On June 10th 2021, our community had a chance to welcome Mr. Igor Samorodov – CMO of Octopus Protocol to join in an AMA to give fruitful information about the key features and roadmap of Octopus Protocol - an open protocol to create, exchange, settle, and manage synthetic assets in an equally accessible and fair financial ecosystem.
This AMA was held by CryptoFamily Group – the top crypto community in Vietnam, where investors and traders can obtain the latest news and signals from bot/ admins, as well as discuss and share investment experiences in the crypto space.
At this AMA, the Mr. Igor directly greeted the community and provided detailed information on Octopus Protocol as well as some key products and future plans.
Time: 09:00 PM (UTC + 7) on Thursday, June 10th, 2021
Airdrop 200 USDT for the best questions in the AMA.
Below are some main points of this AMA:
Questions for Part 1- Project overview
Question 1: To kick off today's AMA, please an give me an overview of your team background and the Octopus Protocol ecosystem.
Mr. Igor: So, Our founding members, Monk and Obaid have been working on the project for over 2 years now. A lot of time and resources have been invested in Octopus that has been the heart and soul of it’s co-founders. Monk has been serving the cryptocurrency industry since the last 10 years, he was mining BTC in 2011 on his office PC. And Obaid Bin Touq is a UAE businessman who has is featured in Forbes and led nearly 13 business entities and he has an extreme interest in technological solutions.
Our CTO Chon has experience of more than five years working on different blockchain projects. Our team is a diverse collective of skilled professionals from various industries with one thing in common, a love of crypto and passion for creating innovative infrastructure in the crypto space that unites various entities within the financial market industry.
Question 2: Could you tell us about the first steps of Octopus in the cryptocurrency and its achievements so far?
Mr. Igor: As I said Monk is already 10 years in crypto and he has a lot of connections, so he was making partnerships even before our website went live. First steps were to find solid developers, we had to switch 3 development teams and even now we keep onboarding new people.
We have secured partnerships with industry leaders like Master Ventures and Titans Ventures. We have onboarded bright minds from the cryptocurrency industry - Kyle Chasse from the PAID network is our advisor. Actually, we are partnering with solid projects almost every day. Yesterday, we announced partnership with Flourishing Capital. They are building Artificial intelligence to increase traders profits. We will work on implementing their solution on Octopus.
Question 3: Could you please update some hot news or big events of Octopus Protocol in the upcoming time?
Mr. Igor: In terms of updates, we have successfully launched our $OPS token IDO on the Prostarter platform. We are also launching OPS token on the Trustpad and Ignition by PAID Network platforms on the 11th of June. Apart from our upcoming token launch, we have several development updates that we will be releasing in the next few days. We partnered with ICO Pantera, he will help us to cover Korean Market. And we are in talk with some big CEX, but I can’t reveal the details yet:)
Questions for Part 2 - Pre-collected questions from Twitter:
Question 1: Liquidity mining is the best way to generate passive income. Liquidity funds are very important for decentralized exchanges and this is exactly one of the key advantages that you will have with Octopus. What passive income strategies does Octopus offer to users? @Lidiamga
Mr. Igor: Everybody loves staking! It’s a great way to grow your portfolio. Yes, we will allow users to stake their synthetic assets. Users will stake, for example, tokenized Apple stocks and in return we will provide them LP rewards. And also, the more they stake, the bigger their part in on chain governance.
Question 2: Existing trading platforms have a lot of problems with the security of smart contracts. What do you think about this issue? What particular technology makes you believe that Octopus Protocol can create customizable financial contracts including multiple assets? @HuynhSterling
Mr. Igor: There were several hacks on BSC recently and we are well aware of it. We have experienced development team and we are working closely with our partners to help each other make smart contracts more reliable. Also, our inherent architecture minimizes the usage of oracles to access outside data, like price feeds, for synthetic assets. By providing off-chain data for blockchain transactions Octopus reduces the reliance on oracles and increases security.
The platform allows users to mint real-world assets into tokenized derivatives. A user can combine several assets and create a basket of tokens which calculates the overall price of all the instruments. In this way, users can create customizable derivative contracts that include multiple assets.
Question 3: Could you please elaborate 8 pillars of Octopus Protocol, and the utility of $OPS token within its ecosystem? What are some special features that make Octopus ahead of other derivative trading platforms? @ArinaHaaa
Mr. Igor: Let me share them:
1) Access and exposure to real-world assets
2) Minimal usage of oracles
3) Limitless design possibilities
4) Facilitating customizable derivatives
5) Censorship resistance or non-custodial
7) Trustless Architecture
8) Affordable Solution
Mr. Igor: To be honest, they all are well explained in our Litepaper, so feel free to check it out. My first favourite is limitless design possibilities. Octopus allows users to create a basket of tokens, which is represented by a synthetic asset that calculates the overall price. The basket isn’t limited to cryptocurrencies and can include fiat currencies, commodities, digital assets, bonds and more. The second one is Octopus being an affordable solution. Other DeFi derivative solutions demands big amount of funds being deposited as a collateral in exchange for the issuance of tokens. Octopus provides an affordable solution to mint synthetic assets by reducing the requirement for a high amount of collateral.
Question 4: You mentioned that clients can trade decentralized derivative assets with low fees and industry-grade standards along with deep liquidity. What efforts have you made to minimize the transaction fee and increase the liquidity ? @Dragon_winner1
Mr. Igor: As for minimizing transaction fees - we are building Octopus on BSC, currently fees are low, so users won’t feel uncomfortable like when using Eth. And as I mentioned earlier, we will incentivise users to provide liquidity by allowing them to stake synthetic assets to get decent LP rewards.
Question 5: What is the release schedule of tokens? What jurisdictions are eligible to participate in the sale on Bounce Finance? Will the sale be fairly distributed over the different membership tier levels or can we expect higher tiers to have the option to invest more? @DngGiaPhong2
Mr. Igor: Our vesting schedule is the same for all 4 launchpads. 40% of tokens are realised on TGE, then 20% weekly linear release. For our IDO on Bounce yes, max allocation is $250, so it’s fair for everyone. As for other launchpads, I believe it’s also the same.
Questions for Part 3: Best live questions in Crypto Family Group
Question 1: What your team strategy to gain more Adoption? Can you share us on recent achievement your team are most of?
Mr. Igor: We will allow users to tokenize almost anything they want. It means that we are targeting not only crypto space, but also millions of stocks, commodities and forex traders. That will help us to build a huge userbase and lead to adoption.
Question 2: Marketing is a central element for every project, so that everyone knows the potential that a project can bring is vital to achieve the goals set. What is your strategy to attract new users and Investor to Your platform and keep them long term?
Mr. Igor: Right now, we are using almost all possible marketing channels to spread the word about Octopus. We are the first synthetic project on Binance Smart Chain, so I believe only by that we will attract many users.
Question 3: Could you tell us what you consider the most interesting about your project?
Mr. Igor: I think the most interesting part is that we are permissionless, developers can come and mint any synthetic asset they want. Also, the number of use-cases is impressive. As I said, anyone will be able to trade almost any asset on the Octopus Platform
Question 4: Revenue is an important aspect for all projects to survive and keep the project/company running. What is your way of generating profit/revenue? What is the income model?
Mr. Igor: We will generate fees from our derivatives trading platform and from our asset management facility. With the growth of our ecosystem, the revenue from fees will grow accordingly.
Question 5: Community support is one of the biggest aspects of a project's success. Most projects have programs that interact with their users. Does you have any special plans to attract and expand the community and improve the user experience?
Mr. Igor: We value our community that’s why we are constantly coming up with different activities for our community. We had a series of airdrops, we are planning a meme competition, various giveaways and many more interesting events. So join us and stay tuned.
CF: Thank you so much for taking your time to join our AMA today, as well as thanks for hundreds of good questions from our community.
Seems like there're many things to exchange, but I'm afraid the time is up now.
For all of the questions that have not been answered yet, guys feel free to search for more information on the links provided below:
🌐 Website - https://octopus.exchange
🐦 Twitter - https://twitter.com/octopusprotocol
📢 Telegram ANN - https://t.me/OctopusAnnouncements
💬 Telegram Chat - https://t.me/OctopusProtocol
🇻🇳 Telegram Chat VN - https://t.me/octopusprotocol_vietnamese
💬 Discord - https://discord.com/invite/qGd9GGaYY5