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Octopus DAO December 2023

Omnity plus-one
Omnity Network
Published in
7 min readDec 13, 2023

The 16th Octopus community call, held on December 8th, was a landmark event, marking the final and notably significant gathering of 2023.

Since the announcement of the Octopus 2.0 plan in April, we have been fully committed to turning this vision into reality. Thanks to the collaborative efforts of all core teams and the community, we have reached our most significant milestone this year: the launch of Octopus 2.0, set for December 17th.

Core Team Updates

Louis, Founder

Gearing Up for Octopus 2.0: The Exciting Journey Ahead

This month, we are making final preparations for the launch of 2.0. I believe that many members of our community may be wondering what comes next. How about the 2.0 appchain pipeline? Actually, we have some good news. During NEARcon, we shared $NEAR restaking and gained support from key individuals in the NEAR foundation. They were convinced that $NEAR restaking is a new way to consolidate the NEAR token economics and could create a triple win situation for the NEAR protocol, Octopus, and the NEAR ecosystem projects. Because once these NEAR ecosystem projects adopt $NEAR restaking, they will be economically aligned with the NEAR protocol. So we can expect the first batch of Octopus 2.0 chains to come from the NEAR ecosystem. We are currently in talks with a few potential partners, but it is too early to make an announcement. Once we nail down those partnerships, we will surely inform our community.

Optimizing $OCT Value Capture: Transitions to Buyback and Burn Model

About the $OCT value capture mechanism, as I announced in my tweet, starting from Octopus 2.0, it will be changed to a buyback and burn mechanism rather than staking income. The major reason is that buyback and burn is a more direct and effective value capture mechanism compared to staking income. This is because only a small portion of $OCT tokens has been put into staking or delegation. However, buyback and burn will evenly benefit all $OCT holders and also impact the price equilibrium in the market.

We have some new ideas to leverage the expertise of the Octopus core team. We have been working on cross-chain protocol design for three or four years, so we can do more than just the multichain network. Therefore, we may launch some other cross-chain protocols to provide additional value contribution to the $OCT token.

Therefore, I believe that buyback and burn will serve as a unified value capture mechanism for the existing and upcoming protocols or products that we create for the Octopus community.

Reflections from NEARcon: A Vibrant and Evolving Ecosystem

My main observation from attending NEARcon events is that NEAR is still very active. There are a lot of builders, founders, and developers during the events. The most notable news from the events is that Illia has returned to the role of CEO of NEAR Foundation. In this volatile environment, our ecosystem, the NEAR ecosystem, still needs leadership. We all know that Illia is the founding father of NEAR Protocol and he also has a strong background in AI.

There were many news announcements during NEARcon. I can see that NEAR Protocol has two main directions. One is embracing Ethereum and adapting to this new modular blockchain stack. I think this is necessary since the majority of blockchain researchers have reached a consensus that the future will be a modular blockchain. NEAR needs to find a solid position in this structure. The other direction is to embrace the combination of AI and Web3. As I mentioned before, NEAR is in the best position to do that, given their AI focus from the very beginning.

So I have complete confidence in the NEAR ecosystem. I also believe that Octopus can still play a critical role in the NEAR ecosystem. During this process, we can create a significant amount of value for our community and $OCT holders.

Julian, Head of Development

Last month, we focused on the Phase 2 testnet. During extensive testing, we discovered some functions that did not perform as expected. We have been working to resolve these issues over the past few days.

We are also preparing for the launch of Ottochain’s mainnet. The necessary infrastructure for Ottochain, including the RPC gateway, block explorer, and validator deployment tools, has already been prepared. We are currently conducting thorough internal testing and aiming to ensure the entire system is ready before the Ottochain launch.

We may require a public test in the coming days.

Sheldon, Ecosystem Development Lead

I’m also looking forward to the Ottochain launch and Octopus 2.0 launch. As a technical advisor for Ottochain, I’ve been helping them a little bit. I’m very grateful for the engineering team’s work on the Octopus network side. Obviously, it’s critical to the launch of the new product and I’m very proud to be supporting some interesting dApps coming online on the Ottochain side.

There are other individuals who are considering the adaptive IBC connection. They’re, of course, a little hesitant because it’s a new technology. Cosmos chains, generally speaking, are very comfortable bringing up IBC connections with other similar platforms and SDKs, such as the Cosmos SDK. But they’re still interested in this scope. So I’ve been making some comments on GitHub and having some private conversations about this. And the interest level is significant. Obviously, most people are interested in something new, but still slightly hesitating. They want to see a “burn-in test,” which is the equivalent of someone trying it first. So I’m very happy and grateful that Secret Network will be working on the IBC upgrade in order to make the adaptive IBC integration possible. And I’m continuing to have discussions with other potential Cosmos chains and other partners that could also benefit from this technology.

There are a number of other individuals as well who’ve made comments and requests about other repositories that we work on, the majority of which are related to Octopus 2.0, but some of which could be used for other purposes. So I’m very happy to see code bases being appreciated by other teams, and we’re looking forward to more collaboration within the Cosmos ecosystem with teams like Informal, Secret, and many others.

I’m also looking at some events in Art Basel. I’m a resident of Miami. I’m from here. So there are some interesting crypto events. The majority of them don’t necessarily fit our audience. But at the same time, there are still a few very interesting things that I’ll be attending and in some cases supporting.

Vivi, Head of Media

In early October, we were fully engaged in prepping for the participation of NEARcon, with our efforts focused on the press release, collaborating with the NEAR team to organize the event, the cocktail party, the bounty activities, etc. During NEARcon, we made two major announcements. Firstly, the launch of $NEAR restaking in December and our sponsorship for Ottochain. Secondly, Secret Network is set to integrate Adaptive IBC in the first quarter of 2024. This integration is a significant milestone as it establishes the first connection between the Cosmos and NEAR ecosystems. Our media team did an amazing job promoting the announcements and spreading the word during NEARcon. Our designer Leo created a series of fantastic videos about NEARcon and shared them on Twitter.

Also, we teamed up with Secret Network for a Twitter Space event. Louis presented Octopus to their community and dived into the promising prospects of our collaboration. As Secret Network is a pioneer in confidential computing blockchains, our partnership is set to enrich the NEAR community with features like confidential payments, confidential DeFi, etc.

Next, We’re in full swing preparing for the upcoming Octopus 2.0 launch, with efforts spanning AMA, news publication, promotional activities, website updates, etc. By the way, Vivi has been invited to attend the NEAR Town Hall happening on December 14th at 00:00 UTC to talk about the upcoming Octopus 2.0 launch. Please join if you have time.

Q&A

Q: Will the buy and burn model be applied only to Octopus 2.0 appchains or also to Octopus 1.0 appchains?

Louis: Octopus 1.0 and 2.0 will run parallel for a while. As a result, the buy and burn model will currently only be applied to Octopus 2.0 appchains, and $OCT holders can still delegate or stake $OCT tokens to the 1.0 appchain and receive staking rewards for a while.

We are trying to find the best way to merge Octopus 1.0 with 2.0 in order to maintain a unified protocol and save technical effort. However, we also need to keep our commitment to our partners, especially AppChains, whether they are on the 1.0 network or 2.0 network. Therefore, a decision has not yet been made.

Community Call #17— January 8th, 2024

Octopus Network will transfer decision-making power to the Octopus DAO in a planned and structured manner through on-chain governance.

Validators and delegators who have not joined the Community Call private channel, please join as soon as possible so that you do not miss the opportunity to jointly build and govern the Octopus DAO.

Do not miss the next Community Call, January 8th–12:00 GMT +8

To join:

  1. Open the link: https://discord.gg/BEQrN4Ya7C
  2. Enter the Discord channel and follow the prompts to verify your identity with your NEAR wallet.

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Omnity plus-one
Omnity Network

Written by Omnity plus-one

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