Octopus Network Progress Report |Nov 1–30, 2023

MiX

Published in

Omnity Network

4 min readDec 5, 2023

By @MiX

November 2023 Highlights

In December 2023, Octopus 2.0 will officially launch.
Privacy protocol Secret Network has announced using NEAR-IBC built by Octopus Network to connect with NEAR ecosystem.
Louis was invited as guest speaker at NEARCON2023’s multichain network salon: We are still amidst the blockchain explosion, we will see emergence of hundreds or even thousands of blockchains in coming years, including appchains, middleware chains, execution layer chains, DA layer chains.

R&D｜Technical Development Progress

Octopus Network 2.0 & Apps

Setup the Testnet with OTTO chain, and complete the testing of the launch process and cross-chain features;
Support the auto deployer feature for validator, and complete the testing of GCP deployment;

Octopus Network 2.0 NEAR Restaking

Complete the testing of the validator and delegator features;

Octopus Network 2.0 Adaptive IBC

Improve the VP module and IBC-Anchor contract, and complete integration testing with the OTTO chain;

Octopus Network Community Governance

Octopus Network Ecological Data

As of November 30, 2022 23:59 UTC

Total $OCT staked: 6,744,542
Total annual protocol revenue: $24,733
Total validators: 48
Average annualized staking yield: 2.7%

Octopus Network Community Call #15

Seeking More Cooperation in NEAR Ecosystem

Currently myself and several colleagues are in Portugal attending NEARCON23. The goal is to increase the influence of Octopus Network, explaining to more NEAR ecosystem projects how $NEAR Restaking will positively impact NEAR’s token economy. Once people understand our efforts, it will become apparent Octopus Network will play a critical role in NEAR’s success. This will lift the perceived value of Octopus Network within the NEAR ecosystem.

We were also happy to hear some good news for the overall ecosystem brought by the NEAR Foundation. As part of the NEAR ecosystem, we want NEAR to continue moving in the right direction, becoming the most valuable crypto ecosystem. The biggest news we learned is Illia elected as CEO of NEAR Foundation. Illia has long been a supporter of Octopus, also one of the best founders I know. Moreover, Illia has an impressive background in AI. He coauthored Attention Is All You Need, one of the most important AI papers ever. He was also a major contributor to Google’s AI framework Transfer Flow. When Illia first entered crypto, the first project he worked on was an AI + crypto project. Only later did he pivot towards NEAR protocol. Illia and his team are best positioned to combine the power of AI and Web3.

This was my first time attending NEARCON in-person. I have to say the online experience cannot replace the value of offline events. During NEARCON23 we will make efforts to increase Octopus Network’s brand awareness within the NEAR community, also seek collaboration opportunities with other NEAR ecosystem projects.

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Global Influence of Octopus Network

Octopus Network Invited to Attend NearCon23

In November 2023, Octopus Network was invited to attend NEAR ecosystem’s most important annual event — NEARCON2023, announcing that Octopus Network will launch its $NEAR Restaking service in December.

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Privacy Protocol Secret Network Announces Connection to NEAR Ecosystem via NEAR-IBC Built by Octopus Network

During NearCon2023, Privacy protocol Secret Network built on Cosmos SDK announced using NEAR-IBC developed by Octopus Network to achieve cross-chain interaction between Secret Network and NEAR Protocol in 2023 Q1.

This will be the first-ever connection between Cosmos ecosystem and NEAR.

Based on asset cross-chain via NEAR-IBC, Octopus Network will continue exploring message cross-chain technology with Secret Network, allowing NEAR smart contracts to directly invoke Secret Network’s privacy compute capabilities.

Louis Invited to Participate in NEARCON23 Multichain Panel

At the “Infra Ain’t Easy:Connecting the Multi-Chain World” panel, Louis said we are still amidst the blockchain explosion. In coming years we will see emergence of hundreds or even thousands of blockchains, including appchains, middleware chains, execution layer chains, DA layer chains. This is all part of the innovation and exploration process. Octopus Network exists for this purpose — helping achieve seamless cross-chain based on AdaptiveIBC; helping new blockchains achieve flexible, fast decentralized bootstrapping and operation via $NEAR Restaking.

Panel | Adaptive IBC: Connecting Cosmos with NEAR

At 11:22am HK time on November 22, organized by Secret and Octopus Network, hosted jointly by Patrick Hawk and Vivi Lin. A Twitter Spaces session was held on the theme “Adaptive IBC: Connecting Cosmos with NEAR”, jointly discussing the scintillating sparks arising from combining Octopus Network’s cross-chain based on Adaptive IBC and Secret network’s privacy compute technologies.