With innovative projects like Octoblock (OCTO) offering stablecoin airdrops during ICO, market observers are questioning whether this could be the new trend.
What are stablecoins?
Stablecoins are a type of cryptocurrency whose value is pegged to that of another currency, commodity, or financial instrument. Unlike other cryptocurrencies, which can experience significant price fluctuations, stablecoins aim to provide a more reliable store of value and medium of exchange. They achieve this stability through various mechanisms, including collateralization, algorithmic adjustments, and reserves held in traditional currencies. Stablecoins have played a crucial role of offering a bridge between the digital and traditional financial worlds, enabling users to mitigate volatility risks while still enjoying the benefits of blockchain technology.
Defining Octoblock (OCTO)
Octoblock is a cutting-edge DeFi protocol on the Binance Smart Chain aiming to build an ecosystem with features and services catering to diverse financial needs while maintaining profitability and social responsibility.
Among its myriad of initiatives, the Nautilus Trove will be key, strategically allocating the ecosystem’s assets to DeFi strategies and investments in yield-earning ventures, such as stocks and businesses. The Trove will thus ensure consistent revenue flow while allowing for growth. Notably, 45% of the revenue will be allocated to OCTO holders, disbursed through monthly USDC airdrops. USDC is a stablecoin pegged to the US dollar, ranking second among stablecoins by market capitalization.
The exact timing and value of Octoblock’s monthly USDC airdrops will remain undisclosed until a comprehensive snapshot of holders is taken. This is intended to prevent manipulation attempts by users who might acquire tokens temporarily to qualify for airdrops, ensuring only committed members benefit. Additionally, the USDC allocations will be proportionate to the percentage of OCTO supply held, ensuring equitability and fairness across the board.
In addition to the stablecoin airdrops, OCTO holders will gain access to Octoblock’s Saltwater sweepstake, where an extra 5% of profits will be randomly distributed to select addresses. Each OCTO token will serve as an entry into the sweepstake, with higher entries increasing chances of winning.
The Octoblock ICO
The Octoblock Initial Coin Offering (ICO) has gained significant attention, with crypto enthusiasts and investors showing support in various social media platforms. The excitement surrounding the ICO is due to its unique offerings, including a staking mechanism that automatically includes any tokens bought in the phases of the event. The Octoblock ICO investors will start receiving rewards immediately, getting weekly credits to their accounts through airdrops.
The first OCTO airdrop was on April 9th, which provided an astounding APY (Annual Percentage Yield) of 185.5%. This means that a $100 investment rose to $124. The same day, Octoblock announced that the Trove would start airdropping USDC stablecoins alongside OCTO tokens to boost value and stability for its early backers. The APYs for the ICO airdrops are calculated based on the OCTO price at each phase, and will be showcased on the Octoblock website. While various ICO projects may include staking rewards, many of them offer unsustainably high APYs, leading to eventual failures.
Octoblock sets itself apart by leveraging Beefy Finance to generate yield returns, ensuring that its APYs remain within sustainable ranges. The Octoblock ICO is currently in Phase 4 of 14, selling OCTO at $0.038 and offering a complimentary 12% bonus.
To get more information on Octoblock:
Website: https://octoblock.io/
Buy OCTO: https://reef.octoblock.io/register
