Octopus Network Progress Report |Jan 1–31, 2024

By MiX

Jan 2024 Highlights

1. The Octopus Network has officially unveiled the Lightpaper for its comprehensive cross-chain protocol, Omnity. It facilitates cross-chain interactions among Bitcoin inscriptions, runes, Ethereum, Layer2, and various application chains. The launch is scheduled for April 2024.
2. LiNEAR is set to introduce $bLiNEAR, a new mechanism to provide liquidity for $NEAR Restaking.
3. The time required to unbond from $NEAR Restaking has been decreased from 21 days to just 7 days.

R&D｜Technical Development Progress

Octopus Network & Apps

1. NEAR Restaking supports the validator commission gradient rule, aimed at making smaller validators more appealing to those looking to delegate their stake;
2. Added a feature Unjail for validators with Jailed status return to the normal status;
3. Reduced the unbonding period from 21 days to 7 days;
4. Added a feature unstake_batch which ensures that users can receive the NEAR on a determined date;

Cross-chain Infrastructure

On January 31, 2024, the Octopus Network officially unveiled the Lightpaper for Omnity, its comprehensive cross-chain protocol. This protocol enables seamless interoperability across Bitcoin inscriptions, runes, as well as Ethereum, Layer2, and application chains, and is set to launch in April 2024.

Omnity is fully operated through on-chain smart contracts and does not depend on any off-chain processes, relayers, or indexers. It is a genuinely 100% decentralized cross-chain network. With its rapid and cost-effective user experience, Omnity stands as the most ideal cross-chain infrastructure for the modular world. A crucial highlight is that the revenue generated by the Omnity protocol will be allocated to repurchase and burn $OCT tokens from the open market.

Octopus Network Community Governance

Octopus Network Ecological Data

As of Jan 31, 23:59 UTC:

• Total staked in $NEAR Restaking: 746,219
• Average annualized staking returns: 20.19%
• Validators: 10
• Delegators: 209

Octopus Network Community Call #17

On January 8th, the Octopus community gathered for the first community call of 2024, filled with optimism for the year ahead. This was also the 17th Octopus community call.

Octopus 2.0 is live. We have almost one million $NEAR restaked to the protocol. It’s not bad for a starting point.

Currently, the APY of restaking is nearly 20 percent, and once the community knows about the restaking opportunity and recognizes the legitimacy of the restaking protocol built by Octopus and supported by the NEAR Foundation, I think a lot of NEAR holders will jump in, especially for aggregators. It’s quite easy money. The Layer 1 staking rewards remain completely untouched. NEAR holders will be satisfied with a 10% or even 5% increase in incentives from restaking. It’s safe to say that we can leverage a few million NEAR in total restaking by the current incentive level. We are also working on optimizing the rules to increase the decentralization level of the restaking. I think we are the first staking protocol that automatically calculates the delegation commission fee to favor the smaller validator. By doing that, I think we can have a better validator set, more evenly distributed staking assets, and more evenly distributed voting power. It will be a very good option for an appchain to start with. And of course, each new appchain will bring new restaking revenue and attract more validators and delegators. Essentially, this is the network effect of Octopus 2.0.

The other part I want to mention is that we are about to launch a new protocol — Omnity, something like Layerzero or Wormhole. We’ve come a long way to explore the cross-chain domain. The last step is adaptive IBC. We built some verification proxies on the ICP blockchain to optimize the verification cost. During the journey, we found that the ICP platform is much more powerful than we realized before. So we came up with a new Omnity protocol by fully utilizing the potential of the ICP platform and our expertise in the cross-chain domain. This new protocol can guarantee minimized cost, latency, and trust assumptions. Additionally, this protocol is fully decentralized and can be applied to many blockchains. I will not hesitate to say that I believe our new protocol is better than all the existing ones, including the first-tier cross chain protocol.

Octopus Network Global Influence

Space｜What is the Endgame for Modular Blockchain Interoperability?

On February 1st, Thursday, at 8 PM Hong Kong time, a Twitter Spaces event hosted by Vivi Lin — AI & Web3 Advocate and organized by the Octopus Network and ICP, will take place. The theme is “What is the ultimate form of cross-chain for modular blockchains?” Together, participants will discuss the form of the blockchain internet in a modular world, as well as the direction and opportunities for perfect cross-chain solutions.

You can listen to the full recording on Spotify

LiNEAR to Launch $bLiNEAR, Unlocking Liquidity for Restaked $NEAR

LiNEAR, a liquidity staking protocol within the NEAR ecosystem, is gearing up to roll out a novel asset dubbed $bLiNEAR.

$Near Restaking only allows for native restaking, which means if users restake $NEAR by themselves, they will lose liquidity of their capital. Therefore, it is natural for a liquid staking protocol like LiNEAR to step in and bring liquid restaking to the game .

Read more…

Disclaimer: This article is for reference only and should not be used as legal, tax, investment, financial or any other advice.

Follow Octopus Network!

• Website: https://oct.network/
• Twitter: https://twitter.com/oct_network
• Discord: https://discord.gg/6GTJBkZA9Q
• Octopus DAO: https://forum.oct.network/
• Medium: https://medium.com/oct-network
• Telegram: https://t.me/octopusnetwork
• Youtube: https://youtube.com/channel/UCkMYDmXdgjCBTBggSEAy0ZQ
• Github: https://github.com/octopus-network
• Docs: https://docs.oct.network/