We held our Happy New Yield AMA on January 16. We wanted to give you guys a rundown of the most important topics discussed for those that may not be too familiar with the project. We’d like to go into detail about some of the announcements made during the AMA in order to provide a comprehensive overview of what is being achieved and why it is important.
The AMA can be watched here, along with a summary of the event.
Joining Messari Registry
The first announcement in the AMA was the successful application to the Messari Disclosures Registry, an important step towards making OctoFi known as a truly transparent project. The application was made and funded by the OctoFi team.
Founded by Ryan Selkis and Dan McArdle, Messari is one of the best cryptocurrency data providers out there, focusing on bringing transparency to the crypto market. They help investors, businesses, regulators, developers and crypto enthusiasts navigate the industry through data-driven tools and comprehensive information sets which can be accessed through their website.
The Messari Disclosures Registry is a database containing verified information on selected blockchain projects. It is a push towards improved disclosure methods within the cryptocurrency industry, thus setting transparent projects apart and facilitating due diligence for exchanges, wallets, investors, regulators, and developers.
Earning the Messari Disclosures Verification Badge will set OctoFi apart from other projects on the website and place it alongside the likes of Aave, Maker, LBRY, Zilliqa, and others.
New OIPs open for voting
New OIPs or “OctoFi Improvement Proposals” are now open for voting. OctoFi Improvement Proposals allow project changes to be proposed and voted on, ensuring that the project can continue to evolve, but do so in a community-driven way. These proposals can be freely discussed and improved on in the community forum and voted on by OCTO token holders within the Octofi dApp.
The OIPs currently available for voting are as follows:
- OIP-13 Project Reserve USDC increase
- OIP-14 Platform Fee Structure
- OIP-15 The Octagon Council Members
- OIP-16 Platform Fees & Claiming Process
Please read on for some pending changes…
Platform Fees and Distribution
Since launching our community forum known as The Den, we’ve been met with in-depth feedback far exceeding what we expected. The community has proven to streamline the decision making process a great deal when equipped with a well structured discussion forum.
As a result we will announce OIP-17 to combine OIPs 14 and 16, and finalise the details for launching our platform fees sooner than expected.
Planning to deploy as follows:
- Fees collected as stablecoin (USDC/DAI)
- Fee distribution snapshots occur monthly
- Earnings proportional to OCTO holdings
- Only OCTOs held entire period get paid
- All holders eligible (no min / max limits)
- No stake to claim required (just HODL)
Voting will be open for no more than a few days. Platform fee collection wallets will be announced and adhere to our strict transparency standards. 100% of collected fees will be distributed to eligible OCTO holders each snapshot period.
Stay tuned for the preliminary proposal…
Octagon Council election
Following up on proposals, we also discussed OIP-15 which puts forward the creation of the Octagon Council, a group of 8 council members that will support and oversee different aspects of the project. The aim of the council is to make sure the project can be further decentralized, distributing certain tasks to passionate community members, including project management, marketing, and business development.
Council members will be elected for 888 days, 8 hours, 8 minutes and 8 seconds and will be granted multiple perks along with a monthly payment of 30 OCTO. The requirements for council members will be announced soon but token holders can now vote on the proposal to create the Octagon Council itself.
We’ve received loads of feedback suggesting the time elected is far too long. So it’s likely to be revised to something better aligned with the expectations of the community responsible for nominating council members.
New series of Roadmaps
A new series of roadmaps have been released and can be found here and discussed on the forum. The new set of roadmaps details plans for development up to May of 2021 which include the much awaited launch of LP rewards, distribution of platform fees, the launch of desktop and android apps as well as the launch of spot trading and cross-chain swaps.
LP rewards on their way
Liquidity provider rewards are coming sometime in the first month of 2021 and probably earlier than anticipated. The LP rewards will be facilitated through a third party partner which will be announced soon. With the launch of rewards, we’re hoping to attract more liquidity and interaction with the OCTO token.
Upcoming release soon
The aforementioned updates and more will culminate in the OctoFi 2.0 release which will include design updates, bug fixes, and more. The release will come later this month along with the milestones described in the January roadmap:
- LP rewards launch with partner
- Testing and go-live lend / borrow aggregation
- Testing and go-live spot trading (limit + market)
- Deploy and launch LP rewards smart contract
- Final prep of fee sharing for OCTO holders
- Additional NFT analysis features integration
- Testing and go-live derivatives trading
- Exploration of bridges, gateways, and cross-chain swaps
- Platform mirrors for decentralized as possible deployment
Once this much anticipated release of the platform is ready, we’ll do another launch on Product Hunt, similar to our first launch which was quite well received by their community.
The Happy New Yield AMA was a success, running for around 1 hour and 40 minutes with over 80 live viewers across different streaming platforms. We also received a lot of pertinent questions in the comments which we addressed throughout the video and will continue providing written answers to.
Our next AMA will be held at some point in Feebruary. In the meantime, feel free to join the discussion in the comments below or within our Telegram group.