OTSea
OTSea is a blockchain-based, peer-to-peer exchange platform designed for ERC-20 token holders to maximize their returns and access discount and private exchange opportunities. Launched in 2023, OTSea aims to provide an alternative avenue for trading cryptocurrencies by bypassing traditional liquidity pools and facilitating direct peer-to-peer transactions. [1][3]
Overview
OTSea operates on the Ethereum blockchain, offering a unique approach to cryptocurrency trading. The platform's primary goal is to address the limitations of conventional decentralized exchanges (DEXs) by eliminating the need for liquidity pools. This model allows users to trade directly with each other, with OTSea's smart contract acting as an intermediary. [2]
OTSea V1 was launched in April 2024. Features added include Buy & Sell orders, auto-match, arbitrage bot protection, unlisted orders, etc. [6]
The features in v1 will serve as a foundational structure for the developments to come, and also enable the team to contribute visible updates more rapidly. - the team wrote[6]
Technology
The OTSea platform operates through the following process:
- Order Creation: A user initiates an order by specifying the token they wish to trade, the quantity, and the desired amount of ETH in exchange.
- Smart Contract Escrow: The tokens are temporarily held in a smart contract until the order is fulfilled.
- Order Fulfillment: Other users can send ETH to purchase the tokens, receiving them immediately upon transaction completion.
- Order Settlement: The order creator can "Settle" the order at any time, withdrawing any remaining unfilled tokens and received ETH. [2][3]
$OTSEA Token
The $OTSEA token is the native token of the platform ecosystem. It has a total supply of 100,000,000 (100 million). 75% of the platform's revenue is shared with $OTSEA token holders, 25% is allocated to the team for development, operational costs, and marketing, Token holders' market share determines their dividend distribution, and a 5/5 tax is applied to $OTSEA token transactions, with 20% of this tax boosting revenue sharing. [4][5]
Utility
$OTSea holders can stake their $OTSEA to benefit from rewards injections. Holding at least .2% of the $OTSEA supply grants users a reduced platform fee. [4]
