Octopus Protocol Announces 1 Million OPS Token Buyback on KuCoin

Octopus Protocol
3 min readJul 6, 2021

Dear Octopodes, the last few days have been challenging for all of us. Our community had to face issues due to malicious actors displaying unethical practices and difficulty with claiming tokens from the OPS claiming station. The Octopus team worked relentlessly at resolving these issues, and we solved them within 24 hours. In addition to this, we burned 1 million OPS tokens from the team allocation basket to take complete responsibility for the lost tokens from the company treasury.

Although we have not been entirely active in the last few days, our team has been working round the clock to prepare for the exciting updates that we are planning to release in the upcoming days.

Starting with the first update, Octopus Protocol has decided to buy back 1 million $OPS tokens from the KuCoin exchange at the current value (Market Price).

The OPS token buyback is scheduled to be conducted on 7th July at 3 PM UTC. The entire buyback program will be conducted on KuCoin exchange in a completely transparent manner and can be viewed LIVE.

The buyback tokens will be vested for 12 months after the event. We have always believed in our long-term vision of Octopus Protocol and have always ensured that the community and the project are our top priority. The buyback program also aims at the sustainable growth of the token as a way of rewarding holders.

While we have had our share of bumps and hurdles along the way, this buyback program highlights the Octopus team’s firm belief in our native token’s prospects, and hence we are deciding to reinvest in the platform. We also hope that this move rewards our early supporters as well as brings back the trust that all of you have placed upon us.

Octopodes, we have always looked for the betterment of our protocol. As a sign of good faith, we are taking this responsibility one step further with the buyback of OPS tokens.

With these incidents, the Octopus team and the project have emerged much stronger than ever before. At the same time, these incidents shifted our focus away from development efforts and put our efforts at resolving the issues faced by the community. We are now strengthening our efforts towards the development of our product. We have also taken our first steps with hiring and expanding the Octopus team. These new hires will be putting their expertise to work on the overall development front.

It is entirely because of our community that we collectively found a common vision to develop a product that disrupts the conventional financial landscape. It was because of you that we found the strength to face these bumps and make the ecosystem much more resilient.

The buyback program is just the beginning of a series of updates that are to follow soon. Please make sure to -

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Octopus Protocol

Octopus Protocol, a robust DeFi protocol built on the BSC, allows issuance, trade, and management of decentralized derivative assets. https://octopus.exchange