It’s time again to share with you our awesome progress, which by the way, is impossible without our amazing community of frentacles.
An Early deXmas Gift
You may have noticed an early deXmas gift land in your wallet…
Perhaps you’ve speculated over its purpose and from where it originated? Or maybe you’ve read our Investor Prospectopus (dyor.octo.fi), dove deeper into our roadmap (todo.octo.fi), and still have your snorkel on like a true Chadtopus.
Truth is, that was the first ever OctoFi fee distribution to OCTO holders. Not your regular token airdrop of questionable value, or the catalyst for a sudden sell off. But rather the capture of real value distributed to the holders making OctoFi possible.
Although, this was an equal distribution to all holders, as opposed to weighted share based on amount of OCTO held.
Now we have your attention, let’s put the speculation to rest and discuss what this means for the community.
The Finer Details
Let’s first cover the recent transaction, which is also detailed on Aquarium, in Transparency Report 006.
- Earned Fees and Spend: 23,904 USDC
- Each Holder: 8 USDC
- Holders (as of 8:08:08 UTC snapshot): 2,988
Fee Distribution Wallet: 0x73F2…ce85
Our 2.0 release we will have more than one.
Around Jan / Feb 2021, we will enable fees on our platform for:
- Limit trades
- Instant swaps
- Fiat on/off ramps
As you can imagine, trading fees will not be ridiculously high like current centralized exchanges, and will instead be around 0.2% (for example here and here), with no withdrawal fees or anything else sketchy. You’ll be trading with your DApp Wallet connected and not with any hidden exchange wallets, where you’re not owning the private keys.
We will also be doing some fee testing with other services we introduce in the 3.0 Roadmap, as well as listing costs that go directly into the fee distribution (vetted listing in a decentralized way, voted in by OCTO holders, thanks to our Kleros integration).
Let’s dive deeper into the details of how we plan to distribute the funds that are collected as fees on our platform.
We have a smart contract that is able to receive funds from our OctoFi platform (fees) and OCTO holders will be able to stake an amount of OCTO for a period of time.
During that time they are not able to withdraw the staked amount of OCTO, but are able to claim platform fees (USDC, or another stablecoin can be voted in via OIP).
The funds will be distributed on a predetermined interval (as per governance vote) and will be proportional to the balance of each holder.
There will also be a maximum amount of OCTO entitled to stake, in order to prevent whales from eating all fees from the platform (sorry whales, but we can’t have you eating too much) so the distribution can be fair (pending OIP and vote).
All our functions will be nicely integrated into our frontend and noob proof.
Thanks for reading…
Check out the OctoFi Investor Prospectopus at dyor.octo.fi