Octopus Protocol Buyback Event Rundown and Upcoming Updates
Dear Octopodes, we have started off with wonderful momentum once again and we are likely to see the same drive over the next few weeks as we have tons of updates and exciting events in the pipeline for you. Below is a recap of how the buyback event played out yesterday and also, a sneak peek at the upcoming exciting updates of Octopus Protocol.
Let’s start with a review of the buyback event that was scheduled for 7th July at 3 PM UTC.
Tuesday, 6th July (6:55 PM) — The Big Announcement
Octopus Protocol officially announced the buyback of 1 Million $OPS tokens on Tuesday, 6th July. Well, we received phenomenal feedback, Octopodes. Within seconds, we saw a spectacular response from the community.
The community’s happiness with this news was instantly reflected in the price of the $OPS token. The token jumped more than 64% surpassing $0.12 with a volume of $432,000 on the KuCoin exchange platform.
Tuesday, 6th July (11 PM) — Aiming High
As the news started making rounds on our social media channels and to our supportive Octopodes, we started receiving more momentum as a project. This was reflected in our token price as the $OPS token grew more than 1000% and started trading at $0.866 with a volume of $2,400,000 ($2.4 Million) on the KuCoin exchange platform.
Wednesday, 7th July (11 AM) — Running on Full Speed
The entire team at Octopus Protocol, from marketing to developer and our moderators were working in full swing to ensure the buyback event moves as smoothly as possible. All the necessary gears were accumulated on the back-end while at the front-end we ensured that we constantly inform our community with updates through our official channels.
Our efforts were also propelled with the price of the $OPS token jumping more than 500% within 12 hours. At this point, the price of $OPS token stood at $0.511 with a volume of $8,400,000 ($8.4 Million) on the KuCoin exchange.
Wednesday, 7th July (2 PM) — The Momentum Continues
Before one hour of the Octopus Protocol buyback event, the Octopus team was excited and nervous at the same time. Octopodes also showed us the same excitement we experienced during our IDO.
At this point in time, our token continued its momentum with price reaching $0.62 with a rising volume of $9,300,000 ($9.3 Million) on the KuCoin platform.
Wednesday, 7th July (3 PM) — Buyback Event is Live
To ensure complete transparency and trust, we scheduled the actual buyback event to be played LIVE on the Twitch platform on July 7. The actual event began at 3 PM UTC and lasted for more than three hours. We witnessed the excitement and the positive response we received from the Octopus community. We made sure to post all the regular updates after each milestone, i.e., buyback of 250K $OPS, 500K $OPS, so on and so forth. Finally, we successfully completed the buyback of 1 Million $OPS tokens as promised to our community.
The team bought back tokens priced between $0.41 to 0.48, with an average price of $0.43. During the event, the volume stood at around $9,600,000 ($9.6 Million).
Wednesday, 7th July (4 PM) — An Exhilarating Experience
We gained substantial momentum with the buyback event and we are likely to see the same energy over the next few weeks.
Roughly after one hour of the start of the buyback event, $OPS token’s price was $0.46 with a volume of $10,100,000 ($10.1 Million).
The 1 Million $OPS tokens are currently on the KuCoin exchange. After the platform reallows the process of deposits and withdrawals, $OPS tokens will be transferred to the company treasury and will be vested for a period of 12 months.
The Buyback Event Significance
A buyback, also known as a repurchase, is a mechanism whereby a company uses cash resources to re-acquire a portion of its own shares, or in the case of crypto — tokens, thus reducing the volume of shares/ tokens outstanding on the open market.
With the buyback, the overall circulating supply has been reduced from 3.6 million to 2.6 million $OPS tokens. We have successfully reduced more than 25% circulating supply of $OPS tokens from the market thereby strengthening our token economy.
The buyback event highlights the team’s long-standing commitment to the project and our strong belief in the native token’s prospects.
FAQs — The Most Common Asked Community Questions
After the announcement as well as during the event, these are the most common questions that we received from our community.
Why did we choose to have buyback? What was its purpose?
The primary purpose of the buyback event was to reduce the circulating supply of OPS tokens from the market. We were successful in our efforts as the circulating token supply was reduced from 3.6 million to 2.6 million OPS tokens. More importantly, we wanted to provide complete transparency in our entire process due to which we decided to announce the buyback program prior to actual buying and also, conduct it on a Live platform.
Why did we choose KuCoin exchange for the buyback event and not PancakeSwap?
As you all may be aware, deposits and withdrawals for OPS tokens have been locked on KuCoin. The buyback event highlighted our long-term commitment for Octopus Protocol to the community. In the same way, we wanted to make our mark on the KuCoin exchange. In addition to this, we also wanted to find an optimum solution for our current issue and hence upon discussions, we concluded to have the buyback event on the KuCoin platform.
The buyback event is the first of many updates that are soon to be announced. Here are a couple of exciting updates upcoming in the next few days.
- Staking operations for $OPS tokens are coming soon on the platform. More details to be announced in the next couple of days.
- We have strengthened our efforts towards the development of the Octopus Protocol. Several events including the onboarding of tech experts are in progress at the Octopus home quarters.
- We are already in talks with KuCoin exchange to open deposits and withdrawals for $OPS tokens. We have shared all the necessary documents and data with each other as both platforms were conducting thorough due diligence of the entire issue. The Octopus team is working round-the-clock to resolve this issue very soon.
- Ongoing plans and developments for $OPS token to be listed on major centralized exchanges. Make sure to follow our Twitter and Telegram official channels to stay updated.
- We have partnered with industry leaders and organizations that will be instrumental to the overall growth and development of the Octopus Protocol. More updates to follow.
Octopodes, this week has started with incredible momentum. Moreover, the upcoming news suggests that we are likely to gain much more momentum in the next few weeks. The entire team of Octopus is excited to propel forward with all the Octopodes.
Make sure to follow our official social media channels so you are at the forefront of all the exciting updates on Octopus Protocol.