2d ago
3/ From a product lens, think of this as a surrogate for a presale. Every every fee every trade is skin in the game. It’s merit-based bootstrapping.
We'll learn more tomorrow from @openseafdn.. but this sets them up well for prorata $SEA allocations.
4/ Post TGE, this becomes the blueprint. Imagine a system where you grind (ideally trade what you want), earn chests, claim NFTs, and receive $SEA in your chests. That loop fuels engagement, data, and liquidity and doesn't require high fees to make it happen.
5/ The $SEA token itself is a potential sleeping giant. I may be insane, but longterm, I could easily see it in $LINK / $UNI range. The play here is long-term utility, governance, and real ecosystem value.
With the right token product design, we could all be buying islands.
6/ Am I bullish? Dunno yet.
BUT @HollanderAdam has literally been everywhere, actually listening. This a good indicator that the leader has a pulse on it (for better or worse).
And if Pascal is still behind the curtain making it all work. We're good.
2d ago
treasure chests are now open. reading some of the early reactions, I want to level-set on how Wave 1 was designed.
- half of our fees went straight into the rewards pool.
- roughly a fifth of that pool funded our grand prizes. the rest was spread across thousands of everyday chests.
this program was built for real users who want to make OpenSea their one-stop shop for onchain trading.
if you came in expecting an immediate positive ROI on trading fees, the math was never going to support that for most participants — especially with last week’s market chop.
we also provided Treasures inside these chests, which as we’ve shared will be meaningfully considered by the Foundation at TGE.
our rewards program will continue with Wave 2. i appreciate all the feedback, we are listening. thanks for being on this journey with us.
7/ TLDR: The chest drama is just noise. The signal is @opensea rebuilding and I take this all back if there isn't a Punk/Ape in my chest when I open it..
Maybe tomorrow I will write up my list of critiques to this whole process.
TYFYATTM
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