Our Promise to Octopodes: Lock of 1 Million OPS tokens
The past weeks have been full of events and activities at Octopus Protocol. While the momentum continues with some of our recent announcements, we are also fulfilling the promises that we have made to the Octopodes community. In this article, we share our progress on the commitments promised by the Octopus team and the overall impact of the recent events on the development of the Octopus Protocol.
1 Million OPS Token Buyback
Following the 1 million OPS token burn from team allocation basked, we announced the buyback event on 6th July. The event comprised 1 Million OPS token buyback from the KuCoin platform on 7th July at 3 PM UTC. We wanted to ensure complete transparency so we streamed the entire event LIVE.
The buyback event, which lasted roughly for 3 hours, received a spectacular response from the community. Moreover, we gained incredible momentum as a DeFi project and this was instantly reflected in the appreciation of OPS token price. In this article, we provide a minute-to-minute rundown of all the activities that took place before and on the day of the buyback event.
KuCoin Services Resume
Alongside the buyback event, the Octopus team was also in contact with the KuCoin exchange to open the services of deposits and withdrawals for $OPS. We shared all the necessary documents and both the teams were working on due diligence to ensure smooth operations.
On 13th July, the wallet maintenance for $OPS tokens was completed and KuCoin resumed the services of deposit and withdrawals for Octopus. We displayed our commitment to the Octopodes community and wanted to ensure how the entire team was working towards the success of the Octopus Protocol.
Our Promise to Octopodes
Our promise to Octopodes was that we will buy 1 Million OPS tokens from the Kucoin exchange and these tokens will be transferred to the company treasury after services for deposits and withdrawals resume on the exchange.
Octopodes, today we are incredibly proud to announce that we have successfully fulfilled our promise.
See this transaction here: https://bscscan.com/address/0x26e212ee08d7622f613f8bcccba26bef306cc83b#code
For more details, check this link: https://claim.octopus.exchange/accumulation
As promised earlier, the 1 Million OPS tokens have been transferred to the company treasury and will be vested for a period of 12 months.
Our Commitment Continues: Token Vesting Updated
With our recent activities, we wanted to demonstrate the team’s long-standing commitment to ensuring the success of the Protocol. We have always placed the progress of the project as our top priority and have continued to work with the same dedication. The efforts have now been extended by our early supporters as well.
We proposed our VC firms and investors, who participated in the early sale rounds of OPS tokens, to extend the vesting schedule for OPS token release. After several healthy discussions with the investors, we reached the conclusion to extend the cliff on the vesting of OPS tokens for Seed and Private A sale rounds.
On July 13th, we announced the revised vesting schedule for the two sale rounds. 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 have now been extended.
This action has directly made an impact on reducing the OPS token circulating supply. To put things into perspective, we have reduced the expected circulating supply that was scheduled to release from 4,875,000 (4.8 Million) to 1,800,000 (1.8 Million). For more details on the update, refer to this article. It is an interesting read.
By reducing the expected token supply along with locking 1 Million OPS tokens, we have not only significantly strengthened our token economics but have also shown our dedication and commitments towards working for fulfilling the vision of Octopus Protocol.
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.