Octopus Network - Everything you need to know about OCT Token

In this article, Coin98 would like to introduce Octopus Network (OCT) - a brand new multichain network. We'll be covering the following topics:

• What is Octopus Network? What are Octopus Network’s features?
• OCT Tokenomic and how to buy, store OCT tokens.
• Roadmap & Team members, Investors, and Strategic partners
• Finally, Is OCT a good investment?

Let's get started!

What is Octopus Network?

Octopus is a sidechain network to bootstrap and run Web3.0 application-specific blockchains, aka appchains. 

What makes Octopus Network unique?

Octopus Network's features

The full name of abbreviations in the diagram:

Octopus Relay: The core of the Octopus Network — a set of smart contracts running on the NEAR blockchain, aka mainchain.

Appchain: Refers to a separate blockchain designed for a specific application (or set of applications).

Unlike a smart contract (that usually runs on a public or private blockchain), appchains allow developers to customize their applications in terms of governance structure, crypto-economic design, etc. An appchain doesn’t have to compete with other applications for transaction processing capacity on a network.

Validator: OCT holders can stake OCTs to become validators or delegators. The validators are rewarded with native tokens of the corresponding Appchains.

How does Octopus Network work? 

As the image above demonstrates, a specific process is required in order to launch a new appchain on the Octopus Network: 

(1) Appchains await validator support via staking OCT Tokens. Once an appchain accrues a sufficient stake in OCT Tokens from ecosystem stakeholders, it is possible to launch the appchain with the genesis block originating on the motherchain.  

OCT Tokens are equally capable of being used as collateral for cross-chain assets between appchains and the motherchain.  

(2) In the event that validators retire, the appchain is considered ‘broken’ until more accrue. 

(3) In the event that no more assets exist on the appchain, the appchain is considered ‘frozen’. 

Why is Octopus Network unique? 

Cost-Effective: The Octopus Network reduces the cost of publishing appchains by millions of dollars and can host an unlimited number of appchains. (100X cheaper).

Its competitor - Polkadot - is expensive to bootstrap an appchain. A Polkadot parachain must afford the security cost of one shard, aka slot, of the whole network. While a parachain could host thousands of applications to share this cost, it does not make sense for an appchain to bear on itself, which is millions of dollars a year paid in DOT.

User-friendly, scalable, interoperable: with Octopus, each appchain can decide its own economic model, including how many tokens it’s willing to pay validators for security. Octopus token holders can decide which appchain they’d like to stake on, creating a market where appchains can lease the security they need, aka OCT tokens, at market price, providing better flexibility and scalability.

Detailed information about OCT Token

Key Metrics OCT 

• Token name: Octopus Network.
• Ticker: OCT.
• Blockchain: Ethereum, NEAR Protocol.
• Token Standard: ERC-20, NEP-141.
• Token Contract:
  • ERC-20: 0xf5cfbc74057c610c8ef151a439252680ac68c6dc
  • NEP-141: f5cfbc74057c610c8ef151a439252680ac68c6dc.factory.bridge.near
• Token use cases: Utility, Governance.
• Circulating Supply: Updating…
• Total Supply 30,000,000
• Max Supply 100,000,000

OCT Token Allocation

41% of OCT is distributed to investors:

• 6% to angel investors.
• 5% to a strategic investor (NEAR Foundation).
• 15% to institutional investors who participated in Seed private sales.
• 12.5% to institutional investors who participated in Series A private sales.
• 2.5% to IDO investors.

59% of OCT belongs to the Octopus Foundation:

• 30% of the total supply will be used to incentivize contributors to the Octopus Network Ecosystem and community.
• 24% OCT is to reward the core team.
• 5% of OCT is allocated for social media users who help share the value proposition of Octopus Network.

OCT Token Release and Locking Schedule

All OCT will be minted before the Octopus mainnet goes live.

OCT Token Sale

Octopus Network sold 2.5% of OCT tokens on Skyward Finance on August 22nd. The sale lasted for 7 days, 2,500,000 OCT tokens were issued and the average price of each OCT is 0.398770 NEAR.

OCT Token Use Cases

OCT is the native token of Octopus Network. It will serve three primary functions in the Octopus Network Ecosystem:

Collateral to guarantee appchain security: OCT holders stake OCT tokens to provide security to the appchains they are interested in and earn rewards in the respective appchains’ native tokens.

Staking $OCT also acts as a penalty mechanism for malicious behavior. Validators have to deposit OCT tokens which also act as collaterals. They would be penalized by having their OCTs slashed for any inactivity, dishonest validations, or any other malicious behaviors.

Governance: OCT holders are entitled to control the governance of the network through the Octopus DAO.

Endorsing appchain candidates: OCT holders can choose which appchains will go live by upvoting or downvoting on appchain candidates.

How to store OCT Tokens

Traders can also store, send, receive OCT Tokens on Near wallets with a few single steps. The guides on how to make transactions with OCT tokens on Near Wallet are as follows:

Step 1: Open Near wallet and click Receive.

Step 2: Send OCT tokens to the Near wallet address/ Account ID.

How to buy OCT Tokens

Using Coin98 Exchange

You can use Coin98 Exchange to swap other tokens for QUICK following these simple steps on: https://exchange.coin98.com/

Step 1: Connect Coin98 Extension Wallet.

Step 2: Choose coins/tokens for trading:

• Search OCT.
• In case no result shows up, users can insert the following OCT token address: 0xf5cfbc74057c610c8ef151a439252680ac68c6dc (ERC-20)

Step 3: Adjust the amount you want to swap.

Step 4: Adjust the gas fee, then click Swap.

Using Ref Finance

Traders can swap to earn OCT tokens on Ref Finance’s trading interface at app.ref.finance

Step 1: Head to the Swap tab at the top of the trading interface.

Step 2: Select the OCT/wNEAR token pair from the dropdown.

Step 3: Adjust the amount to trade. Click Swap and then ALLOW to confirm the transaction.

Step 4: Just wait for a few seconds, and users will see the new balance of each token shown on the final screen.

Other exchanges

Traders also can earn OCT tokens using the exchanges below: Gate.io, MEXC Global, Uniswap, Hotbit.

Roadmap & Updates

Team, Investors, and Strategic partners

Founders/ Team members 

Louis Liu, Co-Founder & CEO: Louis graduated from Tsinghua University, his major was Master of Engineering Physics in 1999. Louis entered into the crypto space in early 2013 and since then has been recognized as an important researcher and practitioner in the field of blockchain technology, Web3.0, token economics, and crypto asset market.

Other co-founders include Julian Sun and Mike Tang. We will update further information about those founders in the future.

Backers

Octopus Network has partnered with leading funds and trading firms such as Near Protocol, GFS, Spark Digital Capital, etc.

Strategic partners

Is Octopus Network (OCT) a good investment?

Below are some highlights for your consideration:

• The Octopus Network plans to launch its mainnet in September, and its first appchain in October.
• The Octopus Foundation will grant up to 1 million dollars to 20 appchain projects per year through the Octopus Accelerator Program
• When Octopus runs in its full capacity, 30-50 appchains will be launched in the network annually.
• If the long-term return of appchain staking is 5% annually, newly launched appchains alone would bring in about $400M in collateral demands of OCT tokens each year.

Summary

This article has included the most critical and detailed information on the Octopus Network (OCT) Token. Please leave any questions you have below, and we will get back to you as soon as we can!

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