Octopus Protocol launches New $OPS Staking and LP Pools
Great news Octopodes, we are introducing new staking pools for the community as promised. The launch of the new staking pools is aimed at generating more lucrative rewards for our users with a higher Annual Percentage Rate(APR).
After a successful Staking Mainnet 1.0 debut in which the community showed a lot of support, we are launching this new Pools only a few weeks later. Over 2.3 million $OPS tokens were staked in the first four hours of launch, accounting for 20% of the total circulating supply. Over 3.7 million $OPS tokens are now staked on our staking mainnet, with a TVL of $703,231.
To start off, let’s take a look at what Staking Is.
Staking basically means locking an amount of crypto asset holdings in order to earn rewards which sometimes comes in extra tokens of said asset.
So in our case, staking is when you put some/all of your $OPS tokens into a staking pool and lock it for a minimum of 45 days. Tokens staked can not be used until after the set amount of time that was agreed upon.
This mechanism helps reduce supply of tokens circulating in the market thereby making the tokens more scarce. This is where Economics: the law of supply and demand comes into play, the potential for positive price growth is unimaginable.
Why Should You Stake?
For a good number of reasons, here is a few:
- You increase the amount of $OPS tokens you are holding
- Assist in increasing the trading liquidity of $OPS.
- 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.
How to Get started on OPS-BUSD LP Farming
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.
For guides on how to Stake, see: https://octopusprotocol.medium.com/octopus-protocol-announces-staking-mainnet-and-lp-farming-bc191a5121a0
You can’t provide liquidity on PancakeSwap for Octopus? Cool, we have a simpler Staking mechanism just for you.
OPS Saking — Pacific Pool
The staking mainnet release allows 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 of new OPS pool is 10,000 OPS per day
10000 / TotalStakedAmount x 365 x 100
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 (Pacific Pool).
- Connect wallet
- Choose the Pacific Pool
- Insert the amount of $OPS tokens you want to stake
- Click on Stake and confirm the transaction
- Your tokens are staked.
How to Withdraw OPS Rewards After 45 Days staking Period
Daily rewards will be seen under the Rewards section. You can restake the rewards by clicking the “Restake” button.
After the 45-day period, the unstakable amount of OPS will appear.
Click on unstake and confirm the transaction. The countdown will start for 10 days.
After 10 days, the Withdraw button will appear. Click on it and confirm the transaction to receive OPS rewards in your wallet.
Unstaking Earlier than 45 days period will incur a 10% fee.
Note: the 10% fee collected from early unstakers will automatically be added to the Reward pool thereby growing the reward pool and increasing the incentive for long term Stakers.
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.