Summary of OCTION’s Weekly AMA (13 May 2021)
Can you tell us a bit more about the option market right now? How big is it compared to Crypto, who is your biggest rival?
The options market is huge at the moment. We are looking to tap into both the traditional and crypto markets. However, focus will first be on the crypto market, where our main competitor would probably be Hegic. Hegic has done quite well price-wise and we feel we can do much better than them as we solve the ETH high gas fee issues along with higher transaction fees and some additional features. We are really excited for the platform launch to show what the OCTION platform can do!
How to connect wallet?
Well, u go to the website www.oction.io then u literally click the connect wallet function and choose which wallet you use. Currently only the staking pool can work.
How do u plan to attract or expose OCTION to option traders?
Well, we already have plans in place under our sleeves which comprises of partnerships with existing projects and other projects with cross collaboration. Also, we have referral programs in place with internet marketers who are currently top 10 in US to help push and promote our platform.
When do you plan on publishing options trading?
Our beta platform will be available on the 31st of May.
Upon evaluating the reception of the existing staking pools… Please let the community know follow up plan…to make OCTI more attractive to hold.
We will be doing cross staking and currently we are getting our LPs audited before any official announcements. We also are going to partner with a project that is listed on Binance and they have around 30k users of their coin, we are going to be partnering with them.
Any more pools or something similar coming up? Cross staking as in LP farm?
The immediate next one will be liquidity pool staking, which will help regulate price and be more stable when there are sell offs.
Are you saying LP staking will help to stabilise the price of $OCTI?
Yes of course it will, it locks up a portion of circulating supply while rewarding the stakers. So lets say now you got 1 pizza with 8 slices. 2 slices are locked up. You have 6 left to share, this causes price elasticity which in turn will cause a boomerang reaction towards the price.
What is the contract address? Can I buy the token now?
You must set up your Metamask or Binance Chain Wallet, then click the following link to buy $OCTI on Pancakeswap — https://exchange.pancakeswap.finance/#/swap?outputCurrency=0x6c1de9907263f0c12261d88b65ca18f31163f29d. The contract address is — 0x6c1de9907263f0c12261d88b65ca18f31163f29d.
Hi, are you still on schedule with targets outlined in your white paper?
Yes indeed we are! In fact, we are ahead of schedule and we have brought forward the beta platform delivery date to 31 May 2021 instead of June 2021. For the partnerships and collaborations, we are definitely on track and are looking to add more to the initial planned partnerships that we had at the start of the project.
We have developed a multitude of partnerships and will continue to grow them as we go along. Some of the partnerships to date include:
- BSCPAD — For OCTION’s IDO
- Ferrum Network — For OCTION’s staking pools
- Exnetwork Capital — Strategic marketing partner
- Umbrella Network — Options pricing partners
- Gen Alpha Solutions — Singapore’s largest mining farm to underwrite liquidity
- ITE — One of Singapore’s technical universities to promote options trading and financial derivatives to the current and future generation
What do you consider to be the most important milestone after the platform is up?
The first milestone is to integrate and have live price feed for other coins that the community will be able to vote for, thereafter massive partnerships with big ass projects to rope in their users and let their users trade options on their coins after that.
Guys put some bots on, trading volume is $300 nobody will buy a project which does not have a decent trading volume.
Nah. The trading volume is not accurat on CoinGecko and CoinMarketCap. Not only OCTI is misreported. Many coins like 8pay and Revemon are not reported correctly. We are currently working on the CEX listing before we do this rather than doing it on a DEX. As you all know, listing on top CEXs require heavy due diligence and many layers of evaluation and that is why the process is taking some time.
What is the OCTION website?
Have the team anticipated and support how many users on the beta?
Tbh, we are expecting around 1500–2000 for starters. We will be there to take all inputs whether good or bad to slowly bring to the community the perfect platform.
I see the price dropped from $1 to $0.20. Are you worried about this? Or how do I understand this?
It is a combination of factors as well, since the vesting has also been released on 9th May, so the public sale guys who are not holding will probably have dumped. They can clear out at these prices before the platform is launched. Cold hard truth, but it’s all going according to plan so I wouldn’t worry at all.
Do you guys plan to do any like single coin pool mining stuff? Just like CAKE, with no loss in the mining process?
We will be focusing more on the liquidity side first for the next pool. Following that we will look to certain areas such as being able to stake OCTI to get other coins. That is still WIP so once we work that out we will definitely update all of you!
As always, THANK YOU for your continued support, and stay tuned for more exciting news on OCTION!
- The OCTION Team
OCTION is the world’s 1st CeDeFi Options Trading Platform built on the Binance Smart Chain. Users will be able to trade options through CeDeFi, with no middlemen, no centralized organization, lower fees, more option types and zero data or market manipulation. OCTION allows for options trading through a democratic framework on the Blockchain, specifically the Binance Smart Chain.
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