
Timothy Suen
1.4K posts



an update on $SEA. the team has been building at full speed, and the foundation had planned to kick off the first steps as part of our march 30th event. but @openseafdn is pushing back the timeline. a delay is a delay. i’m not going to dress it up, and i know how it lands. the reality is that market conditions are challenging across crypto right now, and $SEA only launches once. @openseafdn could force the original date, or we could ensure every piece is in place and make this moment what this community deserves. we gave a tremendous amount of thought to how to do right here. I’m thankful to @HollanderAdam for bringing the community’s voice into every conversation. we’ll be doing the following: no more waves: the current rewards wave will be our last. optional fee refund: recognizing that we originally committed to a Q1 date, we’re offering refunds of the platform fees we retained while participating in the rewards waves (3 - 6) that followed our timing announcement. if you like, you can receive a refund of those fees, which when combined with treasure chest prizes, essentially means all of your trading during that period was on us. if you opt for a refund, the Treasures you were awarded during these waves will be removed from your account. details on this process will follow. honoring existing Treasures: for Treasures you continue to hold, our prior commitment stands: they will be meaningfully considered by the Foundation at TGE. this is independent from allocations for historical activity. 0% fees for 60 days: starting on march 31st, opensea will reduce our own token trading fees to 0%. we want to make it a no-brainer for everyone to experience our new platform: cross-chain token trading, mobile app, perps and more. after this 60 day period, we will put a new system in place that makes fees significantly more competitive for anyone trading consistently on opensea. product updates: while we’re postponing our march 30th event, we’ll host a separate one in the coming months focused on product updates. it’s been incredible to see the early responses to our mobile app, and we can’t wait to get it into more people’s hands. so if not now, wen? when we announced last year, it was too early. that created unnecessary uncertainty and reactivity. so when the Foundation sets a new timeline, it will be deliberate and specific. here’s why i’m confident that’s the right move: i’ve been building opensea for almost a decade. when this started, we were two people and the only thing you could trade on OS was cryptokitties. i’ve watched this space go from a niche curiosity to billions in volume to where we are today. the thing that’s carried us through every cycle was a willingness to make hard calls when it mattered. when our market crashed, we rebuilt from zero: an entirely new stack, a new product, and a new team culture. that hurt in the short term. but today OS2 is undeniably the strongest marketplace offering, and it’s the foundation everything sits on. we have huge ambitions as a company, and we’re here for the long game. making all of non-custodial crypto delightful on mobile is just the beginning. that means we have to set a very high bar for everything we do, and it’s why i’m so protective of delivering a launch that’s worthy of this community and everything we’re putting into this.



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.


another crazy week at opensea. team’s really been shipping — p&l, visual portfolios, chart zooming, purchase annotations, and early mobile alpha testers onboarded! plus we did over $250M in token trading volume (completely separate from NFTs) yesterday alone, which is now driving hundreds of thousands of dollars daily into our rewards pool 💪 appreciate everyone who's been sending feedback. keep it coming. quick rewards timing update. on Oct 15 your wave 1 rewards progress will lock and treasure chests will be prepared for opening. it will take our team a few days to ensure the prize pool is distributed fairly and accurately. our goal is to allow you to open your chests and claim what's inside by Oct 17. 100% of the current $9 million (and growing) rewards pool will be distributed in your wave 1 treasure chests! once progress is locked on Oct 15, you'll see your final wave 1 chest in a "pending open" state. you'll also receive a new Starter Treasure Chest for wave 2, which will run from Oct 15 - Nov 15. 50% of our platform fees will continue to fund a brand new wave 2 rewards pool of tokens and NFTs. for any collections where we've purchased 11 or more NFTs in wave 1, OpenSea will be placing WETH offer liquidity behind them before distribution. any NFTs acquired via accepted offers will be placed into the wave 2 rewards pool. lastly, the Foundation will be providing their aforementioned update re: TGE late next week. onward and upward 🌊













