New Protocol Submission

[oct-sheldon]

Protocol Name

Octopus Network

Symbol

OCT

Category

Cross-Chain Service

Subcategory

Bridging and Solutioning

Please provide a description of the protocol.

An elastic marketplace of staking for speculators and new chains taking capital from an L1 and locking it up as security for an appchain with completely independent consensus.

Why do you believe this protocol is a good fit for The Web3 Index?

As an onchain service provider, Octopus Network's value proposition and main operations are not just onchain, they are the result of two independent chains communicating trustlessly.

Can you describe the protocol's tokenomics?

OCT tokens are escrowed or staked by validators of other chains, and those stakers are rewarded through capital of the validator where they provide capital as security (LPoS). Each appchain sets a static schema of tokens that will reward their validators and delegators, then that capital is awarded by weight of OCT staked vs block participation per day. All validators get a 20% flat commission but if a validator misses more than 33% of blocks per day they do not receive rewards for that day/era, effecting their delegators daily rewards as well.

Total 100 million tokens, all will be liquid by August 2024. As appchains launch demand for OCT will gradually increase, leading eventually to a market that moves capital between speculation and long-standing projects as capital security. This is also a net benefit for the L1 NEAR where OCT operates.

Who are the demand and supply side participants in the protocol? Please detail how both participants interact with the protocol.

Validators and delegators supply OCT [capital] to secure these independent/smaller chains, and those appchains demand OCT for capital security. That security isn't just native to their chain, it also provides them access to NEAR Protocol, as both an execution environment (compare to Polkadot) and a liquidity source (compare to Cosmos).

Please provide the protocol’s cumulative fees over the past 30- and 90-day periods.

(results in text-API are checkpoint dates, not cumulative)
30 days cumulative: $8727.68
90 days cumulative: $25294.13

fees listed are summarized across all appchains to all validators, however, each individual appchain emits rewards in the form of their governance or native tokens, which are converted to their USDC price on Ref Finance, their priority DEX on NEAR Protocol.

all fees listed are implicit: please see the Octopus Network LPoS staking model detailed here https://docs.oct.network/general/octopus-staking.html#rewards

Fee data source

https://triggers.mainnet.octopus.network/query/revenue/all

Website

https://oct.network

Twitter

https://twitter.com/oct_network

Coingecko or Coinmarketcap URL

https://www.coingecko.com/en/coins/octopus-network
https://coinmarketcap.com/currencies/octopus-network/