As Solana DeFi grapples with congestion, Octoblock (OCTO) is making waves with its holders gaining 24% profits in a single week.
Solana DeFi news
According to recent data from Dune Analytics, more than 50% of transactions on the Solana blockchain experience failures, primarily due to congestion. The recent surge in popularity of Solana-based meme coins has strained the network further, leading to criticism from market participants on platforms like X. Amidst these challenges, Solana’s co-founders reassured SOL holders that technical teams and engineers were actively working on resolving the problem.
On April 12, Anza, a Solana-focused devshop, announced the release of a fix for the devnet and recommended its deployment on the testnet as well. This solution aims to address the congestion issues plaguing the chain and is expected to improve the user experience once implemented on the mainnet.
What is Octoblock (OCTO)?
Octoblock (OCTO) is a groundbreaking protocol that is reshaping the DeFi landscape with its vision for an all-encompassing ecosystem tailored to meet users’ diverse needs. One of its standout features is the Crowd Funded Yield Farming (cFyF) technology. cFyF will enable DeFi users to combine their resources into communal pools and collaboratively engage in yield farming activities. This innovative approach will open doors to higher-yield farming opportunities, benefiting all participants.
The Nautilus Trove will aggregate Octoblock’s asset inflows and allocate them to DeFi strategies and diversified investments in ventures like stocks. This will ensure consistent returns and potential for growth of the ecosystem. OCTO holders enjoy substantial rewards for their engagement, including 45% of the revenue generated. This will come in the form of USDC airdrops based on the percentage of OCTO tokens held, incentivizing long-term participation and commitment. Additionally, OCTO holders will gain entry into Octoblock’s Saltwater Sweepstake, where 5% of the Trove’s profits will be distributed to selected addresses. The sweepstake offers an exciting opportunity for OCTO holders to increase their rewards, with each token counting as a single entry.
Octoblock is committed to environmental sustainability, which is evident through its Tentacle Trust. This integrated trust account will receive financial contributions from the Trove and channel them to charitable organizations dedicated to the preservation of our oceans and marine life. OCTO token holders play a crucial role in this process, voting monthly to select beneficiaries of the trust.
The OCTO ICO: An opportunity for massive returns?
The Octoblock Initial Coin Offering (ICO) started on April 1st, with the OCTO token selling at $0.035. On April 9, the Octoblock team announced the first successful OCTO airdrop, with an Annual Percentage Yield (APY) of 185.5%. This means that a $100 investment in OCTO increased to $124 within a week of the Octoblock ICO.
Octoblock’s unique ICO staking mechanism incorporates OCTO tokens immediately after they are bought and credits investors’ wallets with rewards every week. The APYs are calculated based on OCTO’s price at each phase and clearly displayed on the project’s website. While many projects entice users with unsustainably high APYs that eventually lead to failures, Octoblock sets itself apart by leveraging Beefy Finance to generate yield returns and ensure its APYs remain within sustainable ranges.
Additionally, Octoblock announced that the Trove had received its first USDC installment, accounting for 3.95% of the current $22,804 TVL (Total Value Locked). This implies that Octoblock ICO investors will start receiving USDC stablecoins alongside OCTO in the airdrops.
For more information on OCTO:
Website: https://octoblock.io/
Buy OCTO: https://reef.octoblock.io/register
