Over the last few years, the DeFi industry has grown by leaps. Developers in the community have come up with various projects to address different issues. While some of these are sustainable and have been fundamental in the growth of digital currencies in their entirety, many of them have missed the mark.
When it comes to new DeFi projects, developers often try to implement concepts from the existing projects. Some even go a step further to copy existing codes for their smart contracts. Typically, these projects feature errors and unexplained aspects that affect the project’s proper working.
The Octaplex Network aims to solve the issues with the current projects and upgrade the existing concepts. So, what is the Octaplex Network all about, and how do investors benefit from it? Keep reading to find out more.
Explaining the Octaplex Network
Octaplex is a revolutionary network that aims to transform DeFi’s future development and frictionless yield generation tokens. The ecosystem is built on the Binance Smart Chain, and brings a unique concept to the popular DeFi strategy; yield farming. In this way, Octaplex is a pioneer in the industry and will create a template that numerous other projects can build on the concept.
Octaplex stands for Octahedral Complex, which is a geometric shape made of 24 octahedral cells. The complex shape is interconnected, and the project’s development team aims to expand the Octaplex ecosystem to resemble the shape, also known as Hyper-Diamond.
Octaplex’s novel idea will help build a system that is expandable and customizable. The ecosystem will feature seven+ different tokens that users will have access to through the dApp. Octaplex will create a reward system that will allow for several options. Users will get to choose from different reward options, including airdrops and lottery multipliers. Additionally, the ecosystem provides price stabilizing mechanisms that will create extra earning opportunities for the network users.
The development team remains anonymous at the moment, but has ensured safety for it’s investors by doing a kyc measure with Assure defi, and doxxing to their partners as well.The group comprises five project developers among several moderators and cooperators and is well-versed in the crypto space. Although the team members have previously been part of larger development teams, they came together to form Octaplex to fill the gap for a safe network in the DeFi scene. The team believes a secure network is necessary to pave the way for DeFi’s evolution.
In this regard, Octaplex will also be including an online network space in its ecosystem. The network will create a safe space for investors, projects, and teams to collaborate with each other. The online network will offer several benefits to everyone involved. Community members will be able to find safe projects to invest in, as well as receive real-time updates on the network’s project. The online space will help get rid of the competition mindset and instead focus on unifying the DeFi scene to benefit everyone involved.
Unique Features of the Ecosystem
If you’re interested in DeFi, then you probably know about yield farming. The lucrative DeFi strategy has drawn investors and developers, leading to the creation of multiple projects that leverage it.
Octaplex takes yield arming to the next level by introducing a unique approach to the concept. The ecosystem introduces several notable aspects that make it different from existing projects. Here’s a breakdown of these features;
Holders’ Reward System
The developers introduced a unique reward system that relieves the dump pressure from the holder’s rewards. The system also allows users to choose from a variety of tokens.
The system will initially feature seven different tokens or users to choose their rewards from. The seven tokens are $BNB $BUSD $BTC $ADA $ETH $MATIC & $PLX. Token holders can customize their portfolios to feature any six tokens in their preferred combination and percentages. The network will add a new token to the reward list every week.
The Claiming Dapp will make it easier for token holders to customize their portfolios. It is here that they can also set the preferred rations for the tokens they choose. Further, token holders will use the Claiming Dapp to claim their rewards manually. They can also select the auto-claim function available on the Dapp.
Price Stabilizing Mechanisms
The ecosystem has put in place several mechanisms to ensure the tokens’ stability.
- The multi-token reward system will include $PLX, the ecosystem’s native token. This will reduce the token’s sell pressure since holders can choose from six other cryptocurrencies.
- The buyback and burn function will help ensure each token increases in value. Following each transaction, the contract automatically buys $PLX tokens and burns them afterward. This decreases the total supply while increasing the price.
- The sell tax system will incentivize holding tokens. The selling tax will reduce as token holders keep their cryptos for longer. Besides, wallets that have $PLX tokens for longer will accumulate more rewards.
Token holders stand a chance to have their $PLX tokens multiplied through the automatic lottery system. Every buy order gives the holder a 5% chance to receive a 2x multiplier on their token holdings.
Octaplex dedicates a ‘pot’ for airdrop allocations. Wallets that hold more than 10 $PLX tokens can participate in the lottery. The contract will pick three random wallets from the pot every five hours through the automatic airdrop lottery. Both this and the lottery system adds a fun aspect to the ecosystem.
Anti Whale Mechanics
The smart contract ensures the playing field is level for all investors. It ensures that no whales can hold most of the supply, allowing small investors to participate in the ecosystem freely.
The Octaplex Roadmap: What Next?
Octaplex’s future revolves around creating an ecosystem on BSC that allows token holders to choose their reward tokens and their percentages, a novel idea in the DeFi industry. The development team would like to build a network whose investing opportunities are based on the thoroughly written contract. Instead of moving to a new project, the team would like to establish a stable project to develop further within the community.
As we gear up for the fourth quarter of 2021, Octaplex aims to expand the technical team, negotiate with exchanges, and develop several of the ecosystem’s features like Octaswap and Octawallet. Additionally, the development team is keen on building a safe online network space for the community in the near future.