Octopus protocol Announces Staking Mainnet and LP Farming

5 min readSep 24, 2021

Dear Octopodes, after successfully closing our Staking testnet, we are happy to announce the launch of our Staking Mainnet. We plan on eventually launching 4 pools which includes: OPS staking, OPS-BUSD, OPS-ETH LP staking, OPS-Matic LP staking, for this release we are launching the OPS staking and OPS-BUSD LP staking.

OPS-BUSD LP Staking

You can now earn APR by staking OPS-BUSD CAKE-LP tokens obtained by providing liquidity on PancakeSwap, a top decentralized exchange on Binance Smart Chain (BSC).

The aim of the program is to help boost the liquidity of OPS token and allow for easy token swap and limiting the need for high slippages. Community members are encouraged to join the program and stake their OPS-BUSD tokens in the pool, obtain the LP tokens and stake them on our platform to earn OPS rewards.

Liquidity providers (LPs) for OPS-BUSD pair will receive incentives in OPS, they get rewarded from a daily pool of which is 2x of the OPS staking pool.

Why Provide Liquidity for Us?

2x Earns: Every liquidity provider will get a double of the rewards they would have gotten while staking on the OPS staking only.
Double Rewards: Liquidity providers earn from locking liquidity into pools, In return for adding liquidity, you’ll receive trading fees for all trades on OPS-BUSD pair.
Liquidity Providers also get to stake the LP tokens obtained with us and earn OPS rewards. Lock liquidity, earn both ways.

How to get started (OPS-BUSD LP)

STEP 1: Visit: OPS / BUSD — PancakeSwap

STEP 2: Click on “Add Liquidity’’

STEP 3: Connect Wallet (eg Metamask)

STEP 4: Enter the amount of OPS and BUSD you want to Add to the Pool

STEP 5: Click on “Approve OPS’’ and confirm the transaction

STEP 6: Click on “Supply’’, then confirm the Supply and approve the transaction.

You will get your LP tokens, now follow the next steps to stake the LP tokens with us.

STEP 7: Visit http://app.octopus.exchange/staking

STEP 8: Connect your wallet and proceed to the “Stake OPS/BUSD LP tokens and get OPS rewards”

STEP 9: Enter the amount of LP tokens you want to stake and click “Stake’’

STEP 10: Confirm the transaction and it is staked successfully.

OPS Staking

The mainnet release will allow our investors the opportunity to stake their tokens directly with us and earn OPS tokens in APR (Annual Percentage Rate), the formula for the APR will be as follows:

APR formula is

DailyRewards / TotalStakedAmount x 365 x 100 %

Daily Rewards is 3000 OPS per day

so, it’s

3000 / TotalStakedAmount x 365 x 100

Where

Daily Rewards is the amount you get per day

Total Staked Amount is the Total amount of OPS you have staked

365 is the total amount of Days that make up a Year

100% is signifying the whole pool

The formula above will help you calculate how much you are earning annually at a particular point in time depending on how much of OPS tokens have been staked.

Steps to Stake OPS tokens (OPS Staking).

STEP 1: Visit : http://app.octopus.exchange/staking

Step 2: Connect Your Wallet by clicking ‘Connect’

STEP 3: Select Applicable Wallet eg Metamask

STEP 4: Put OPS amount you want to stake and click the ‘Stake Button’

STEP 5: Confirm Approval transaction

STEP 6: Confirm Stake transaction

In just over a week of launching our Staking testnet to the public, we had an immense amount of response. We completed the testnet with over 50,000 registered participants, over 4M OPS test tokens staked in the contract and continued improving the testnet from bugs reported. We have gotten listed on both Bitmart and Gate.io and Launched our V1 to V2 Migration with rewards. We want to thank the community for their continued support. The mainnet launch is the very first step in reaching our goals. We have many exciting plans ahead and cannot wait to achieve them. With that in mind, please bear with us — hard work and patience will surely pay off.

What more?

Along with Staking Mainnet, the team plans to launch an 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. 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.

All of these are significant milestones that we plan to reach with the hard work of the entire team and our community’s invaluable and ongoing support. The value of our community’s contribution to the Octopus Protocol project cannot be expressed enough.

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.