Octopus Network (OCT) price has declined today.
The price of Octopus Network (OCT) is $0.293301 today with a 24-hour trading volume of $886,580.58. This represents a -14.60% price decline in the last 24 hours and a 69.40% price increase in the past 7 days. With a circulating supply of 79 Million OCT, Octopus Network is valued at a market cap of $23,082,840.
What is Octopus Network?
Octopus Network is a multi-chain interoperable cryptonetwork for bootstrapping and running Web3.0 application-specific blockchains, aka appchains.
Appchains allow developers to customize their application in terms of governance structure, economic design, and underlying consensus algorithm — even at the bottom of the technology stack.
Appchains in the Octopus Network benefit from flexible and cost-effective leased security (LPoS), out-of-the-box multichain interoperability, complete infrastructure, and a ready-to-be-engaged community.
The Octopus Network reduces the cost of launching appchains by millions of dollars and can host an unlimited number of appchains.
How does Octopus Network work?
The Octopus Relay is a set of smart contracts running on the NEAR blockchain, aka mainchain, that implements the security leasing market.
NEAR solves scalability issues with sharding technology to allow the network’s capacity to scale up as the number of nodes in the network increases.
Octopus appchains sit on the demand side of the market. They pay rent in their native tokens to lease security from the $OCT holders who stake on them.
Appchains are interoperable with NEAR protocol and Ethereum via the Rainbow Bridge and use an out-of-box IBC pallet to connect with any IBC enabled blockchains directly.
Any asset issued on Ethereum, NEAR, or any IBC enabled blockchain can be transferred into Octopus appchains trustlessly.
In the other direction, assets issued on appchains can be transferred trustlessly out to Ethereum, NEAR, and any IBC enabled blockchain.
Why was Octopus Network created?
Octopus Network was created to make Web3.0 accessible to all Substrate and Web3.0 developers by solving the problem of how to lower the cost of both bootstrapping and operating an application-specific blockchain.
Cosmos’ sovereign security and Polkadot’s shared security models risk pricing out start-up level Substrate development teams and can throw a newly launched appchain into hyperinflation.
But Octopus uses a leased security design (LPoS) which allows appchains to choose the level of security they need at any time and scale as necessary.
Octopus will be able to offer mass adoption for Web3.0 applications, which allows Web3.0 to be realized much sooner and by more protocols than other platforms.
Octopus Network sees a Web3.0 future where Octopus, Polkadot, Cosmos, and perhaps many other protocols all exist simultaneously to provide multichain options for all types of Web3.0 developers.
What is $OCT?
$OCT is the native token of the Octopus Network. It is a fungible, non-inflationary token. $OCT serves three primary functions in the Octopus Network Ecosystem:
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Collateral to guarantee appchain security
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Endorsing appchain candidates by upvoting them in the candidate queue
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Governance
Octopus Validators stake $OCT tokens to validate a particular appchain and set up a node to run that appchain’s protocol. In return, Validators are eligible to receive the respective native token of the appchain they are validating.
$OCT holders can delegate their $OCT to Validators for a share in the staking rewards of an appchain’s native token.
$OCT holders are able to endorse appchain candidates by upvoting them.
$OCT holders not only have the opportunity to diversify their portfolio with a variety of token assets by staking on different platforms, they also get to decide what protocols they would like to have the opportunity to stake on.
$OCT holders are also entitled to control the governance of the network by forming the Octopus Network DAO.
$OCT Token Release and Locking Schedule
The total supply of $OCT is fixed at 100 million.
All $OCT will be minted before the Octopus mainnet goes live.
30% of $OCT is allocated to 15% Seed + 12.5 Series A + 2.5% IDO. There is no lock for this portion.
5% of $OCT belong to the Octopus Foundation to be used to provide the initial security for appchains. While there is no locking for this portion, it won’t go to circulation because it’s designated for appchain staking.
Of the remaining 65%, the portion including 6% angel investors + 5% the strategic investor + 24% core team +10% Octopus Foundation will be released linearly over the course of three years after the token generation event (TGE).
Where can you buy Octopus Network?
OCT tokens can be traded on decentralized exchanges and centralized crypto exchanges. The most popular exchange to buy and trade Octopus Network is Uniswap V2 (Ethereum), where the most active trading pair OCT/USDC has a trading volume of $151,182.56 in the last 24 hours. Other popular options include Gate.io and BingX.
What is the daily trading volume of Octopus Network (OCT)?
The trading volume of Octopus Network (OCT) is $886,580.58 in the last 24 hours, representing a 92.60% increase from one day ago and signalling a recent rise in market activity.
What is the all-time high for Octopus Network (OCT)?
The highest price paid for Octopus Network (OCT) is $7.02, which was recorded on Jan 16, 2022 (almost 2 years). Comparatively, the current price is -95.80% lower than the all-time high price.
What is the all-time low for Octopus Network (OCT)?
The lowest price paid for Octopus Network (OCT) is $0.090166594330, which was recorded on Oct 19, 2023 (about 2 months). Comparatively, the current price is 225.10% higher than the all-time low price.
What is the market cap of Octopus Network (OCT)?
Market capitalization of Octopus Network (OCT) is $23,082,840 and is ranked #804 on CoinGecko today. Market cap is measured by multiplying token price with the circulating supply of OCT tokens (79 Million tokens are tradable on the market today).
What is the fully diluted valuation of Octopus Network (OCT)?
The fully diluted valuation (FDV) of Octopus Network (OCT) is $29,326,833. This is a statistical representation of the maximum market cap, assuming the maximum number of 100 Million OCT tokens are in circulation today. Depending on how the emission schedule of OCT tokens are designed, it might take multiple years before FDV is realized.
How does the price performance of Octopus Network compare against its peers?
With a price increase of 69.40% in the last 7 days, Octopus Network (OCT) is outperforming the global cryptocurrency market which is up 1.50%, while outperforming when compared to similar Ethereum Ecosystem cryptocurrencies which are up 12.70%.
What is the market sentiment of Octopus Network today?
The community is bullish as more than 100% of users are feeling good about Octopus Network (OCT) today.
How to add Octopus Network (OCT) to MetaMask?
Adding Octopus Network (OCT) to MetaMask allows you to view your token holdings, trade on decentralized exchanges, and more. To add them, you’ll need to import OCT as a token. You can copy OCT’s contract address (0xf5cfbc74057c610c8ef151a439252680ac68c6dc) and import it manually, or if you've installed MetaMask's chrome extension, add OCT to MetaMask with one click on CoinGecko.
Add OCT to MetaMask.
