As Solana (SOL) struggles against current market dynamics, Octoblock staking during ICO is working perfectly, attracting more investors every day.
Solana news
The Solana (SOL) price saw a 31% decline from its April 11 high of $172 to $119 on April 14. Additionally, CoinGlass data revealed that Solana’s open interest (OI) was at $1.62 billion on April 14, a 21% decline from the previous day. This downturn wiped out $36.55 million worth of traders’ long positions, leaving many disappointed.
However, the SOL price found support at its ascending trendline, which pushed its price back above $155. Investors and analysts are now closely monitoring Solana’s price movements to see if the uptrend will last or if this was just another dead cat bounce.
What is Octoblock?
Octoblock is a new decentralized finance (DeFi) protocol on the Binance Smart Chain, seeking to revolutionize the landscape with an array of initiatives.
The Nautilus Trove, a self-sustaining treasury, will fuel the network alongside OCTO tokens. The Trove will aggregate Octoblock’s asset inflows and utilize a double-strategy to allocate them to DeFi strategies and yield-bearing investments. This facilitates a constant flow of revenue while allowing for expansion.
Half of the profits generated will be dedicated to rewarding the OCTO holders, with 45% distributed through monthly USDC airdrops based on the percentage hold of the tokens. The other 5% will be shared randomly through Octoblock’s Saltwater sweepstakes, adding elements of Game-Fi in the ecosystem.
A portion of the revenue will also be allocated to the Tentacle Trust. This integrated charitable account will help fund organizations involved in the conservation of marine ecosystems. OCTO holders contribute indirectly but effectively to the fight against environmental degradation by voting monthly to choose the recipient of the trust’s donations.
Octoblock’s vision extends to many other areas, including cross-chain interoperability, where it will launch a one-stop platform providing both asset swapping and bridging capabilities.
Decoding Octoblock’s ICO staking
Any OCTO tokens acquired during the Octoblock Initial Coin Offering (ICO) are immediately recorded and included in its staking process. This allows investors to start earning rewards right from the moment of purchase as opposed to after, like conventional ICOs. The rewards are distributed weekly through airdrops, with the Annual Percentage Yield (APY) calculated based on the OCTO price at that stage of the offering. The APYs will be clearly displayed on Octoblock’s official website, giving investors a view of their potential earnings.
The success of Octoblock’s ICO staking was evident in its first airdrop on April 9, which provided an impressive APY of 185.5%. Following this, the Octoblock team announced the first allocation of USDC to the Nautilus Trove, which was intended for inclusion alongside OCTO tokens in the airdrops. True to its promises, on April 15, the second airdrop included USDC and OCTO tokens, providing an APY of 165%.
While other ICO projects may offer staking with high APYs initially, many of them often struggle to maintain these levels, leading to project failures. Octoblock mitigates this risk by leveraging Beefy Finance to generate yield returns, ensuring that its staking rewards are not only attractive in the short term but also sustainable and viable in the long run.
For more on Octoblock and its ICO:
Website: https://octoblock.io/
Buy OCTO: https://reef.octoblock.io/register
