This post is co-written by several members of the Octagon, and comes on behalf of the entire Octagon. We aim to restore trust and to show you how we’re handling the cards we’ve been dealt. Our team and our community will simply not fold!
Less than a year ago, Dr. Octavius and OG Dev started OctoFi to create something different: an all-in-one DeFi platform that rewards the token holders instead of using them as investors. The project was entirely self-funded and bootstrapped by our founders.
While many in the community are surprised by the recent news of the founders bidding farewell and stepping into an advisory role, it was always clear that they would one day step back and hand the project over to the Octagon. However, we were surprised with the timing and we don’t know why the events unfolded as they did.
With that being said, this situation has led us, the Octagon and the community, to face the biggest challenge in the project’s short history and led us all to ask, “Where does OctoFi go from here? What’s the status of the project?”
One thing is certain, OctoFi is very much alive, and has what it needs to be successful!
We, the Octagon, felt it would be in the community’s best interest to hold a meeting, take an honest look at the project’s focus going forward, and answer any and all questions presented by you, the community. During our meeting and along the course of the week, we were able to confirm several important elements were in place in order to move forward. So, let’s dive into the contents of that meeting.
1. ALL FUNDS ARE SAFU!
All project funds were transferred to the multisig safe, controlled by the Octagon members and requires 5 of 8 signatures to be used or transferred. These funds allow us to fund development and marketing, apply for exchange listings, seek partnerships and other investments, fund donations and community-driven initiatives, and any other endeavour that will benefit the project and community.
2. Octagon member status
Doc/O.G. is stepping back and will be a trusted third-party functioning as a project advisor. OCTOAK88 is stepping into Doc’s role as the face of the project and marketing lead. Darnboo is stepping into O.G.’s role as lead developer. Cameron and RN03xx will be leaving the Octagon and their roles are open to be filled, voted for by the community. All other Octagon members have agreed to stay with the project and help fulfill its mission.
Ultimately, this leaves the possibility of 4 positions to be filled within the Octagon and we’re currently reviewing all the options amongst the community members that have shown themselves to be available to help. You are welcome to apply to an Octagon position by emailing us at: Marco@Octo.Fi
3. Full access to the Github repos and all project resources
The usernames and passwords for all sites have been handed over to the Octagon. This enables us to move forward as intended, without needing to recreate anything, and allows us to focus on the core priorities.
4. Commitment to transparency/community
We are aware that transparency and more frequent communication is needed in order to succeed. Therefore, we will aim to have bi-weekly updates for development and marketing but only do so when there are actual milestones to report on. This enables all frentacles to be much more aware of what’s being worked on by the Octagon!
5. Path forward
The focus has always been to create ‘Your all-in-one DeFi platform’. Our main goal is to create an application that enables you to manage all aspects of your portfolio, rather than using it for one specific feature.
We will be prioritizing bug fixes and UI/UX improvements to ensure the platform is operational and easy to navigate and use. Wallet direction and licensing concerns will be addressed. We’re exploring other networks (Binance Smart Chain) and Layer 2 scaling solutions (Polygon) to allow the community to access the OCTO token with cheaper transaction fees. We also hope this provides a way for us to distribute monthly fees more effectively and to address any unpaid distributions.
We’re looking forward to publishing another post on Monday with a more detailed list of development priorities and we hope to receive your feedback.
When it comes to marketing, OCTOAK88, Marco and CFow have been taking the helm. We are delivering constant posts and social media engagement based on the roadmap, accomplishments and all activities behind the scenes.
With the upcoming developments and multi-chain implementation, you can expect frequent updates in the near future, and we’re planning on locking in some meaningful collaborations with aligned parties.
This applies to both in-house content creation, co-marketing opportunities, guerilla marketing and other cost-efficient solutions that will aim to educate potential users instead of creating short-lived hype or paid-for traffic.
6. Closing thoughts
Although we don’t know why events unfolded as they did, the challenge presented by OG and Doc leaving has also had a positive impact on the Octagon.
It enabled us to identify who’s here to stay and make this work, even during the darkest hours of OctoFi. We’re looking forward to onboarding new Octagon members & developers to create the platform the community signed up for!