While Solana news has been focusing on Jupiter and its advancements in DeFi, a new contender – Octoblock (OCTO) has emerged with technology set to disrupt the status quo.
Solana News
Jupiter, a prominent Solana DEX (decentralized exchange), recently announced that it will be conducting a backend systems upgrade. According to the Jupiter team, the upgrade, which has been in the works for months, aims to alleviate delays in picking up new markets caused by the influx of new tokens. This move comes following a surge in memecoin trading that placed massive pressure on the network. Additionally, the Solana ecosystem is grappling with programmatic trading bots that are unsuccessfully executing arbitrage token swaps, leading to network spam and a rise in failed transactions.
Unveiling Octoblock & cFyF DeFi Technology
Octoblock has gained notoriety in the decentralized finance (DeFi) space for its unwavering commitment to creating a profitable and socially beneficial ecosystem. The protocol will launch a range of initiatives to achieve its vision, with the Crowd Funded Yield Farming (cFyF) taking the center stage.
Crowd Funded Yield Farming is designed to help DeFi users maximize their earnings and influence the ecosystem. In cFyF, participants will contribute resources to shared yield pools and collectively participate in yield farming activities. The participants will gain access to higher-yield farming opportunities owing to the aggregated capital in the shared yield pools. This will lead to better yield rates that, in turn, create higher returns. Members of cFyF pool will be eligible for airdrops, further augmenting their potential returns. Moreover, the participants will gain governance rights, allowing them to influence the policies and course of yield platforms.
Octoblock’s revenue-generation system, Nautilus Trove, will also allocate resources to other investments, such as stocks, alongside the DeFi strategies to ensure a balanced mix of consistent returns and growth potential. Notably, OCTO holders will have 45% of the revenue generated by the Trove distributed to them via airdrops in proportion to the percentage of the token supply they own. The OCTO holders will also gain entry to Octoblock’s Saltwater sweepstakes, which will randomly share 5% of the profits to select addresses within the community.
A portion of Octoblock’s profits will be allocated to its integrated charitable account, the Tentacle Trust. The trust will fund charitable organizations dedicated to marine life conservation, ocean water purification, and mitigating human impact on marine ecosystems, with OCTO holders voting monthly to select the beneficiaries.
Going further, Octoblock will simplify inter-blockchain asset management by launching Coral Cove. This cross-chain platform will facilitate asset swapping and bridging while ensuring high security, low transaction costs, and optimal transaction routes to enhance overall user experience and efficiency.
The Octoblock Initial Coin Offering (ICO) has captured investors’ attention with its progress and benefits. The ICO entered phase 3 ten days after its commencement on April 1st. Interestingly, all OCTO tokens bought during the ICO are included in a staking mechanism that will earn investors weekly rewards. Moreover, buying an OCTO token during the project’s ICO grants one entry into its Tesla Giveaway.
For more information on Octoblock:
Website: https://octoblock.io/
Buy OCTO: https://reef.octoblock.io/register
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