Octopus Network Progress Report | Feb 1–28, 2023

MiX

Published in

Omnity Network

7 min readMar 5, 2023

By MiX

Feb 2023 Highlights

Octopus2.0 = Octopus 1.0 + (Eigenlayer+Lido) for NEAR + Cosmos SDK Appchain + Cross-chain interaction based on IBC.While the architecture of Octopus 2.0 is still in its infancy, it shows great potential, and requires further refinement in certain details.
Fusotao is actively moving towards 2.0, by adding core mechanisms such as Proof of Order Relay and Delegated Market Maker, making the Fusotao protocol cluster an Open Trading Network.
The core team is researching and designing the NEAR Restaking plan for the Octopus Network.

In February, the Octopus Network core team and several experienced blockchain researchers held discussions on Octopus 2.0 and laid the groundwork for the strategic launch of Octopus 2.0.

R&D｜Technical Development Progress

Octopus Network & Apps

1、Done the upgrade for Mainnet Appchains: Debio, Myriad, Fusotao
2、Optimize the Appchain Explorer, some Appchains are still syncing data
3、Update and optimize Apps for cross-chain bridge functionality

Octopus Network NEAR Restaking

Investigate and design NEAR Restaking solutions.

Octopus Network Smart Contracts

The Anchor Contract provides secure and cross-chain related functions for the application chain. The Registry Contract primarily manages the entire lifecycle of the application chain.

The Anchor contract released v2.5.0, which supports paying Relayer fees when transferring assets from Appchain to NEAR

Octopus Network IBC

NEAR IBC Module: The core component that implements IBC on NEAR
Substrate IBC: Implements comprehensive interconnectivity between Octopus Appchain, Cosmos, and Polkadot.

1、Substrate IBC for Gaia, and Hermes integration testing
2、NEAR IBC integration testing for the IBC/TAO related to Relayer and interfaces of NEAR smart contract

Octopus Network Bridge

1、Add the feature to pay Relayer fees when transferring assets from Appchain to NEAR
2、Investigate and test the deployment of Relayer to ICP Canister in order to reduce the cost of Relayer and improve the security of its executing environment

Octopus Network Appchain Ecosystem

As of Feb 28, 2023, five Appchains have launched and eight Appchain Candidates are in various stages of development.

The Octopus Network currently operates 5 application chains: Fusotao, Myriad, Atocha, DeBio, and Discovol. There are 8 candidate application chains: UniqueOne, PortalVerse, Attarius, Create Protocol, TrustRecruit, Yogain, Plats, and Horizonland.

Recent key developments of these projects are as follows:

Fusotao Protocol

Fusotao Protocol is DEX infrastructure for building DEXs with trading privacy, minimal gas fees, and lower trading costs.

Fusotao is actively moving towards version 2.0 by adding core mechanisms such as Proof of Order Relay and Delegated Market Maker, making the Fusotao protocol cluster an Open Trading Network.

The founder of Fusotao has published an article titled 《The Road to An Open Trading Network》, which is the first in a series of articles interpreting Fusotao’s 2023 roadmap.
Read more…

Myriad.Social

Myriad is a decentralized social network to turn Web2 content into sovereign Web3 data on its app, messenger, and Metaverse.

The Myriad PWA is now available natively on Ubuntu. Just go to http://app.myriad.social on Chrome or Firefox on your Ubuntu machine, and click the install button next to the URL.
Read more…

Portalverse Network

PortalVerse is a decentralized cloud gaming network for open and highly immersive virtual worlds (MMOs).

High-quality cloud gaming, such as “Hogwarts Legacy” and “Cyberpunk 2077”, can now be run on ordinary devices through Portalverse.
Read more…

Octopus Network Community Governance

Octopus Network Ecological Data

As of Feb 28, 23:59 UTC:

Total $OCT pledged — 8,597,166
Total annual revenue — $169,252
Total number of validators — 62
Average annualized staking returns — 9.3%

Octopus Network Community Call#7

The 7th Octopus DAO Community Call, held on Feb 8, 2023.

Octopus2.0 = Octopus 1.0 + (Eigenlayer+Lido) for NEAR + Cosmos SDK Appchain + Cross-chain interaction based on IBC. Overall, the Octopus 2.0 architecture is taking shape, but details still need to be polished.

Octopus Network has successfully built a bilateral market for security leasing, and any application chain project approved by community voting is launched based on LPoS mechanism.

For security providers, we plan to launch a new $NEAR staking derivative, which we may call $reNEAR, meaning stakable $NEAR that replaces $OCT as the exclusive collateral asset for security leasing on the Octopus Network. Based on this, we can extend the holders of security collateral assets from $OCT Holder to $NEAR Holder. Our economic system will be closely connected with the entire NEAR ecosystem, and we expect to receive more support from the NEAR Foundation. In addition, the new scheme will significantly reduce the option cost of collateral assets for application chains.

For security demanders, Octopus Network plans to expand our services to application chains developed on the Cosmos SDK.

Read more…

Octopus Network Global Influence

Summit | Blockchain Internet IBC Everywhere

On February 23rd at 9:30 PM Pacific Standard Time, Louis, the founder of Octopus Network, was invited to participate in the Cosmos Cross-chain Ecological Summit jointly hosted by IBCL and Token DAO to discuss in-depth the contributions of IBC to the blockchain internet and its long-term value.

You can watch the full video on bilibili.

Vivi participates in ETH Denver to discuss the sharing of security for application chains

Vivi participates in ETH Denver to discuss application chain security sharing. ETH Denver, as the largest developer gathering in the world, has unprecedented popularity. Vivi had in-depth discussions with Illia, founder of the NEAR ecosystem, Oleg, founder of Sweatcoin, Sasha, founder of Humanguild, Amos, a NEAR veteran, Eugene, NEAR Social founder and the chief developer of NEAR Virtual Machine — a global programming champion, Sasha from NEAR Education, Christina from Monkey Fund, Mitang, and Sky and Leon, KOL investors from Hong Kong. They worked hard to prepare for the arrival of Web3 mass applications and to lay the groundwork for the launch of the Octopus 2.0 strategy.

Closed-door Meeting | A New Narrative of Token Economics

On February 10th, founder of Octopus Network, Louis was invited to attend the offline closed-door communication meeting “New Narratives of Token Economics” hosted by Chain Teahouse. More than 20 crypto entrepreneurs and investors discussed the topic from different dimensions and the atmosphere was lively. Louis believes that Web3 and tokenization are two related but different concepts, and he proposed several key issues for discussion based on the value scenario of tokens, which was highly enlightening.

Twitter Space| Who is the King in the Battle of Cross-Chain Interoperability

On February 17th, Louis, the founder of Octopus Network, was invited to attend a salon event hosted by Waterdrip Capital to discuss topics such as cross-chain issues and trends.
Read more…

You can listen to the full recording on Twitter Space.

Accelerator Appchain Showcase#1 ft Frac.io

On February 3rd Octopus Accelerator held a Showcase#1 Twitter Space event for its future star project Frac.io, providing a comprehensive introduction to how Frac.io brings real-world assets into the crypto world.

You can listen to the full recording on Twitter Space.

Pittsburgh HODLr invites Sheldon for an exclusive interview.

On February 24th, Sheldon from Octopus Network was invited to have a discussion with Pittsburgh HODLr about cross-chain, Octopus Network’s token economic system, NEAR, Cosmos, LPoS, and shared security.