Here’s our 94th AMA recap!
Thank you to the Infinity Chain for participating in Ask Me Anything (AMA) with OCTANE June 24, 2021. This guest star,
- Nick — Co Founder
QUESTIONS MODERATOR
decentralisednomad | Octane Finance :
Hey
I’m Co founder at Octane, been in this DeFi space from it’s inception
Can you give us a simple description of OCTANE?
decentralisednomad | Octane Finance :
Octane Finance is redefining limit orders by making them smart and rewarding. We follow the optimal capital path for idle limit orders.
What makes OCTANE different? What are the highlight of OCTANE?
decentralisednomad | Octane Finance :
To keep it very simple we’re building an ecosystem where one can earn APY on top of idle limit orders sitting idle in the smart contracts doing nothing, entire ecosystem is governed by OCTANE token
We’re decentralised, Rewarding with best order execution which no other limit order platforms are providing
For example 1inch do limit orders via centralised mode of system storing orders off chain
Check out https://docs.octane.finance/octane-vs-other-platforms
What security OCTANE have taken to keep the investors and users funds secure?
decentralisednomad | Octane Finance :
Nice question
There are 3 types of risks
Lending
Order execution risk
Smart contract risk
Mitigations
1. We plan to use lending aggregators to reduce the risk of lending from one platform.
2. Loss of funds is controlled by giving users the power to customize execution slippage value for successful order execution.
3. We will audit our smart contract code before going mainnet also get bug bounty programs
Can you explain about tokenomics and the use cases of the OCTANE token?
decentralisednomad | Octane Finance :
Octane token is a Utility and governance token with following use case
1. APY generated on the limit order assets is given to the user in the form of OCTANE tokens.
2. Users can get up to 50% discount while paying trading fees using the OCTANE token.
3. Trading fees paid by the user are given to the network of executors in from of OCTANE tokens for executing the limit order.
4. Governance
Check out: https://docs.octane.finance/tokenomics/token-usage
About the Roadmap, what are the main achievements of OCTANE so far and what is planned in the near future?
decentralisednomad | Octane Finance :
Interesting!!
We started project Q1 2021 and met following dots till date
Completed User research, prototyping, seed and private rounds and now we’re in testnet launch phase
Check out https://docs.octane.finance/about/roadmap
QUESTIONS TWITTER
Octane Finance raised $1.7M in seed and private rounds.. so can you tell us exactly what priorities these funds will be used for? What specific aspects of your project do you hope to improve with this contribution?
decentralisednomad | Octane Finance :
Yeah we closed this recently, we will use it for hiring talent, protocol development and marketing related activites
Can you tell us who your most important partnerships are today and what results do you want to achieve with this collaboration?
decentralisednomad | Octane Finance :
We’re currently in talks with Chainlink team to get best oracle infra for Octane and more partnership annoucements yet to come
It brings to mind the DAO system when you mention that the philosophy of the Octane project is very concerned about the community, then you aim to give the platform a voice and get its users to vote within the ecosystem. Will there be an effectively functioning DAO mechanism in the Octane project?
decentralisednomad | Octane Finance :
Yes, as said we will be community driven and OCTANE will also function as governance token for governance decisions
During the project development, is everything going according to your plan? Are there any technical barriers that you think could pose limitations for mass adoption and expansion of your project ?
decentralisednomad | Octane Finance :
Our long-term vision is to become a highly capital efficient & rewarding trading platform built upon open-source protocols.
To acheive this we need stong partnerships with Dex and Cex platforms, So limit orders will be executed through octane and they can directly benefit from extr APY, Right it’s it’s $2T market
“Just relax and enjoy while we take care of your orders” It sounds too good but at the same time it makes me curious to know what is the process that Octane runs, could you explain the process and how you manage orders and user assets?
decentralisednomad | Octane Finance :
Consider this scenario
- Buy 500 CAKE with 10,000 BUSD when CAKE’s price is $20.
User supplies 10,000 BUSD for this order. Suppose CAKE’s price is $25 at the time of order placement.
- Octane smart contract then takes the order value 10,000 BUSD and sends it to Venus vault for, let’s say ~10% APY.
- A decentralized network of highly incentivized executors keeps a watch over the pending order pool and executes the order based on the limit conditions.
- So, executors execute this order at 20$ per CAKE or less by paying the respective gas cost of the transaction. In return, they get OCTANE tokens collected from the user as the transaction fee for this order.
- Suppose CAKE reaches $20 in 3 months. This means it took 3 months for the order to be executed. Hence, the interest generated on order ~10000*(10%/365)*90 = $246. This $246 interest after any protocol fees is given back to the user in the form of OCTANE tokens. So the user gets 500 CAKE + ~$246 worth of OCTANE tokens.
Know this, received CAKE tokens are again sent to Venus to give maximum returns until the user withdraws.
QUESTIONS TELEGRAM
@Amany221Many things can make a project strong like the community,the quality of the project,its investors. What make Forint strong? What will you do to make it more stronger?
decentralisednomad | Octane Finance :
Our major focus now is to launch testnet product and build strong community of OCTANE
@helpiamgettindownHow can I know more about your project, do you have any website or YouTube channel you can share with me?How can I know more about your project, do you have any website or YouTube channel you can share with me?
decentralisednomad | Octane Finance :
This is the bible of Octane check out https://docs.octane.finance/
@tatarramaUsers always care about data security, as crypto projects get hacked a lot. Could you please explain to us how to ensure the security of user data?
decentralisednomad | Octane Finance :
I am sure what you mean by data security please elaborate
@iizabila4Revenue is a very important, aspect for all projects, to survive and maintain the project / company. What is the way to generate profit / revenue of token????,”
What is the income model,???”
decentralisednomad | Octane Finance :
Check out https://docs.octane.finance/tokenomics/trading-fees
@OwenPorterfieldYour main direction is DeFi. Will it have any significant role in crypto adoption? How do you see the future of it?
decentralisednomad | Octane Finance :
DeFi is major innovation happened on Ethereum, You can deploy decentralised applications without any intermediatary and start using them with more transparency, So I think DeFi is here to exist
@gettheairdropp1-Increasing Token price
2- make Token Valuable
3-Building Community TrustFrom 3 aspects above,. I want to ask,. Which one the most important for you??
If all above are important for you,. Which one that Will you do first??
decentralisednomad | Octane Finance :
Community ❤️
@nikbecolaWhat are your major goals to achieve in the next 3–4 years? Where can we Octane Finance ecosystem in this period? What are your plans to expand and gain more adoption?
decentralisednomad | Octane Finance :
Our long-term vision is to become a highly capital efficient & rewarding trading platform built upon open-source protocols.
@Edwards24Yes speaking of Automated Market Making (AMM) version and Order Book version. Can’t the 2 version interoperate or exist collectively given that each of version have benefits over each other? Do you’ve got plans on the usage of each version at the Octane Finance network?
decentralisednomad | Octane Finance :
Yes it may in future
- Telegram Chat : https://t.me/octanefinance
- Twitter : https://twitter.com/octane_finance
- Website : https://octane.finance/
- Medium : https://octanefinance.medium.com/
- Github : https://github.com/octanefinance
Thank you for trusting Infinity Chain as the organizer of the event today, hopefully everyone can understand about OCTANE.
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