Octopus Protocol Vesting Updates
We cannot believe it will almost be a year since we started working on Octopus Protocol as our DeFi project aiming to facilitate access to real-world assets. We are true believers in our mission who are committed to the long-term growth and development of the Octopus Protocol and want to demonstrate our dedication to the Octopodes community.
A recent rundown of events and the steps taken by Octopus’ team
Following the bug on the claiming station of the OPS pool, malicious actors were able to claim 864,000 OPS tokens. After this incident, the team worked relentlessly and resolved them within 24 hours. Additionally, these are some of the important actions that the Octopus team took so as to ensure the continued growth and success of the protocol.
- We burnt 1 Million OPS tokens from the team allocation basket to take complete responsibility of the incident.
- In addition to this, we conducted a buyback event of 1 Million OPS tokens on the KuCoin exchange and streamed it Live. The event which took place on July 7 resulted in a significant appreciation in $OPS token price. For more details on the buyback event, please refer to this article.
- On July 13, the wallet maintenance for $OPS tokens was officially completed and services of deposits and withdrawals resumed on the KuCoin exchange platform.
- Currently, the team is working at several important fronts including onboarding experts to fasten our efforts for protocol development and preparing for upcoming events such as staking for $OPS.
In addition to these recent series of actions, today we are excited to announce updates in the vesting schedule to continue with the same momentum.
Token vesting updated
With burn and buyback events, we wanted to signify the long-term commitment of the team and dedication for sustainable growth of the Octopus Protocol and $OPS tokens. We are delighted with the growth of $OPS token due to these efforts. These efforts are now extended by our early supporters, backers, and VC firms.
After several healthy discussions with the investors, we proposed to extend the vesting schedule on Seed and Private A sale rounds. To ensure the successful development of the protocol, the investors graciously agreed to the proposal and believed that this step would boost the overall growth of Octopus. Their agreement also showed their dedication towards their long-term commitment towards Octopus.
In our original tokenomics, the release schedule for seed and private A sale round was initially planned to begin after a one-month cliff. But after our fruitful discussions with investors, we have revised the vesting schedule for these two rounds taking into consideration the long-term vision of the Octopus Protocol.
As per our revised schedule, the release of $OPS tokens for Seed and Private A sale rounds will now hold a 3-month cliff. Hence, the tokens originally scheduled to be released on July 16, 2021, will now be released on September 16, 2021.
With this new development, there will be a significant change in the circulating supply of $OPS. The tokens scheduled for seed and private sale rounds to be released on July 16 was 4,875,000 $OPS. It is now reduced to 1,800,000 $OPS tokens.
Please note that the vesting schedule and token distribution for other sale rounds remain as proposed originally. For more details, please refer to our Litepaper.
After this change, the revised vesting, and token distribution for Seed and Private A round is as follows:
- Seed — 3-month cliff, 10% Release after 3-month cliff, 15% Linear Release over 6 months
- Private A — 3-month cliff, 15% Release after 3-month cliff, 14.66% Linear Release over 6 months
Why are we updating our vesting schedule?
As a part of our comprehensive plan to ensure a healthy standard of token unlocking, we have re-designed a carefully thought-out token vesting schedule. Moreover, our phenomenal group of firms backing Octopus Protocol have decided to support our long-term vision of our DeFi project. After several discussions, we have collectively agreed to extend the cliff period for Seed and Private A sale round tokens to ensure our complete commitment towards the development of the project.
We felt that it was important to make sure that while our early supporters are rewarded for their belief in Octopus Protocol, it should be done in a more strategic manner such that it strengthens the token economics of $OPS. Our belief was strongly met by our early supporters which further gave us the confidence to revise the vesting schedule and strengthen our ecosystem.
Moreover, the vesting changes in tokenomics indicate the strong belief of the entire team along with the investors and long-term holders in fulfilling the vision and goal of the Octopus Protocol.
At Octopus, we strongly feel that the community and the platform continue to grow stronger with each passing day. We are overwhelmed with the support all of you have continued to show us in the last few days.
In the coming days, we have several announcements such as staking so please be sure to join the announcements Telegram channel. We will issue updates there, as well as issue updates on all of our usual channels. For further questions, please message us on our Telegram chat. We are always available to provide more clarity to your questions.
Make sure to follow our official social media channels so you are at the forefront of all the exciting updates on Octopus Protocol.