Octopus Network launches $NEAR Restaking to Scale up Decentralized Trust
A Brief Introduction to NEAR Restaking and Ottochain
Octopus Network, a Web3 infrastructure built on the NEAR Protocol, has announced the upcoming launch of $NEAR restaking during NearCon 2023.
Rewards for Re-Stakers
$NEAR restaking plays a pivotal role in Octopus Network’s “Octopus 2.0” program, set to launch in December this year. The team will sponsor 4 million $OCT tokens as rewards for re-stakers who choose to re-stake their $NEAR to Ottochain — the first Cosmos SDK-based and EVM-compatible appchain crafted by the Octopus community, utilizing $NEAR for shared security.
Inspired by Eigenlayer’s restaking scheme, $NEAR Restaking introduces an innovative solution, transforming the decentralized trust landscape by making it scalable.
Immediate Benefits for $NEAR Holders
For $NEAR holders, particularly validators, the benefits of restaking are immediate, multiplying their earnings by validating additional modules such as Octopus 2.0 appchains, Ethereum Virtual Machines, and private shard infrastructures.
Optimizing Capital Efficiency
Beyond optimizing capital efficiency for NEAR stakeholders and amplifying value streams across the NEAR Protocol, $NEAR Restaking fosters cost-effective security for appchains and streamlines their bootstrapping process. Simultaneously, it encourages the use of $NEAR as the underlying staking asset in more appchains, enhancing value capture and promoting a healthier supply-demand balance within the broader NEAR ecosystem.
About Ottochain:
Ottochain, a Cosmos SDK-based and EVM-compatible appchain initiated by the vibrant Octopus community known as Octopus Nation, aims to unlock the potential of decentralization. At its core, Ottochain provides a secure and interoperable platform for inclusivity and active engagement. By adopting the Octopus 2.0 shared security model, Ottochain ensures the integrity and security of consensus through consensus, local staking, and L1 restaking to mitigate attacks due to low initial token valuation.
