What is the OCEAN token?
Registration for The Ocean is now online! Head on over to our website at theocean.trade to sign up—and you’ll be ready to trade right from the get-go when we launch in a few weeks. As always, we’ll email you when we’re on MainNet.
If you sign up now, you’ll also get rewarded with OCEAN tokens — utility tokens that provide a discount on all fees on our platform. You can check out our fee structure here. Otherwise, keep reading for more details on our new token.
How does the OCEAN token work?
OCEAN token holders receive a fee discount on every trade they make on The Ocean trading platform, according to a predefined schedule. The more tokens you hold, the greater the discount that you’ll receive. Our platform will automatically check your OCEAN token balance of your trading Ethereum address, and apply the appropriate discount to your total fees (gas fee + transaction fee). Here’s how discounts are applied:
Do I pay fees in the OCEAN token?
Nope! You don’t spend OCEAN tokens, you just hold them. As long as you have a balance of OCEAN tokens, you will continue to pay lower fees. You can choose to pay fees in either ZRX or the native tokens that you’re trading (re: fees).
How long will the fee discount be in effect?
OCEAN tokens will provide a fee discount for the first year that we’re live.
How do I get OCEAN tokens?
Register on our website, and you’ll get 1,000 OCEAN tokens.
When will I get my OCEAN tokens?
We’ll release the tokens into the wild upon our launch for live trading.
How will I get them?
When you preregister for our platform, we will ask you for an Ethereum address to send the tokens to. Once we’re live, we’ll airdrop tokens over to that address.
Where do I find my Ethereum address?
Since The Ocean never holds your tokens or private keys, users must maintain their own private keys via an external hardware or software wallet.
Your Ethereum address is the public hash that identifies your ‘funds’ on the Ethereum blockchain. You ‘unlock’ your funds via your private key stored by your wallet device.
Here are a few common ways to get an Ethereum address:
- MyEtherWallet: Sign up for a free wallet at https://www.myetherwallet.com/ using their How to Create a Wallet guide. Reminder: To trade on The Ocean at launch, you’ll need to use one of our supported wallets (currently Metamask, Ledger, and more soon to come). If you receive tokens via MEW, you must send the tokens over to your address on a supported wallet.
- Metamask: You can download the Metamask browser extension at https://metamask.io/. Once installed and an account is created, you can copy your Ethereum address onto our airdrop sign up.
- Ledger: Finally, you can purchase a Ledger hardware wallet at https://www.ledgerwallet.com/. Depending on your specific device, you can find the Ethereum address associated with your device via their User Guides section.
And a quick note: The Ocean does not specifically recommend any particular wallet, nor is The Ocean responsible for any errors you make when copying or storing your Ethereum address and/or wallet.
How many OCEAN tokens will be minted?
This depends on how many people preregister before launch. Each pre-registrant will get 1000 tokens on launch day.
Does The Ocean company hold any ‘reserve’ of OCEAN tokens?
No, OCEAN tokens will be distributed to registrants at launch. OCEAN tokens are in no way a financing mechanism.
How much is the OCEAN token worth?
That all depends on how much you trade! There is no price target for the OCEAN token. Its value to you is a function of your trading profile — the more you trade, the more you’ll save, and the more that it’s worth to you.
Can I trade OCEAN tokens?
Yes, you’ll be able to trade them on our platform once we’re live.
Does the OCEAN token give holders any rights besides the discount?
No, it does not.
Also, feel free to reach out to us on Telegram if you have any questions. We’re always ready to help.