Earlier today, the Octopus Protocol team responded to questions asked by the community. The AMA was held on the official Octopus telegram group. We would like to sincerely thank the community and everyone who participated, and for the continuous support of the project.
This article provides a Recap or summary of the questions and responses provided from the Octopus team.
PART ONE — Introduction
Monk Python I am MONK , CEO of octopus protocol.
Igor: Hey guys, my name is Igor and I’m serving as the CMO of Octopus Protocol
Chon Mars: Dear Octopodes
This is Chon, CTO of Octopus Protocol
PART TWO — CEO address the Community
We all know we had a solid launch on 16th June on kucoin. We had some extra planning on that day but unfortunately kucoin opened our market making API 10 mins late on launch day and we missed the chance to create a proper floor for octopus.
Next day we had a bug and we lost 860k tokens from the company treasury. We stopped the attack right away and the whole team worked hard to find the best solution for the Octopus. We bought back 1M tokens and we locked them for 1 year. We burnt 1M tokens from the team allocation basket.
As Octopus CEO , I can tell you one thing that we didn’t sell a single token from the company treasury and we don’t have any plan for selling any tokens for the next 1 year as we are building one solid DEX for the future.
August was so productive for us. We have announced the roadmap for August and September. We have successfully launched the testnet and we got more than 50k registration on testnet in one week.
After reviewing everything we found out that our current contract is a basic contract and for future development we need a Smart Contract with more features. So we have decided to migrate our current smart contract to a new smart contract. We called it v1 to v2 migration swap.
As per listing contract with kucoin we have to inform them about this. We have informed them and paid the migration fees to them. They are reviewing the smart contract and are reviewing the new audit. They gave us the 25th for migration date announcement, but unfortunately they didn’t announce it on that day.
We had planned to go with Staking Mainnet on 27th Aug, but without migration we cannot move forward as we are more concerned about the security of the community and our user.
We launched one CEX today. We have rescheduled it because kucoin’s deposit and withdrawal are not active and out 80% users and holders are on kucoin, so for a fair chance to every investor ,we are waiting for them to re-open the wallet services.
Rest assured, We have signed the contract with CEX, As per contract i can’t disclose the date and time. But once we migrate, We will achieve everything in September. We are expecting an answer from them in 48hours.
If they wont answer us within 48 hours, We will list on CEX with current smart contact (v1). and we will migrate to v2 in the next 2 weeks.
We don’t want to start staking mainnet without V2 migration.
So now things are on kucoin’s hand. We are keep asking them same questions everyday and they are still reviewing everything.
We fought a hard battle to reach here. We won’t let you guys down. We need support from the community like we have been getting since the last few days.
All the successful projects have solid communities with solid ambassadors.
I am working on octopus everyday for 16 hours. Usually crypto projects take longer to come up with the first product. We are coming up with a product in October.
We are in talks with tier 1 exchange and we are so close to signing the contract with them. We have hired a new marketing agency for product marketing and social media management. We have a proper developer team but we are still looking for more people to deliver products on time.
One last thing: We are coming up with a buyback program again.
This time we are going to buy back 2M tokens from the market as we are so we want to control the supply of the tokens for our mainnet launch.
On the last buyback announcement we had +1200% growth in one day.
Let’s hope for the best this time.
Igor, You can start now.
PART THREE — Questions from Twitter
Q: Please tell us about your hedge instruments.
We are accustomed to the fact that we need collateral from crypto assets when creating synthetic assets. If the price of the asset falls, liquidation is triggered. How can you avoid such liquidation?
Chon Mars: Yes, you need to maintain collateral ratio to avoid liquidation.
First choice is to add more collaterals (OPS in this case), and second is to burn oUSD
Q: Where is the $OPS road map now? Are all targets in accordance with the current road map? and what are the next steps that will be taken in the future?
Chon Mars: According to our Roadmap, we have achieved every target so far.
We have posted the Aug & Sep roadmap and are achieving our targets one by one.
Q: Synthetic asset markets like Gold, Oil, etc. have low volatility, on the contrary, the cryptocurrency market is very volatile. Why did Octopus Protocol decide to combine synthetic assets and cryptocurrency assets in one platform
Chon Mars: Good question. There are different types of traders and they have different preferences when it comes to volatility, we are built to cater users from all the interest fields. And the only way to do so was to provide assets ranging from stable assets like gold, bluechip stocks to highly volatile assets like crypto.
Q: Many projects launch campaigns to interact with users. Does $OPS finance have any specific plans to attract and grow the community or improve user experience?
Chris Van Redman: Yes, Octopus Protocol is a DeFi project and our users are the fundamental component of our Protocol, We have many plans to grow the community and user experience. In the August/September roadmap we have two big user interactive projects. One of them is the Ambassador project and the other is the Influencer Project.
Q: If you look at the homepage, it seems that you can make stocks, physical rights, and digital assets into synthetic assets with tokenized assets. Do you have any other plans to make various commercially used assets such as NFT and raw materials into synthetic assets?”
Chon Mars: Well, Nothing can be concretely said as of now, but yes our technical team is in talks of pulling in synthetic NFTs as well.
Q: To create the $OPS financial ecosystem, will there be a buyback or burning of a token supply?
Chon Mars: As Monk mentioned above, We will take those steps if required,
We have already initiated one very successful buyback with a million tokens bought back.
Q: We look forward to the trading platform released by Octopus. You said that you would use this platform to generate synthetic assets that track prices in real time, but if the price is low, would synthetic assets follow the low price?
Chon Mars: Yes, synthetic assets would completely follow the price no matter what price of the actual asset is, the price feeds would be extracted through a reliable decentralized oracle.
Q: Accordingly, will it be possible to create a synthetic asset for high-risk assets that are poorly known, but with the ability as well as to earn and lose a large amount, or will you limit the list to only to those assets that have good financial health?
Chon Mars: Initially we would be majorly having popular assets, so that we can get secure price feeds from the oracles, in later stages we might add less know assets depending on the development of the oracle.
Q: Synthetic assets use oracle to synchronize frequently changing prices. The same goes for the octopus protocol. Did you make the Oracle used at this time? Or have you partnered with external projects such as Chainlink and Band protocol?
Chon Mars: Initially, we are planning to have partnership with ChainLink or Bank Protocol for getting the price feeds and developing our MVP. In later stages we are also planning to launch our own oracles.
Q: I have seen the problem and limitations in crypto derivatives and synthetics including high gas fees, limits of product variety, bad trading experience such as high slippage manipulations by CEX exchanges etc. Does Octopus Protocol solve these problems?
If yes how does it do so?
Chon Mars: Absolutely.
Octopus Protocol does solve these issues.
In terms of gas fee, when it comes to high gas fees, we are built on Binance Smart Chain (BSC) which has an average gas price of 20 GWEI or roughly costs around $0.01 for one transaction. And when it comes to slippage manipulations or other malpractices done by Centralized entities, you won’t experience that as from our exchanges to oracles we are completely decentralized.
PART FOUR — Telegram Questions
Q: Do the token holders have right to participate in the governance of the project? On what kind of decisions can they vote on about the project?
Chon Mars: Yes you have.
Proposal types will be all about the protocol, like Protocol Configuration, Improvement Proposals, New Synthetic Asset listing, …
Q: During your project development period, did you consider community feedback or requests to further expand on new ideas for your project? And many projects fail because they don’t understand their target audience, So I wanted to ask who is the most ideal customer for your product.?
Igor: Well, since I’m responsible for marketing, I will take this question. I would say that our ideal customer is an experienced crypto user who is familiar with synthetic protocols like SNX or Mirror. But since synthetics have almost zero limitations, we also target users even outside or slightly familiar with the crypto industry. We will provide them exposure to desired tokenized assets, for example oil, gold or stocks. And of course, we closely listen to community feedback and are open to any ideas. That’s why we are coming with Ambassador and Influencers programs.
Q: Can you please share about your burn system and buyback system? How does burn work for your token?
Chris Van Redman: Unlike many meme tokens we do not Burn any tokens, we have had a successful buyback of over 1 million tokens and will have another buyback in the future as Monk explained earlier.
Q: Currently Octopus Protocol (OPS) is being operated on BSC . May I ask why the project chose to develop on these only BSC chain, instead of other prominent chains like Ethereum, Solana, polygon?
Octopus Protocol (OPS) in the future plan to expand multi-server on different chains and build a cross-chain/cross-server bridge network?
Chon Mars: As we explained above, we targeted BSC at first to reduce gas cost in users’ aspect. We are planning to build bridges to Ethereum and Polygon. Later we can launch on more chains.
Q: Most DeFi projects especially those ones offering yield farming are driven up by hype and scarcity, so when the hype dies the project dies. What’s the key to sustaining Your Project yield farming ?
Chon Mars: Octopus Protocol is a derivatives trading platform of Synthetic assets. And the main protocol development is very productive. We are assured our product won’t die ever. Our team is always here to maintain the product, add new features and so on.
Q: During your project development period, did you consider community feedback or requests to further expand on new ideas for your project? And many projects fail because they don’t understand their target audience, So I wanted to ask who is the most ideal customer for your product. ?
Chon Mars: Yes, our team is always hearing Octopodes' voice. New ideas or any feedback are welcome. Since our product is a trading platform, ideal customers will be top traders on Stock and Cryptocurrency markets
Q: Where Can I buy your tokens now and how Can I Buy them? Where can I buy your tokens now and how can I buy them? and what are your current contracts?
Chris Van Redman: You can purchase tokens through PancakeSwap and KuCoin, our pairs are OPS/ETH and OPS/USDT. We will be announcing more information about additional exchanges very soon. Monk discussed this in the intro.
I guess that’s it. Thank you Octopodes for such amazing questions and support!
Now to the Winners.
Like promised, the team has discussed and picked 3 best questions. Authors will receive 500 $OPS each 🐙, here they are:
2 twitter winners and 1 Telegram winner
- “Please tell us about your hedge instruments. We are accustomed to the fact that we need collateral from crypto assets when creating synthetic assets. If the price of the asset falls, liquidation is triggered. How can you avoid such liquidation?” — https://twitter.com/VasiliySantru
- “I have seen the problem and limitations in crypto derivatives and synthetics including high gas fees, limits of product variety, bad trading experience such as high slippage manipulations by CEX exchanges etc. Does Octopus Protocol solve these problems?
If yes how does it do so?” — https://twitter.com/AnuMajumdeR7
- “During your project development period, did you consider community feedback or requests to further expand on new ideas for your project? And many projects fail because they don’t understand their target audience, So I wanted to ask who is the most ideal customer for your product?” — https://t.me/Antu2000
The team will contact winners and distribute the reward accordingly
Thank you for Your Support Octopodes.
Octopus is an open protocol to create, exchange, settle, and manage synthetic assets. The protocol enables the issuance of synthetic tokens and their exchange through decentralized derivatives. Octopus Protocol leverages innovative technological solutions like blockchain and smart contracts to facilitate a platform for engagement with decentralized derivatives. Through a trustless architecture, Octopus seeks to offer unparalleled access and exposure to real-world assets.