Octopus Network Progress Report | May 1–31, 2023

MiX

Published in

Omnity Network

6 min readJun 6, 2023

By @MiX

May 2023 Highlights

Implementing the Restaking Base contract, and done one internal code review
Prepare for an audit of the NEAR IBC contract and collaborate with blocksec on the audit.
Fusotao is building a Launchpad service for AbyssWorld, a 3A-grade open-world ARPG-style Web3 game that is expected to explode in popularity in 2023.
In Community Call #10, Louis discussed the relationship between Octopus Network and Restaking and published an article titled 《Restaking: The AC Moment of Decentralized Trust》
MiX has released an educational article on Restaking titled 《Understanding EigenLayer’s proposed Restaking protocol》

R&D｜Technical Development Progress

Octopus Network & Apps

Refined the launch process of the Cosmos SDK Appchain, and the sample verification is ongoing

Octopus Network 2.0 Smart Contracts

1、Implementing the Restaking Base contract, and done one internal code review
2、Completed the design of the LPoS Market contract;Design the LPoS Market contractOctopus Network 2.0 Bridge

Octopus Network 2.0 Bridge

1、Refined the design of the Relayer based on Hermes
2、Updating the implementation of integrating Tendermint light client in IC

Octopus Network 2.0 IBC

NEAR IBC, implemented the codes for ICS-20

Octopus Network Appchain Ecosystem

Five Appchains have launched and eight Appchain Candidates are in various stages of development.

The Octopus Network currently operates 5 Appchains: Fusotao, Myriad, Atocha, DeBio, and Discovol. There are 8 candidate Appchains: 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 building a Launchpad service for @AbyssWorld, a 3A-grade open-world ARPG-style Web3 game that is expected to explode in popularity in 2023.
Read more…

Atocha Protocol

Atocha Protocol is a decentralized protocol for creating and solving puzzles with prizes.

Announcement: Atocha Commemorative NFT Claim
Read more…

Myriad.Social

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

Myriad.Social is the best choice for community forums.
Read more…

Debio.Network

Decentralized Bio Network (DeBio) utilizes blockchain technology aimed at genetic testing, bioinformatics analysis, and biomedical testing

Debio is researching and analyzing the entire genome to provide diagnostic AI.
Read more…

Octopus Network Community Governance

Octopus Network Ecological Data

As of May 31, 23:59 UTC:

Total $OCT pledged — 8,425,020
Total annual revenue — $79,326
Total number of validators — 61
Average annualized staking returns —5.2%

Octopus Network Community Call#10

On May 8th, the Octopus DAO held its tenth Community Call.

As we all understand, the crypto market is driven by narratives. There were many narratives being told, but eventually only certain ones that truly add value over time prove to be successful. For example, the Layer2 narrative has now been proven valuable with evidence that the total trading volume of Layer2s surpasses that of Layer1s. As a startup team, we should remain alert to new narratives, but we must recognize two key issues. First, the probability of a narrative turning successful is relatively low — perhaps only one in ten narratives will ultimately prove valuable. Second, the Octopus Network team has a unique DNA. We’re not necessarily equipped to chase every trending narrative. For instance, we lack the technical ability to follow narratives like ZK-rollup, Zero Knowledge Proof, and MEV, which have been hot topics since last year.

With our services and technological advantages in mind, we are committed to the narrative of Restaking. Recently, this topic has sparked increasing discussion in the Ethereum community. Eigen Layer introduced this primitive and is undoubtedly the leader in this field. To be seen and recognized as a major Restaking player, we need to engage more closely with Eigen Layer and contribute more to the discussion and promotion of the Restaking narrative. However, there has been limited discussion about Restaking within the NEAR ecosystem, apart from the Octopus Network. This is an area where we need to exert considerable effort. If the Restaking narrative spreads rapidly throughout the crypto world like the MEV narrative, I believe the NEAR community will recognize its value sooner or later.

Read more…

Octopus Network Global Influence

《Restaking: The AC Moment of Decentralized Trust》

Louis has published a Restaking narrative article.

Why restaking is so important for decentralized trust? Firstly, through restaking, decentralized trust can be easily transmitted over the boundaries of consensus protocols. It’s worth noting that the sharing of decentralized trust is not an invention from restaking but an exploration result of shared security.

As we all know, scalability has been the core technical theme in the blockchain field in recent years. A very direct approach to scalability is the multi-chain network, which distributes applications to run on dedicated blockchains, aka appchains, thereby bypassing the capacity limit of a single chain. Meanwhile, multiple chains are connected to a network through cross-chain protocols, allowing for the exchange of assets and data between applications. However, security would linearly decrease if a single chain is simply divided into multiple chains. Therefore, researchers of multi-chain networks have been for years exploring shared security: sharing a single big source of decentralized trust between multiple blockchains.
Read more…

Vivi was invited to organize and host GPT DAO #009.

Octopus Network co-hosted an AI application event in Silicon Valley to support the development of the Web3 and AI application ecosystems. Vivi was invited to host and organize a themed salon on the topic of “AI & BEYOND: Will Plugins Replace Apps?”, discussing the changes that AI brings to our lives.
Read more…

《Understanding EigenLayer’s proposed Restaking protocol》

MiX has released an educational article on Restaking

Restaking is a shared security mechanism that allows the same asset to be staked on multiple “decentralized applications/blockchains” simultaneously to provide security. Typically, new “decentralized applications/blockchains” will choose to join a blockchain ecosystem that offers sufficient security and is compatible with their own project to attract stakers through reward distribution. Stakers can stake their assets again on this new “decentralized application/blockchain” and receive additional reward income.
Read more…

DeepMine：Appchain Candidate

DeepMine posted on the forum, introducing their future development plans and roadmap as an Appchain.
Read more…

Octopus’ Otto AI has been released.

Otto AI is available 24/7 and can answer any questions about Octopus Network. Simply visit the “Ask-Otto-ai” channel on Discord and ask @Otto your question.
Read more…

Octopus Guild: Reborn

Octopus Guild programme has started and we have a meeting every Thursday. This aimed to allow the community to take full control and responsibility for guild activities. The guild would have a community chain and funding would come from Octopus Network. The guild would focus on various programs and initiatives, including a 3000 NFT collection, partnership, educational content and charitable contributions. The team had several meetings in the month of May and have made some progress on defining the tokenomics and Dapps are going to be built.