Octopus Protocol Launches Staking Testnet ahead of Mainnet

Let’s put those. OPS tokens to WORK!

Octopus Protocol is thrilled to announce the official launch of our V1 Staking Testnet for our users. Our aim is and has always been to help build and grow with our community, our Staking announcement is one of such ways. It will allow our community to put their tokens to work and earn rewards in OPS. We are excited to announce that Users who get registered and participate in the Testnet would earn rewards ahead of the official Mainnet by using the Testnet and thereby helping us to build a robust staking platform. Mainnet is scheduled to be released this month.

We are launching Staking Bounty program for the testers who would participate in this launch, they get to be rewarded in OPS token, meanwhile we will get the Staking contract audited before the Mainnet launch.

Along with the Staking Mainnet coming, we have other awesome announcements coming forward within the next couple of months: OPS token will be listed on another centralized exchange, our Influencer Pool and Ambassador Program, Ethereum and Polygon(Matic) bridges, Uniswap and Quickswap listings, OPS token buy-back ( with last buy-back program OPS grew 1100%) and more. How about you find out more fantastic events we plan for the month of August and September here.

Staking is an important milestone in the cryptosphere, Octopus is making this possible with our Staking launch. We also plan to introduce more staking pools in a month time.

How to Get Started?

Great, now you know what we are talking about and would be interested in participating in the Testnet. So, for starters, we are putting down a step-by-step guide on how to stake on the Testnet. For this guide, we will be using the Metamask wallet.

Install MetaMask (If you already have it, then skip this part)

Visit the MetaMask website or browser extension marketplace and download the MetaMask extension for your preferred web browser.

Visit https://metamask.io/ and select the link for your web browser.

Install the browser extension and confirm the prompts.

Create a MetaMask Wallet

Once the install is completed you should be forwarded to a “Welcome” screen, start by clicking “Get Started”

Then click “Create a Wallet”

MetaMask Password

Create a password to be used to secure your MetaMask plugin. This is so that no one can see your account info without entering the password.

Wallet Secret Backup Phrase

Your new wallet will have a secret backup phrase. This is for recovering your wallet and must be kept secret. You should write down these words on a piece of paper and store them in a secure location in case of an issue requiring recovery of your wallet.

Add BSC Testnet to MetaMask

Now that your wallet is set up, we need to configure it to connect to Binance Smart Chain, this is easy to do and easy to change between networks

Click on “settings” if you have not previously added the BSC Testnet information. After click on networks ( Add and edit custom RPC network )

Enter in the BSC Testnet details as follows:

Network Name: BSC Testnet

New RPC URL: https://data-seed-prebsc-1-s2.binance.org:8545

ChainID: 97

Symbol: BNB

Block Explorer URL: https://testnet.bscscan.com

After adding this information press “Save”.

After the BSC Testnet Network is set up add custom token. You will then need to click on the “Custom Token” tab and enter the token’s contract details, then click “Next” followed by “Add Tokens”.

OPS Testnet token contract details are as follows:

Token Contract Address: 0xd569deE01C6a4D10b73Ed8418e7EF2660F4A3843

Token Symbol: OPS

Decimals of Precision: 18

Input the token’s contract details and click “Next” followed by “Add Tokens”

Now you will see test OPS tokens after we send them in your Metamask wallet. You will also need some test BNB to pay for transactions.

How to get the Staking Testnet OPS tokens

📝Please note: While waiting for testnet OPS tokens, be sure to add BSC testnet to your Metamask and also claim the test BNB from the faucet to pay for test transactions. Follow the steps below to do that.

Claim Testnet BNB Tokens from Faucet

Now that you are connected to the BSC testnet network, you need some funds for your wallet to pay for transactions. Go to the following link to start the process: https://testnet.binance.org/faucet-smart

BSC Faucet

Bring up your MetaMask extension and click on your wallet address/account name. This will copy your wallet address to the clipboard for you to paste into the box on the faucet screen.

Click account name to copy wallet address, then paste it into the faucet input box.

Make sure you claim some BNB in ‘peggy tokens’ so that you can pay for test transactions. Note, this is not real BNB, they are only used for BSC Testnet. Keep in mind each wallet can only claim from the faucet once per time period which increases each time you use it. So you might want to come back a few times if you would like more BNB test tokens. When finished, click on the MetaMask extension to confirm you have received the funds.

Funds have arrived in wallet and now you are all set up and ready to go.

Get started on Staking

  • Connect wallet (wallet needs to have received both OPS test tokens and BNB test tokens)
  • Click on Stake. Success! You have staked your test OPS tokens.
  • You will get rewarded every 3 secs.
  • Unstake the Tokens and check Balance
  • Report all Bugs Found here https://forms.gle/tBn9LELMnB9SSjgR7 and earn a reward.

Reward Structure

Octopus Protocol is proudly giving out $5,000 in $OPS tokens to the community to participate in both the Testnet incentive and the Bug bounty.

Only users who fill the form and receive the testnet tokens can participate in the Testnet. if you try to get into the system with any other tokens, you stand the risk of getting blacklisted from the Program.

Any user or participant who tries to spread wrong information to disrupt the proceedings of the Incentivised Testnet will be considered a ‘bad actor’. Also, if a user manages to get test tokens using multiple accounts and then transfers them to their single account to trade options contracts or add liquidity to the pool will be considered as a ‘bad actor’. We have devised different ways to catch these ‘bad actors’. Once disqualified, all wallets and information submitted by the disqualified participant will be added to the blocklist and no further test tokens will be credited in any of the wallets.

Reward Distribution

Below is the Reward distribution for the Testnet Incentive, rewards will be distributed to the top 10 lucky winners after 6 days of ending the testnet.

The distribution of $OPS tokens among the top 10 lucky winners will be as displayed below :

  • Rank 1 : $1000 in $OPS
  • Rank 2: $500
  • Rank 3 : $300
  • Rank 4: $100
  • Rank 5: $100
  • Rank 6: $100
  • Rank 7: $100
  • Rank 8: $100
  • Rank 9: $100
  • Rank 10: $100

📝Please note: Testnet incentive winners will be chosen randomly, 10 lucky winners will be decided by Octopus dev team.

Bug Bounty Program

Octopus Protocol is inviting all interested developers and DeFi builders, traders and security experts to participate in the Bug bounty Program and submit feedback to any potential bug.

The aim of the Bug Bounty is to get users or any one who can spot bugs in our system, smart contracts etc and alert us to that, as well as offer us suggestions. We are also opening the floor to the whole community including those that are not tech savvy, to offer us with valuable inputs on what next ideas they feel will have an amazing impact on the project and help push it to greater heights.

The Octopus team has allocated $2,500 in OPS tokens for the Bug Bounty Program.

You should report all Bugs you find here: https://forms.gle/tBn9LELMnB9SSjgR7

Reward Distribution Structure for the Bug Bounty Program

Critical Bug — $1,000- $1,500

High Bug — $500- $1,000

Medium Bug — $200- $500

Low bug — $50- $200

Terms and Conditions

Follow all terms and conditions to participate in the Bug Bounty program. You can only submit your feedback and bugs on the forms mentioned in this blog.

  • The total reward for any submission depends on the level of risk and priority at which the bug needs to be resolved.
  • Since decisions will be taken manually we expect you to be patient once you have reported the bug.
  • Report the bugs in this form only.
  • Follow the submissions instructions to ensure we quickly reach a solution and get back to you with updates on your bug status.
  • Duplicated issues will not be rewarded. The first reported bug is the only one worthy of rewards.
  • Submissions out of the Scope of Testing will not be eligible for a reward.
  • Any phishing or other social engineering attacks against our employees and/or participants will lead to disqualification from the competition. You will be marked as a ‘bad actor’ in the Incentivised Testnet program.
  • Any denial of service attacks will lead to disqualification from the competition. You will be marked as a ‘bad actor’ in the Incentivised Testnet program.
  • No rewards will be given to participants who have disclosed the vulnerability without the consent of the Octopus Protocol Team.
  • Avoid violating the privacy of others, disrupting our systems, destroying data, or harming the user experience.
  • No participant must engage in blackmail, extortion or any other unlawful conduct.
  • Bugs that have not been publicly reported will only be considered for the Bug Bounty Program.
  • Your Telegram and Twitter handle will only be used to communicate with you, in case the team needs more information from your end.
  • Rewards will be sent as BEP-20 tokens to your wallet address used while signing up to participate in OPS Incentivised Testnet.

About Octopus Protocol?

Octopus Protocol, a robust DeFi protocol built on the Binance Smart Chain (BSC), allows issuance, trade, and management of decentralized derivative assets.

The native token for Octopus Protocol is $OPS and is listed on Kucoin, Pancake Swap and DexTools.

You can also find us on Coingecko and CoinMarketCap.

Visit our Website
Join our Telegram
Follow us on Twitter
Join our Discord
View our LitePaper

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

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Octopus Protocol

Octopus Protocol

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

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