Octopus Network Progress Report | Mar 1–31, 2023

Mar 2023 Highlights

Louis shared his thoughts on the value creation and distribution of the current design of Octopus 2.0.
Louis presented on the topic of “NEAR Restaking and Octopus 2.0” at the DemoDayIsNear event in the NEAR ecosystem.
The technical research and development department has completed the detailed design of NEAR Restaking.
At the “Cosmos 2023 Ecosystem Opportunities” forum, Louis analyzed the differences and possibilities between Interchain Security and RollApp from a technical perspective.
Louis will give a complete introduction to the upgraded Octopus Network 2.0 architecture and mechanism design at the “2023 Hong Kong Web3 Carnival.” All are welcome to attend and exchange ideas.

R&D｜Technical Development Progress

Octopus Network & Apps

1、Upgraded the Appchain Explorer, Fusotao and Discovol, has completed data synchronization, while Debio, Myriad, and Atocha are still synchronizing data.

2、Optimized the Serverless module’s functionalities, migrated and updated them on the Apps frontend.

Octopus Network NEAR Restaking

Completed the detailed design for NEAR Restaking.

Octopus Network Smart Contracts

The Anchor Contract provides secure and cross-chain related functions for the Appchain. The Registry Contract primarily manages the entire lifecycle of the Appchain.

The Anchor contract released v3.0.0, supporting the verification of ICP Relayer messages signature and contract builder tool.

Octopus Network IBC

NEAR IBC Module: The core component that implements IBC on NEARSubstrate IBC: Implements comprehensive interconnectivity between Octopus Appchain, Cosmos, and Polkadot.

1、Substrate IBC is still undergoing integrated testing, while researching the Ignite for integrated testing.
2、NEAR IBC is designing the solution for NEAR light client.

Octopus Network Bridge

Completed the development and local testing of ICP Relayer, and the witness mode has been tested on the Testnet

Octopus Network Appchain Ecosystem

As of Mar31, 2023, five Appchains have launched and eight Appchain Candidates are in various stages of development.

The Octopus Network currently operates 5 Appchains: Fusotao, Myriad, Atocha, DeBio, and Discovol. There are 8 candidate Appchains: UniqueOne, PortalVerse, Attarius, Create Protocol, TrustRecruit, Yogain, Plats, and Horizonland.

Recent key developments of these projects are as follows:

Myriad.Social

Myriad is a decentralized social network to turn Web2 content into sovereign Web3 data on its app, messenger, and Metaverse.

Myriad has upgraded to include the new federation feature, allowing for multiple Myriad instances. This upgrade will require users to re-login to their accounts to fully access all features.
Read more…

Debio.Network

Decentralized Bio Network (DeBio) utilizes blockchain technology aimed at genetic testing, bioinformatics analysis, and biomedical testing

Debio has created an anonymous consultation feature that allows users to communicate remotely with verified mental health practitioners from the comfort of their homes without sacrificing privacy.
Read more…

Octopus Network Community Governance

Octopus Network Ecological Data

As of Mar 31, 23:59 UTC:

Total $OCT pledged — 8,819,491
Total annual revenue — $181,519
Total number of validators — 63
Average annualized staking returns — 10.3%

Octopus Network Community Call#8

The 8th Octopus DAO Community Call, held on Mar 8, 2023.

Founder Louis shared the initial thoughts on value creation and distribution of the current design of Octopus 2.0:

Keep Octopus 1.0 infrastructure unchanged, continue to provide services for Substrate Appchain, and OCT remains the collateral asset providing security.
Octopus 2.0 only serves Cosmos Appchains, and the new Relay will use $NEAR restaking as collateral assets to provide security for Appchain. In this new market, $OCT holders can still stake $OCT on Cosmos Appchain, earning 30% of the Cosmos Appchain rewards. The remaining 70% of the Appchain rewards will be paid to $NEAR holders, compensating them for the security they provide through restaking.

Octopus Network has been a pioneer in shared security since its establishment one and a half years ago. It has always been the only platform able to achieve shared security and stable operations with new Appchain through interoperability protocols. Today, we need to keep up with the value brought by the innovation of restaking security and expand our market share using our experience, creating more value for the Octopus Network community.

Read more…

Octopus Network Global Influence

Summit | DemoDayIsNear

On March 15th, Octopus Network founder Louis was invited to participate in the NEAR ecosystem event, DemoDayIsNear, and delivered a keynote speech on “NEAR Restaking and Octopus 2.0,” introducing the significance of using NEAR Restaking for shared security and the value it brings to the NEAR ecosystem.

You can watch the full video on Youtube.

Meet The Accelerator Stars Winter Batch 2022 with Vivi Lin

The video provides an in-depth introduction to how DeepMine, Frac.io, Aridia Labs, and Black History DAO have become pioneers in Web3 application innovation around AI, F-NFT, and GameFi.

You can watch the full video on Youtube.

Cosmos 2023

On March 18th, Chain Tea House, in collaboration with Octopus Network, 51Zone, and Cosmos Chinese Community, organized the “Cosmos 2023 Ecosystem Opportunities” forum. Octopus Network founder Louis analyzed the differences and possibilities between Interchain Security and RollApp from a technical perspective, demonstrating great foresight.

We will announce the key content of the online presentations in April, so stay tuned.

Accelerator Showcase #2: AdMeta

On Mar 30th Octopus Accelerator held a Showcase#2 Twitter Space event for AdMeta.

You can listen to the full recording on Twitter Space.

Panel |Near.ory/Denver

On March 2nd, Octopus Network’s Sheldon was invited to participate in a roundtable discussion organized by ETHDENVER, focusing on Appchain security design. Sheldon shared Octopus Network’s thoughts on Appchain security and the significance of a bilateral security market.