🐚OTSea Shell

OTSea Shell is a token locker that allows users to trade the locks in the form of Shell tokens that mirror the underlying asset 1:1. With Shell, users can:

• Lock tokens on OTSea Shell for free

• Trade the locks freely

• Place offers on existing locks

How does it work?

Shell is essentially a token locker where the locks are trade-able, even in increments. When tokens are locked, an equivalent number of "Shell" tokens are minted to the owner's address which are redeemable 1:1 for the underlying locked asset. These shell tokens are standard ERC20 tokens and thus can be moved from wallet to wallet or traded. Anyone with the matching shell token can redeem the locked tokens once the lock has expired.

Example:

1) User A locks 100 $OTSEA tokens expiring on Nov 31st

2) User A receives 100 $OTSEA-SHELL-NOV31 tokens

3) User B buys 30 $OTSEA-SHELL-NOV31 tokens from User A

4) On Nov 31st, User A can redeem 70 $OTSEA tokens, and User B can redeem 30 $OTSEA tokens, by trading their shell tokens 1:1