According to experts, DeFi season is coming soon and pioneering projects like Octoblock (OCTO) may replace meme coins like Pepe coin (PEPE) and Dogwifhat (WIF).
Dogwifhat (WIF) price
The Dogwifhat (WIF) price recently experienced a 13.05% downturn, mirroring the broader decline in meme coins. According to Coinglass data, WIF’s open interest dropped by 11.09%, accompanied by a sharp decrease in its OI-weighted funding rate to 0.0226%. This downward trajectory was reinforced by substantial liquidations amounting to $1.89 million, with long positions accounting for $1.61 million and short positions at $272.96K.
Pepe Coin (PEPE) price
Pepe Coin (PEPE) also saw a price decline of 6.71%. The open interest for PEPE slipped by 5.66%, accompanied by a 5.88% decrease in derivatives volume, indicating a strong downward trend for the token. This decline was aligned with a reduced OI-weighted funding rate of 0.0215% and significant liquidations amounting to $2.12 million.
Decoding Octoblock: The next DeFi pioneer
Octoblock (OCTO) has reigned supreme among new DeFi (decentralized finance) protocols for its groundbreaking approach. The protocol seeks to create a revenue-generating, expansive, and socially impactful ecosystem by rolling out a range of initiatives, chief among them, the Nautilus Trove.
The Nautilus Trove will aggregate the ecosystem’s asset inflows and allocate them to DeFi strategies and diversified investments. This double-strategy will ensure consistent returns while allowing for growth. Notably, OCTO token holders will receive half of the profits generated, with 45% distributed based on the percentage of token supply they hold. The remaining 5% will be distributed through Octoblock’s Saltwater sweepstake, adding an element of Game-Fi in the ecosystem. The sweepstake will allocate the proceeds randomly, with each OCTO token possessed by an address regarded as a single entry.
The Octoblock Tentacle Trust will also receive a portion of the revenue made by the Nautilus Trove. This trust will be used to support charitable organizations focused on the conservation of our marine ecosystems. OCTO holders will determine the recipient of the trust donations every month through voting, thus contributing effectively in the philanthropic initiative.
Octoblock further revolutionizes DeFi with Crowd Funded Yield Farming (cFyF). This new technology will enable users to contribute resources to shared yield pools and collectively participate in yield farming activities. Due to combined capital, the communal yield pools will gain access to higher-yield farming rates, resulting in increased returns for all participants. The cFyF participants will also receive governance rights, enabling them to amplify their influence within the DeFi ecosystem.
Moreover, Coral Cove, Octoblock’s cross-chain platform, will eliminate the need for users to navigate through multiple platforms by facilitating both asset swapping and bridging. The platform will ensure high security and low costs, using liquidity aggregation to optimize transaction routes.
The OCTO token price recently increased to $0.037 as the project entered phase 3 of its Initial Coin Offering (ICO). Investors are piling to get the 13% bonus and a chance to win the exclusive Tesla giveaway.
To get more information on Octoblock:
Website: https://octoblock.io/
Buy OCTO: https://reef.octoblock.io/register
