Octopus Network Proposal: OCT/REF Token Swap

Dear ref community,

As the founder of Octopus Network, which is a multi-chain network built around NEAR Protocol, I would like to propose doing a considerable amount of $OCT-$REF token swap, which I think will benefit Ref, Octopus, and NEAR eco as a whole. Here is the proposal:

Background
The Octopus Network is a multichain cryptonetwork for launching and running Web3.0 application-specific blockchains β€” appchains. Appchains in the Octopus Network benefit from flexible and cost-effective leased security (LPoS), out-of-the-box multichain interoperability, complete infrastructure, and a ready-to-be-engaged community. The core of the Octopus Network is the Octopus Relay β€” a set of smart contracts running on the NEAR blockchain, aka mainchain, that implements the security leasing market.

Terms

  • 1M USD worth of OCT for 1M USD worth of REF
  • Token swap rate will be determined by the market price on Coingecko at the time of token swap.
  • Token swap happens immediately after if the proposal passes
  • As an immediate next step, Ref.finance DAO will pool the OCT received with its REF treasury to create an LP position on the REF <> OCT Pool. Similarly, Octopus will also pool the REF received with its OCT treasury to create an LP position on the same REF <> OCT Pool. As as result, the token swap will add ~4M USD liquidity to existing REF <> OCT pool.
  • Public commitment to lock in values for 2 years, and not to sell any tokens.
  • Ref.finance DAO will add a new DAO member from the Octopus team.

Why this makes sense for OCT

  • We share a similar focus to grow the NEAR ecosystem
  • Ref.finance is the first and currently the largest market on NEAR native runtime that has a good user base and user traction
  • OCT has the largest trading volume on Ref.finance compare to Uniswap, Gate.io, MEXC, etc.
  • Ref.finance has a structured incentive program for the Octopus ecosystem projects.

Why this makes sense for REF

  • OCT plays an important part in the NEAR ecosystem, and it unlocks the Substrate-based application-specific blockchains to be deployed on NEAR. Ref.finance is focused to work closely with NEAR ecosystem and to grow together. A token swap signals a stronger support by the Ref.finance to Octopus ecosystem.
  • Octopus has a dynamic ecosystem, started with Debio as the first appchain, now the second appchain Myriad is doing an IDO on Skyward, and Octopus is planning to launch 1 app chain in every 3 weeks in the next 6months. The token swap signals a deeper collaboration, that of all of the incoming Octopus ecosystem projects will create their first market on Ref.finance, hence brining more users and liquidity to Ref.finance.
  • Exposure to the Octopus ecosystem.

I wish you will find the proposal make sense.

Best,

Louis

9 Likes

That’s awesome, totally make sense! I agree it would bring traction from Ref Finance to Octopus and bring Octopus traction to Ref Finance. That would be great!

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