption, concerns about its volatility and maturity have been raised. The community is advised to monitor the situation closely and consider these factors before making any decisions regarding the integration of the asset into the protocol.

Posted 2 years ago

Last reply 2 years ago

Summary updated 2 months ago

Last updated 03/12 08:01