OctoFi

June Community Update

June Community Update

Dear Frentacles,

It’s been a while since our last update but we’re here and we’re strong.

Throughout this month, a few of our Octagon members had some real-life events that needed to be taken care of which delayed our progress and community updates. We have also identified all issues that made it difficult for us to move forward. These included access to passwords, documents, and team wallets that were shared by Doc with select individuals, but not known among the full team. Many of these issues have been resolved and moving forward we will continue to improve communication internally and with the community to ensure the project has no single point of failure. You can expect to see regular updates and the creation of documentation and clear guidelines for all processes (open-source everything).

While working through issues, the Octagon attempted to contact Doc by email multiple times for input on a few items (e.g. update salary streams). Unfortunately, we haven’t received a reply. If he is reading this, please check your email. Regardless of whether we receive a response, we will continue to move forward.

Development Updates

In May we published our Development and Marketing Priorities Q2/Q3 blog post. In the update we identified all the UI/UX and product improvements that need to be addressed to make OctoFi a platform with a clear purpose and path toward user adoption. If you want to take a closer look at the development side of things, you can view todo.octo.fi, milestones.octo.fi, or priority.octo.fi.

With the cryptocurrency markets tanking, and with OCTO having seen a significant decrease in price, Octagon members currently earn 30 OCTO valued at less than $300/month. While all Octagon members are willing to give their everything to make OctoFi successful, it’s very reasonable that this simply isn’t enough to cover the salary of a full-time developer.

Therefore, Nathan created proposal OIP-19 to allocate OCTO from the treasury to bring him on board as a full-time developer for the next three months. We encourage you to check out the post in the Den and cast your vote through Snapshot.

OIP-19 thread: https://den.octo.fi/d/328-oip-19-a-3-month-salary-for-nathan

Cast your vote at: https://snapshot.org/#/octofi/proposal/QmYuK46goMbr7AYutktDgcrwYCRX7Jxbftq44U5cNRvpTE

Marketing Updates

With Nathan on board full-time, development will be underway enabling us to focus on marketing again for exposure and growth.

Initially, we’d like to address the current liquidity pool. We’re eager to launch a new, sustainable liquidity mining pool for Uniswap, with the future value of OCTO in mind. And, on top of that, we are looking to restart conversations with the bridging party we were in touch with earlier to go multi-chain and launch OCTO on Polygon.

In the meantime, we are looking for other long-term opportunities. These include, but are not limited to, content creation (SEO), AMAs, and other DEX/CEXs to work with.

Community Updates

It’s clear we’ve got one of the most amazing and supportive communities around. We sincerely thank you for your continued support and trust in the Octagon. We’re looking forward to working closer with you and feel the need to reintroduce and change some communication channels.

First, we want to get back to using the Den more frequently and consistently. This means that important community updates will be shared on the Den and a thread will follow to garner feedback, questions and other suggestions. The Den is also the best place to reach the Octagon as it provides a better overview for us compared to Telegram.

We’re also working on a Discord channel to enable us to create different categories for a better overview of all input by the community. We’ll make sure to use a bot to bridge the main Discord channel and the Telegram community channel, so both channels can be used. More in-depth conversations are better suited to the dedicated Discord channels.

In regards to the fee distributions, the May and June fees will be sent out in a single set of transactions after the snapshot at the end of the month. This will ensure everyone receives their share of the platform fees while saving us on gas costs. We are exploring a claim feature for future distributions where users can choose to save up their fee rewards and claim them as desired, at any time, through the use of smart contracts.

The Octagon had a great meeting last week with SIMETRI by Crypto Briefing. We appreciate their support and interest in getting an update from us on the current developments and look forward to exceeding all of our goals over the next few months.

With that, our community update comes to an end. We’re excited to move forward with these items and to receive your feedback and comments.

Wishing you a wonderful week ahead,

The Octagon

June Community Update
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