Octopus Protocol Announces Migration from V1 to V2

5 min readSep 10, 2021

Dear Octopodes,

At Octopus Protocol, the last few weeks have been jam-packed with events and activities. While we continue to build momentum with some of our recent announcements, we also continue to develop the Synthetic Asset protocol of the future. In this article, we will discuss our progress on Octopus, as well as what to expect in the coming weeks.

The past weeks has seen tremendous launches and community support, we started off by launching the OPS Staking Testnet, the community showed good support. The successful testnet launch saw over 50,000 registrations, the dev team has been working on the bugs reported and has successfully fixed them. Here are the updated fixes from the dev team:

Fixed max staking issue
Unstake custom amount function
Updated Total Value Locked (TVL) info
Multiple minor issues fixed
Updated daily limitation of Testnet faucet to 50 test OPS

Now the team is working on

Migration of OPS Smart Contract to V2.
Chart integration of ‘Total Value Locked (TVL)’’ info on Dashboard and Staking pages
LP farming pools
MVP version of main product

Next, we had an awesome community AMA with Octopus Team. The CEO of Octopus and other top core members such as the CTO, CMO and Director of operations updated the community on the current and future plans of the project. Here is a Recap, if you missed it. Octopus Protocol token also got listed on 2 Centralized exchanges, Bitmart and Gate.io to further push the Marketing and liquidity of the OPS token. The OPS team experienced more support from the community during the Voting campaign to get OPS/USDT pair on Gate.io, the team needed only 10M votes but in less than 8 hours of announcement received over 20M votes from the community.

What can you expect from the team in the coming Weeks?

Practically speaking, the Octopus team still have a lot of goodies to announce to the community. After migration, the team plans to launch Staking Mainnet, Ambassador Program, Influencer Pool Program and a Buy-Back of OPS tokens Program from the Market. Buy-backs are rare opportunities in this space, the last 1M OPS token buy back resulted in over 1100% growth in OPS tokens. Now we are having a bigger buyback event, just imagine what could happen in terms of growth.

The team also plans to Launch a New website, Ethereum and Polygon (Matic) Network bridges, MVP, Introduction of new Staking Pools, NFT launch and other exciting events.

To ensure the successful launch of this protocols and features, Octopus Protocol needs to migrate from a more basic Smart contract (V1)to a more custom Smart Contract (V2). We want to notify the community that they can now migrate their OPS tokens from V1 to V2 version.

The team had reached out to all supporting exchanges and listing partners for support on the V1 to V2 migration, we received good support of them. However, our first Exchange Kucoin will not be supporting this migration. Unfortunately we have to delist from the exchange, we have had a great journey with Kucoin exchange and it has possibly helped shaped OPS tokens as well. We appeared on the top-Gainers list on Kucoin a lot of time, now we look to a future of more possibilities for the OPS token.

Why are we migrating?

The V1 Token Contract is the first and simple contract which was created to satisfy a set of initial needs for a project like Octopus Protocol. Now, we have made good progress in development of our main product, so the V2 version is the most up-to-date and secure solution for us as of now. The V2 Token contract makes interaction with the main product and MVP seamless. This action will sustain a healthy and efficient growth of Octopus.

OPS Token swap information (Please Read)

Integration Date and Time are: 12:30 PM UTC on September 11th, 2021
Swap Ratio is 1:1, you will receive the same amount of V1 tokens deposited into the contract in V2.
The migration is mandatory and irreversible
To ensure a smooth migration process, the swap function from V1 OPS tokens to V2 OPS will be open until 10th December 2021.
All OPS V1 tokens must be migrated.
Bitmart and Gate.io holders do not need to swap, it will be done automatically on their platform.
Please Note: Our token Smart Contract is changing with the V2 launch. For the safety of our users we have disabled transactions on PancakeSwap, it will start again soon. Please DO NOT trade on PancakeSwap Until we make an official announcement about updated Smart Contract.
OPS V1 token Liquidity will be removed from PancakeSwap, the V2 token Liquidity will be added once the Migration commences.

V2 Smart Contract: 0x14fC542fd0364Ad8361274657CaB141A8C8820E0

New Smart Contract Audit report : https://github.com/theoctopusprotocol/smart-contract-audit/blob/master/Octopus%20Protocol_audit%20v2.pdf

Easy Guide to Migration

The process of migrating your V1 OPS tokens to the latest V2.

Step 1: Go to your dashboard on https://octopus.exchange

Step 2 : Click on the ‘Swap’ option

Step 3: Connect your Metamask wallet and Approve, Make sure your wallet is connected to BSC Network.

Step 4: Input the Max amount of V1 OPS tokens to Swap.

Step 5: Click the “Migrate to V2” button and confirm the transaction.

When the “migrate to V2" button is clicked, the V1 tokens get deposited into our contract and the contract returns the same amount of V2 tokens back to the same address. The swap is successfully conducted.

Note: If you cannot see V2 OPS tokens on your Metamask, You have to add it as custom token. Use the information below to add OPS V2 to your wallet.

Token Smart Contract : 0x14fC542fd0364Ad8361274657CaB141A8C8820E0

Ticker : OPS

Decimals : 18

Network : BSC

As always, thank you for your continued support of Octopus Protocol, and stay tuned for more major announcements for the community!.

About Octopus Protocol

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.

Stay Connected

Website: https://www.octopus.exchange

Telegram: https://t.me/OctopusProtocol

Twitter: https://twitter.com/octopusprotocol

Discord: https://discord.com/invite/qGd9GGaYY5

Litepaper : https://octopus.exchange/docs/Octopus_Protocol_LitePaper.pdf