Octopus DAO March 2024
👋Hey Octopus Community Friends! Hope you all had a Happy Women’s Day! 👸
On March 8th, the Octopus Network community gathered for its 19th community call. So let’s get right into it.
To start, Octopus has been steadily gaining traction ever since the successful completion of the Octopus restaking security audit and is already ranked second on defilama🚀. In fact, we are one of only two projects in the entire industry to have launched restaking. 🎉 We thank the amazing community for their support!
If anyone wants to experience and earn restaking rewards, please click👉https://v2.oct.network/staking
Early March was also filled with Omnity-related activities, including the publication of the Omnity lightpaper and promotion through various media channels.
Immediately thereafter, we fast-tracked our journey to ETHDenver.
For more details about the community call👇👇
Core Team Updates
(💻,🧠) Louis, Founder
Octopus has established a formal partnership with Eigenlayer, but we haven’t made an announcement yet. It’s not a secret; we simply believe that a mere partnership doesn’t mean much for the community. We don’t want people to speculate on our value solely based on news. However, this partnership does indicate the direction Octopus is heading in. What’s the next step for Octopus after version two? I’ll share a diagram in the chat window. So thanks to DefiLlama for putting us on the right track; this diagram clearly shows that Octopus is the leader in the Restaking track.
📈A TVL of 5 million dollars is not insignificant. Even the top ten DeFi protocols in the ecosystem lag far behind Eigenlayer, don’t they? Currently, our TVL is 2000 times less than Eigenlayer’s. So, should we compete with Eigenlayer? Or how should we compete with Eigenlayer? The answer is no; we don’t compete with Eigenlayer, as Eigenlayer represents Ethereum in the Restaking race. Ethereum is always at the forefront of the blockchain world. They have the largest community and the strongest proof-of-stake system. Therefore, we need to cooperate with them to leverage Ethereum’s power as a multichain network! Do not need to be humble. Our team is the most experienced in security sharing for appchain. Eigen Layer recognizes this and has agreed to form a partnership.
⬇️ The next step for Octopus involves easily transferring Restaking security from Eigenlayer to appchains. This is a significant development that has the potential to change the entire landscape of the multichain network. Both the Cosmos and Polkadot ecosystems will be influenced by this new option. It’s beneficial for all appchains because they have the opportunity to join the Ethereum ecosystem and enjoy a substantial amount of shared security from Ethereum Restaking in a very cost-effective manner.
Actually, we have started the development work and are working closely with the Eigenlayer team. I hope that in the near future, we could announce a concrete plan, such as how to launch and which project we expect to use for the easy restaking security.
🐙 $ETH restaking is the ultimate solution for appchain security sharing. And the other half is always interoperability. So we presented Omnity. I introduced it to Definity’s COO, CTO, and some regional hub leaders in the ICP community. They all realize that Omnity is a big opportunity for the entire ICP community because Omnity utilizes many wonderful features from ICP and will unleash the power of ICP to become a dominant player in the blockchain interoperability field.
I believe it will become a significant development. Let’s imagine — in the interoperability field, there are LayerZero and Wormhole, each project values a few billions in primary markets, but Omnity can do better! We are the first fully trustless omnichain interoperability stack that potentially could connect all blockchains together.
🐙 We will start with Bitcoin first, then expand to others. Since the mainnet launch is only less than two months ahead of us, I believe Omnity will gain recognition in a very short period of time. By doing so, the Omnity on ICP will connect many blockchains, and there will be a substantial accumulation of assets on the protocol. As a result, we will facilitate a significant volume of crosschain transactions every day, which will greatly benefit the ICP community. Everyone in the community is excited about this prospect.
Building on this foundation, Omnity will be applied to all appchains once they join the Octopus network, both Octopus 1.0 and Octopus 2.0..By combining $ETH restaking and Omnity, we will also address the two core problems that appchains are facing: security and interoperability. If these two issues are properly addressed, appchains will demonstrate their advantage of customizability.
(💻,💻) Julian, Head of Development
Last month, the development team made significant progress on the project. We completed the development of most of the components, including:
- A core hub for bookkeeping.
- Components that connect to Bitcoin and EVM chains.
- A front-end widget that makes it easy for users to execute cross-chain transfers.
- We also started integration testing of the components to ensure that they all work together correctly. We are currently testing the cross-chain transfer of Runes assets on the Bitcoin network to the test EVM chain.
In addition to the Omnity project, we also made progress on the following projects:
- We upgraded the Substrate-IBC project to the latest Polkadot 1.7.0 version.
- We improved the data statistics and monitoring features of the Octopus 2.0 project.
- We expect that we will be able to complete basic testing and prepare for the launch of the Omnity project in early April.
(📺,🌍) Vivi, Head of Media & Community
Last month we celebrated the Chinese new year — the year of the dragon, and had our last community call during the spring festival with all of you. Our whole team had a little bit of a break during the holiday, and we are back with full energy. The development team is working very hard, even harder now that we have more ground-breaking new products coming up — Omnity, the Omnichain that will connect all the blockchains, allowing data and assets transfer seemingly in a decentralized way, without sacrificing the user-experience and security. We are also joining hands with Eigenlayer to provide restaking solutions for Substrate projects. When it comes to Eth restaking — more details Louis will share later. The global community team also had a fruitful month, attending the biggest developers’ conference at ETHDenver.
Omnity PR
Earlier last month, we published the Omnity lightpaper and spread the word through various media channels. We hosted a Twitter Space on the topic of interoperability in a modular world to promote Omnity in the Chinese community, with partners from Dfinity — ICP, and other experts in the space.
During ETHDenver — we also go all out to share with the web3 community what is Omnity, its unique values and why we built on ICP.
This just kicked off the PR campaign on Omnity, and we carried that task forward in ETHDenver.
ETHDenver Details👇
We had a very productive trip. We participated in the events hosted by ICP, and I was interviewed by Kyle, the Director of Data and Analytics at DFINITY. I gave him a brief introduction about Omnity, its decentralization features, how it fits into the modular blockchain world, and why we would launch on ICP. The video will be published soon, and we will share it with you then.
We received very good feedback from the ICP ecosystem during this trip and strengthened our partnership with them. We met with the ICP foundation people, the ICP hubs, and head of global adoptions, and they are all very impressed after knowing more about Omnity through the presentation and interviews by Sheldon and I.
We expect to receive more support from the ICP ecosystem in the future.
I also met with investors from Electric Capital such as Curtis Spencer, and DCG’s investors, to update them about Octopus, and they are all very happy for our development and looking forward to supporting us more.
Remember I told you about the EL’s collaboration with us — we also met with their team, and had great progress coming up. Louis will share more details later.
Of course, we also attended NEAR’s event, where we introduced $NEAR restaking to those in the NEAR ecosystem. NEAR has always been very supportive. We also held an NFT reward activity with them.
Our designer, Leo, created a cute otto ETHDenver series for those who participated in our activity.
I also participated in other events such as Depin, BTC scalability, AI, etc., engaging in discussions with people from different ecosystems, and meeting some potential partners.
Additionally, we are creating some interesting recap videos about ETHDenver and will share them with you once they’re completed.
(💻,🤝) Sheldon, Ecosystem Development Lead
Just before ETHDenver we got to do a small giveaway for NEAR’s Chill n Shill community including a small airdrop for participation from my personal team tokens allocation. Leading up to ETHDenver we had talks with ICP’s foundation Dfinity and also their community event organizer CodeAndState. We’ll be putting together some online and offline events in collaboration with them, more details on that in the next update.
At ETHDenver we met a lot of great collaborators at the Restaking Summit, we did a short podcast at the exclusive Supermoon house, and spoke to lots of hacking teams. We spent a significant amount of time with the ICP team and their ecosystem, where they invited us to contribute to multichain standards on the Internet Computer. The appchain ecosystems teams’ like Polkadot and Cosmos were very spread out, but our friends at NEAR were easy to find at the main event, and we gave out Otto plushies to a few lucky community members.
This year at ETHDenver we were happy to cover many objectives, but with new targets and growing objectives we think next year will be even bigger. I have to catch up on followup meetings next week when I can speak!”
(📺,💬) Cesar, Social Media Manager
📈The first news I’m going to share with you from our social media channels is that we’ve recently hit a milestone of 65,000 followers on X (formerly Twitter). Last month, on this platform, we posted a total of 45 times, with 25 of those posts crafted by our Community Team.
In February, we had some exciting highlights on our social platforms. This included the completion of a full audit for Octopus 2.0 by BlockSec, the introduction of our new protocol Omnity, our addition on DefiLlama under the Restaking category, and our participation in EthDenver.
On another note, recognizing the importance of community engagement, we organized two activities to involve and reward our community. One ongoing event is the OMG series, or the Omnity Monday Games, which takes place every Monday on our Telegram group until the Omnity launch. If you’d like to join us for some fun and the chance to win $OCT rewards, feel free to participate.
❤️Lastly, we issued a challenge to reveal our next partner if we received 150 likes on a post shared on Twitter. Unfortunately, we fell just short with 136 likes. Now, it’s up to the core team to decide if they’ll reveal the details during this community call or in another opportunity. See you on Octopus socials!
Q&A
Q1: Can we find more users for appchains?
Louis: The Octopus 1.0 version will not support new appchains, and we will maintain the infrastructure until all appchains migrate to other infrastructures, perhaps in the next version of Octopus. However, for version 2.0, we have $5 million in security. This is meaningful for some NEAR ecosystem projects that wish to be economically aligned with the NEAR protocol itself. However, this level of security is not an attractive or meaningful option for other appchains. Therefore, our focus will be on what we may call version three or simply Octopus Ethereum. It will connect to Eigenlayer, providing $10 billion in security for now and potentially even more in the future. This will make it a serious and attractive option for all appchains.
Q2: Is it possible to have the option to claim $NEAR rewards similarly to how we claim $OCT rewards in Octopus 2.0?
Louis: Regarding $NEAR restaking rewards, you can claim $OCT rewards, and the $NEAR you earned will automatically be staked in the same pool. Therefore, there will be no separate method to claim $NEAR. However, you can unstake a portion of your $NEAR at any time. Therefore, it’s essentially equivalent to claiming the $NEAR rewards.
Q3: Where is the Octopus team mainly based?
Vivi: We actually have a very global team. Sheldon is sending his greetings from Miami, I’m in the Bay Area, Silicon Valley, and we have Cesar in Peru. We also have team members in Asia. So, we’re truly spanning different continents from Asia to Latin America, to North America, to the Middle East. And I’m sure we have team members from Europe as well.
