Whilst the crypto market is currently staggering with Bitcoin and altcoins price dipping at an unprecedented rate, the year has been a good one for the market. The exponential surge in interest in the decentralized finance (DeFi) trend, one of the emerging ones in the industry, has somehow managed to be a massive stroke of luck for the market at large.
Worth $79 billion at the time of writing, the nascent market is presently one of the most dominant, accounting for 15.2% of the total market capitalization, an astounding feat.
Besides this, the TVL (total value locked) in DeFi protocols has skyrocketed within the past couple of months, signifying an increase in users and obviously, interest. With this market growing exponentially, unending opportunities are opened for institutional investors and projects to tap from this budding market. Additionally, there are also opportunities for developers to create amazing projects to meet the growing needs of users in this market.
Armed with ample knowledge of the DeFi market after due diligence and careful market analysis, the Octopus Protocol platform was launched. A synthetic asset management platform as duly stated on its website, this project seeks to tap from the untouched resources of the decentralized finance space while revamping the existing structure.
Based on the Binance Smart Chain (BSC) network, a blockchain network designed to enable developers to deploy smart contracts and create decentralized applications, Octopus seeks to eliminate a few of the stumbling blocks delaying the further growth of the market. As part of this vision, the developers piggybacking on BSC’s existing model will introduce scalability, higher throughput, cheaper and faster transactions; the core tenets of the Binance brand.
Pioneering an ecosystem that will integrate affordable solutions to enable the creation of synthetic assets; a mix of assets of the same value as another, Octopus Protocol will ensure that investors can seamlessly exchange assets without having to pay outrageous deposit fees as collateral. Built on this principle, Octopus introduces a native token, the OPS token.
The OPS Token
As the native token of the Octopus Protocol, OPS encompasses the ecosystem as the fuel that runs the network. Unlike a few of the tokens in existence, OPS is a utility token with a real-world value.
First, OPS will power the passive income model of the Octopus Protocol ecosystem. As reported by the team behind this derivatives exchange platform, OPS will be used to reward and incentivize users for engaging in the platform, thus, offering them an alluring passive income source. Executing operations on the Octopus ecosystem will provide users with an opportunity to earn more tokens that could be traded or swapped for other crypto assets.
The OPS token, also, will play a key role in pushing the products of the Octopus ecosystem — decentralized asset management, decentralized derivatives exchange and the options trading feature. These products via the OPs token will offer investors an opportunity to leverage the billion-dollar DeFi market as they seek to earn huge rewards from staking and lending coins.
Also a governance token, OPS will be used as voting rights on the Octopus ecosystem for the sole purpose of promoting community governance within the network. With a total supply of 150 million OPS tokens and a present circulating supply of 11.4 million OPS, the token complies with the BEP-20 token standard.
Users with certain amounts of OPS tokens will have unreserved rights to either vote for or against suggestions on the Octopus ecosystem, further proving that this is a truly decentralized platform. The advantages of synthetic assets have continued to gather attention from enthusiasts, Octopus Protocol via its native token, seeks to be a major player.