Less than six months into 2021 and we have seen an unprecedented increase in the market cap of the crypto market. with premiere coin With bitcoin reaching new all-time highs and currently struggling to stay afloat, the crypto market has been blessed with a ton of trends and sub-trends that have managed to rake in billions of dollars, as major Reported by the Crypto Analytics website. coingeco.
decentralized finance [DeFi] Trend is the most valuable in crypto trends at the moment. TVL. with billions locked in [total value locked]There are endless opportunities for this emerging market. In an effort to take advantage of this market, a ton of decentralized derivatives platforms have been launched to help users facilitate trading.
Projects such as Synthetix, Mirror and UMA are designed to provide all users with an array of methods or methods to access synthetic assets. Synthetix, the leading decentralized derivatives platform, according to the report, which accounts for more than 98% of the value locked in the DeFi protocol. In order to enable users to create synthetic assets on its platform, the platform seeks to incentivize them by offering them a slew of rewards.
Similar to these platforms is the Octopus protocol, which according to the development team was created to ease access to synthetic assets. Especially similar to Synthetix, the Octopus Protocol provides users with a complete passive income source. For every transaction made on the network, users are rewarded with its native token, the OPS token.
Although a bit similar, Octopus differentiates itself by integrating and leveraging the immense benefits of blockchain technology, based on the underlying technology. More than 98% of crypto projects have been built. Additionally, the platform uses the advanced Binance Smart Chain. [BSC], the most prominent Ethereum competitor which has been described as a faster and cheaper option. BSC, which encompasses products for asset management, exchange and derivative settlement, will leverage the Octopus protocol to introduce scalability, faster and cheaper transactions in the DeFi derivatives market. With lower gas fees than Ethereum, Octopus through BSC will level the playing field, opening up opportunities for potential low-income investors to get into the DeFi action.
Combination of an abundance of products
Unlike some of the top projects in the market, Octopus seeks to reduce the cost of collateral required prior to casting synthetic assets. Typically, users must stake a certain amount of the platform’s native token [in this case OPS] To enable them to create or create artificial assets on their network.
While most will ask for a large amount as a deposit, Octopus eliminates this major hurdle by requiring a small collateral amount. According to the developers, the platform combines a multitude of products to facilitate and fulfill agreements with synthetic assets. Its extensive ecosystem, a key aspect of this nascent platform, allows users to derive comprehensive value from the creation of synthetic assets as well as exchanging assets in a user’s portfolio on a network that is best decentralized. Provides derivatives experience.
Built to provide equal opportunities to all, a range of tools are made available for anyone looking to mine synthetic assets on the blockchain. The availability of these essential tools means that anyone, regardless of their level of expertise, can seamlessly build assets on the octopus ecosystem.
With all these products simplifying the complex process, the OPS token will run on the ecosystem as fuel. Users have to own this token if they want to engage in any activity on the network. Being a governance token, OPS will provide unreserved rights to anyone on the network to vote for governance of the ecosystem, fostering a decentralized, advanced and trusted community.
Octopus Protocol seeks to drastically change the way this budding market works while piggybacking on some models of existing platforms.
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