SINGAPORE, Dec. 19, 2023 /PRNewswire/ — In the dynamic realm of cryptocurrency, where volatility often reigns, the Octopus Network token has experienced a notable surge in the monthly and annual price charts. This unprecedented climb is not a mere coincidence but a result of strategic initiatives set in motion by the Octopus Network Founder, Louis Liu, and his dedicated team.
"We’re gonna figure out the Octopus 2.0 plan with the only aim to maximize the interest of OCT token holders and the Octopus community."
– Louis Liu at the 6th Octopus Community Call (Jan 2023).
Louis Liu, during the sixth Community Call in January 2023, made a commitment to elevate the interests of $OCT holders and the entire Octopus community. The vehicle for this commitment took the form of Octopus 2.0, a visionary plan aimed at advancing the Octopus Network’s infrastructure and expanding its original design to captivate a wider audience.
"We are trying to find new opportunities to make Octopus Network even more valuable and important. Everything we do is for our community and $OCT holders".
– Louis Liu at the 2nd Anniversary of Octopus Network (Oct 2023).
Evolution from Octopus 1.0 to 2.0
Octopus Network, unveiled in October 2021, is a NEAR-based multi-chain network designed to offer Rust and Solidity developers a cost-effective avenue for launching Substrate application-specific blockchains (appchains). These appchains, enriched with shared security, utilities, and community support, laid the groundwork for Octopus 2.0. Octopus 2.0 was set to expand on its basic design with new offerings and is ready to be launched on December 17.
The Catalysts for Growth: 5 Key Reasons
1. Launch of Octopus 2.0
December 17 will mark a pivotal moment with the introduction of Octopus 2.0. Octopus 2.0 can generally be divided into three additional offerings for its developers and community—But the benefits are comprehensive:
– Cosmos-based appchains: It diversifies the Octopus appchain offering to include Cosmos SDK based projects. In Octopus 2.0, all Cosmos appchains can be secured by both $OCT and $NEAR.
– NEAR Re-staking: The Octopus Development Team found merit in repurposing the innovative Eigenlayer restaking scheme to aggregate shared security on NEAR. This security mechanism empowers NEAR re-stakers to extend their influence without cost, amplifying NEAR’s re-staking profitability.
– Adaptive IBC: IBC, or Inter-Blockchain Communication Protocol, manages authentication and data transport between two blockchains. It is widely recognized in the industry as one of the most comprehensive open blockchain interoperability protocol stacks. Octopus 2.0 solidifies its role as a primary NEAR infrastructure project, unveiling an Adaptive IBC NEAR Port that connects NEAR Protocol to diverse blockchains, broadening its reach and interoperability.
2. Launch of Ottochain and Massive Airdrop
Ottochain, the first Cosmos SDK-based appchain, leverages $NEAR Restaking as its security source. The Octopus Foundation’s generous 4,000,000 $OCT sponsorship for Ottochain’s validators and delegators marks the single biggest incentive in Octopus history (4% of the total supply of $OCT tokens).
By providing these incentives, Octopus can attract more $NEAR Restakers to join this market and then provide a level of security that is competitive and attractive for onboarding new Cosmos SDK blockchains.
3. Octopus Network & Secret Network
After three years of working on heterogeneous IBC implementation, Octopus Network has developed a solution called "Adaptive IBC" to break the extensibility bottleneck of IBC. Secret Network, a pioneer in confidential computing, is making history as the first user of Adaptive IBC in early 2024. A monumental step connecting Cosmos and NEAR Protocol!
4. *Value Capture Mechanism Upgrade
Octopus is revamping its value capture strategy with a buyback-and-burn model, as announced by its founder recently. This entails utilizing 30% of block rewards from all Octopus 2.0 chains to repurchase $OCT tokens in open markets and subsequently burn them. The decision for this upgrade is rooted in thorough research by the Octopus team, primarily addressing the low engagement in staking despite the simplicity of Octopus 1.0’s delegation process.
Recognizing that many $OCT holders are primarily motivated by token appreciation, the buyback-and-burn approach directly transforms protocol revenue into purchasing power for $OCT tokens, fostering their value growth. Looking ahead, this model is expected to extend to other protocols launched by the Octopus Network, collectively enhancing the intrinsic value of the $OCT token.
5. Octopus Founder’s NDC Election Victory
Louis Liu’s election to the House of Merit in the NEAR Digital Collective on October 8th solidifies his commitment to advocating for $NEAR Restaking. This strategic position enhances the implementation of restaking to benefit the broader NEAR and Octopus community.
The Octopus Token:
The $OCT token is a vital NEP-141 standard utility token (also available in the Ethereum network). $OCT holders stake their tokens to provide security for Appchains, earning the Appchain’s native token. Appchains lease security from $OCT holders by paying rent in their tokens. With a capped supply of 100 million $OCT tokens, the network emphasizes scarcity and value. Remarkably, the network can accommodate an unlimited number of Web3 apps, highlighting its expansive ecosystem potential.
Token Price Snapshot:
As of the latest update:
– All-time high: $7.02 (Jan 16, 2022) – A -93.99% difference from the current price.
– All-time low: $0.09167 (Oct 11, 2023) – A +360.37% difference from the current price.
Conclusion:
The recent surge in the Octopus Network’s $OCT token isn’t merely a momentary spike; it’s a testament to strategic planning and commitment. As Octopus 2.0 approaches with NEAR Restaking, Adaptive IBC and an interesting buyback-and-burn model, the future looks promising. The Octopus Network’s market cap of $25.83M positions $OCT as a low cap token, raising intriguing questions: What potential does this low cap token hold for investors in 2024? With all these developments, will the $OCT token surpass its ATH or set a new record in 2024?
One certainty is that Octopus Network lives up to its name, adapting flexibly in the ever-changing web3 ocean to maintain its presence and contribution to the blockchain industry. Undoubtedly, it’s a project worth keeping an eye on in the next bull market.
Source : Unlocking the $OCT Surge: 5 Reasons Driving Octopus Network Token's Rise
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