Today, we’re excited to announce the launch of the OSEA token. In this article you’ll be able to find information about why we decided to create our asset, how the Omnisea ecosystem will use it, what are the benefits for the Community and holders, allocation information, and how can you get the token.
Motivation
First of all, our whole effort is funded 100% from our own pockets. We’ve received many proposals for external funding from potential investors (for which we’re very grateful), but as we stated two months ago — our vision is to create a new place for NFT creators, collectors, and traders from every chain (using LayerZero) owned and governed by the Community. We believe it cannot be done without launching our platform and governance system in a fair way.
Here are the three core reasons for our decision about launching the OSEA Token:
- Firstly, we’ve found a lot of use cases for our asset inside the Omnisea platform/economy flow (read more in the next section).
- Secondly, we decided to not organize a private sale, but we still need to seek funding for maintaining and developing our platform. If we want to succeed, we need to hire more developers, community managers, moderators, designers, and other employees, cover infrastructure costs, as well as create partnerships with talented and trustworthy NFT artists, organize events and rewards for our users, and much more.
- Moreover, we want to already bootstrap the Omnisea internal economy and governance system. As we’ve said our end goal is to entrust the platform to our Community. We’ll create a system to vote on both technical and non-technical important issues for Omnisea operations.
Use cases
- Sharing protocol revenue with the Community. OSEA Holders will be able to lock their tokens inside a vault and passively earn % of revenue from the minting (and in the future trading) fees.
- Independent Omnichain asset for payments inside the platform. From the beginning, we’ll be using USDC as the asset for setting price per mint by collections’ creators and paying for non-free mints (Drops with price for mint). USDC has proven itself as a reliable stablecoin and as such is almost chain-agnostic. We won’t allow setting price in native chain’s asset for example ETH on Ethereum, because such asset isn’t native anymore on the other blockchain, e.g. Polygon. Minting user would have to use MATIC (price converted to ETH using Oracle) or wrapped ETH. Both solutions and the process of exchanging assets introduce risks that can be easily avoided by using common (chain-agnostic) assets like USDC. That being said, we see the value in creating an additional, independent asset that could be used for Omnichain transactions and Omnisea’s internal economy flow (e.g. more advanced behaviors during multi-chain activities, rewards for usage, etc.).
- Rewards for Early Users (Testnet Rewards). As many of you have anticipated, we’re doing airdrop for our Testnet participants. The snapshot has been taken on June 4th at 12 am UTC. We’re very grateful for all your feedback, suggestions, and tests that made us aware of bugs, important issues, and necessary features and have confirmed our general direction. As we’ve said, our resources are so far limited, but our Community members turned into thousands of testers (>3.5k users on Discord). A lot of your inputs still await implementation but we keep everything in our features backlog for the near future. We’re just getting started but the current state of our contracts makes us very optimistic. Currently, we observe no on-chain errors and we’re making contracts more and more gas-optimized. Read more about the airdrop in the “Token Allocation” section below.
- Governance
- Funding for Community & Ecosystem initiatives — Contests, Bug Bounties, etc.
Omnichain Fungible Token
OSEA will be a truly Omnichain asset, just like NFTs minted via our contracts. OSEA will be available on every supported by LayerZero and Omnisea blockchain. Starting with Ethereum, BNB Chain, Avalanche, Polygon, Arbitrum, Optimism, and Fantom, more chains like Solana, etc., are only a matter of time. As we’ve described before, such a solution is not only written into our core Omnichain philosophy but also will enable various use cases during multi-chain activities on our platform (e.g. use as chain-agnostic payment currency for minting/trading next to USDC).
Token Allocation
We put our money where our mouth is. As you can see we didn’t organize a private sale or seed round, and we’ve decided to allocate a large amount of OSEA supply to the token’s fair launch event (Public Sale). The remaining (not bought during the public sale) tokens will be transferred to Ecosystem Fund where they’ll be locked along with other Fund’s tokens.
The token’s max supply is 1,000,000,000 with 70% in circulation from day one. The remaining 30% is being locked for 1–3 years (except the airdrop for only 1 month) depending on the allocated contract (all with verifiable timelocks). Here is the list of lockups:
- Team: 33% (5% of total supply) unlocked on TGE, next 33% (5% total) after 1 year, remaining 33% (5% total) after 2 years.
- Early Users (Testnet) Rewards: 1 month (5% of total supply). This short period is set mainly to first achieve the desired liquidity and avoid unhealthy price action on day one.
- Ecosystem Fund: The 50% is unlocked on TGE to bootstrap the initial economy with many Community, Creators, and Security related initiatives. The remaining 50% (15% of the total supply) will be locked in equal tranches for 3 years.
Public Sale
- Price: $0.025 per 1 OSEA
- Date: On the Token Launch (TGE) and will last for 14 days! Such a long period of time is set considering the large % of supply dedicated to the Community (public), as well as current market conditions. The TGE date is not yet official but the most probable date is the 4th of July (1 month from now) and will be confirmed in the coming days.
In the end, if you have any questions regarding the OSEA Token, Public Sale, allocations, etc., don’t hesitate to contact us on Discord, Twitter, or e-mail: contact@omnisea.org. That being said, thank you once again for staying with us. Make sure to follow us on our socials to be up to date with the latest news!
