AMA Recap — OctaFarmFi

Announcement poster of OcatFarmFi.

The session of AMA ( Ask Me Anything ) with OctaFarmFi was conducted on 11 th Jan 2022 at 9:30 PM IST (4 PM UTC) and lasted for 1 hour.

ADMIN ROUND

Katz from OcatFarmFi has joined us for this AMA session.

Jonty|Host
Please tell us about yourself and the team working on OctaFarm.Fi?

Katz
We have assembled a team of solid developers in the field of cybersecurity & smart contracts development, and also experienced individuals that have scaled financial technology (fintech) solutions globally.
Our team members have worked in centralized exchanges, high-frequency trading solutions and blockchain consultancy in general. We have scaled traditional fintech startups with millions of users, and understand that abstraction of complexity to make it extremely simple is vital to our success. That is why we have deconstructed the user lifecycle in DeFi to abstract all layers of complexities. An example of that is our innovation in one-click staking, in which we are the pioneers.
We are ardent believers of decentralization and this would be entrenched in our token sale distribution, where we create a fairground for anyone to participate

Jonty|Host
What is OctaFarm.Fi? Please provide a detailed introduction.

Katz
Octafarm is an auto-compounding yield aggregator on Binance Smart Chain (BSC) that seeks to streamline the yield farming lifecycle by automating the reinvestment process to maximize earning potential. Octafarm aims to be the easiest gateway for sophisticated and non-sophisticated users to access the world of DeFi yield farming in an automated, simple and safe manner. Octafarm is focused on building a fully-integrated DeFi ecosystem for both crypto natives and the mainstream population.
The core of Octafarm’s simple solution is the maximization of profits through automated compounding. With automated daily compounding, users who stake on LP pools that were earning 100% APR can now earn 161% APY without any need for manually reinvesting and wasting time or incurring gas fees. This auto-compounding function will be available to all LP farms across BSC network through Octafarm.
Unlike other auto-compounding protocols out there, Octafarm is not only focused on creating a one-product solution but instead, are focused on building a fully-integrated DeFi ecosystem for everyone, especially those new in cryptocurrency. Octafarm wants to go a step further and create ancillary products that will augment the DeFi user experience, especially those new to cryptocurrency and DeFi. This core differentiation of Octafarm compared to any other auto-compounding platform is called ecosystem stickiness. While other auto-compounding are focused on just the auto-compounding function, Octafarm aims to do that better and on top of that, create a complete and self-sustaining ecosystem for all kinds of users.

Jonty|Host
Can you please tell us about it’s features and utility? Also Can you share info about the tokenomics distribution?

Katz
There are 3 main issues that Octafarm is created to address; 1) Manual in Yield Farming/Staking, 2) Unsustainable Tokenomics in many DeFi projects and 3) Technical Complexity of DeFi protocols.
In order to address these issues, Octafarm is designed with the following features and utilities:
1) Maximizing Yields with Compounding: Compounding is a powerful tool to maximize one’s yields since compound interest is earned not just on the initial principal, but also on the cumulative gains that the principal accrues. It is mathematically clear that compounding interest would enhance the yields by a significant portion, especially if one invests for the long term. Octafarm would utilize the power of compounding to maximize user yields.
2) Automating DeFi Reinvestment: Coupling automation with the power of compounding, Octafarm aims to offer yields that surpass that of the original farms, as well as other auto-compounding protocols in the space. By using Octafarm, users do not need to spend time and gas fees manually reinvesting their yields. They can literally sit back and enjoy their capital base increase with time since everything is automated on Octafarm.
3) Tokenomics with Strong Value-Accrual: Extensively accruing ecosystem value into the native token would ensure that the token value is reinforced and preserves its value in the long run. We are proud to engineer a tokenomics model that is focused on value-accrual and utility. These include continual buyback and burn from all our revenue vectors, and staking facilities to reduce circulating supply to increase token velocity.
With a fixed token supply and strong use cases across the ecosystem, we are confident that Octafarm’s native token, OCTF, would possess inherent value fundamentals.
4) User Journey Simplification: Our overarching aim is to facilitate mainstream adoption of DeFI, and working towards that entails making radical changes based on our underlying deconstructionist mindset. Octafarm will focus on two deconstructive approaches; a) Streamlining and synthesizing user journey and b) the “User first” approach in designing elements of Octafarm’s interface.
With the following approaches, Octafarm hopes to ensure a simple and intuitive interface and user flow. This simplicity could be the solution to attracting the mainstream population in interfacing with DeFi protocols. Fundamentally, our interface is non-agnostic towards crypto natives or the general population, as it should be. We’re focused on a strong value proposition of automating the yield farming reinvesting process to make it as easy as possible for anyone to interact with DeFi.
Lastly,
5) Cross-Chain Scaling: Octafarm aims to be multi-chain to facilitate auto-compounding functions across different blockchain networks for a wider range of users. This allows our solutions to be extrapolated to various other target markets, asset pools and DEXs. As an aggregator, having access to much more opportunities across different networks represents a strong benefit for users. Jumping from one blockchain to another with the click of a button would significantly reduce friction for users to transfer assets and exploit any opportunities that arise.
With regards to Tokenomics, Octafarm aims to break away from the unsustainable, inflation-driven tokenomics model by introducing a fixed supply model with strong value-accrual mechanisms. We want to do things the right way. Octafarm employs a fixed supply token schedule with a max cap of 10 million $OCTA, where almost 3/4 will go to user rewards.

Jonty|Host
What makes OctaFarm.Fi different from other projects? What are the current & Future Roadmap Targets of OctaFarm.Fi?

Katz
Unlike other auto-compounding protocols out there, Octafarm is not only focused on creating a one-product solution but instead, we want to build a fully-integrated DeFi ecosystem for both crypto natives and the mainstream population. Auto-compounding is a brilliant solution to maximize one’s yields in an automated way without manual intervention, but Octafarm wants to go a step further and create ancillary products that will augment the DeFi user experience, especially those new to cryptocurrency and DeFi.
This core differentiation of Octafarm compared to any other auto-compounding platform is called ecosystem stickiness. While other auto-compounding protocols like Beefy, Pancake Bunny and the likes are focused on just the auto-compounding function, Octafarm aims to do that better and on top of that, create a complete and self-sustaining ecosystem for all kinds of users.
Creating a sticky ecosystem entails providing an end-to-end solution for users’ needs. Although DeFi is rife with innovation, Octafarm wants to make it very simple for users to access DeFi yield farming and have everything they need at their fingertips. By creating a strong infrastructure of all relevant products and services, there is a lesser dependency on accessing products outside of Octafarm’s ecosystem.
This ensures value-accrual towards Octafarm and its native token, OCTF. In the long run, strong value-accrual will lead to sustainable and value-enhancing tokenomics, which will ultimately maximize token holder value. We’re excited to show the community what we’ll be working on to achieve ecosystem stickiness in our roadmap.
With regards to the roadmap, our auto-compounding farms (where you can access all BSC DEX farms) and Booster vaults (facility to stake $OCTF) to earn more rewards will be ready when our protocol launches on 17 Jan
Here’s our roadmap for reference.

Jonty|Host
When is the presale? Can you provide us the link to participate?

Katz
We’re having private sale and presales
Private sale 13th January 4 pm UTC
Public sale: 15th January 4 pm UTC
Visit: https://octafarm.fi/private-sale To know more about the private sale.

TWITTER ROUND

Revenue is critical for a project’s growth and progress. So, how do you produce profits/money to keep your project running, and what is your revenue model? How can it provide a win-win situation for all stakeholders users, investors, and projects?

Katz
Our protocol earns 5% performance fees on extra yields that we attain for our customers through the auto compounding process. For example, if DEX pool APY is: 40%, with OctaFarm it becomes 53%. In this case, we take 5% of 13%.
Given our focus at the start will be to attract liquidity and users, there will be high rewards for the early users in order to attract everyone.
With regards to token holder value maximization, we’re proud to engineer a strong tokenomics model that is predicated on major value-accrual mechanisms that all leads to token burns that limit emissions and circulating supply.
this, in turn, creates strong upwards pressure for the token price in the long term

What is “OctaFarmFi” next marketing plan? For large holders what are the main benefits of your project for long term holding?

Katz
Our go-to-market plan involves airdrops and heavy strategic partnerships with other DeFi protocols in pursuit of harnessing composability for our platform. We want to focus on user acquisition and brand awareness.
There will still be a strong incentivization model to attract users onto the platform, whilst ensuring a sustainable economic model through mechanisms that reduce token supply via the profits accrued through protocol activity.
Holders of $OCTA will possess the following value-accrual mechanisms and utility;
1) Trading Fee Revenue from Native DEXs
2) Incentive Rewards for Staking OCTF
3) Earning Partner Project Tokens via Multi-Token Maximizer Facility
4) Governance
5) Buy-Back-and Burn Mechanism
6) Vault Strategy Proposal Submission Staking
It’s all about value-accrual to maximize tokenholder value. And this is what we’re focused on

Do the token holders have right to the participate in the governance of the project? On what kind of decisions can they vote on about the project?

Katz
Yes, they absolutely do. We’re working towards a full decentralization ecosystem where token holders have the ability to put forth proposals, vote and implement them. The range of proposals could include strategic partnership angles, fee distribution, new strategies to maximize vaults etc.

COMMUNITY ROUND

Hello Sir
Is your project only for a limited users? What are your pans to attract other users in global level, who are also non crypto investors around the globe?

Katz
Unlike other auto-compounding protocols out there, Octafarm is not only focused on creating a one-product solution but instead, are focused on building a fully-integrated DeFi ecosystem for everyone, especially those new in cryptocurrency.
Octafarm wants to go a step further and create ancillary products that will augment the DeFi user experience, especially those new to cryptocurrency and DeFi. This core differentiation of Octafarm compared to any other auto-compounding platform is called ecosystem stickiness. While other auto-compounding are focused on just the auto-compounding function, Octafarm aims to do that better and on top of that, create a complete and self-sustaining ecosystem for all kinds of users.
Octafarm hopes to ensure a simple and intuitive interface and user flow. This simplicity could be the solution to attracting the mainstream population in interfacing with DeFi protocols. Fundamentally, our interface is non-agnostic towards crypto natives or the general population, as it should be. We’re focused on a strong value proposition of automating the yield farming reinvesting process to make it as easy as possible for anyone to interact with DeFi.

Opq
The primary factor that must be ensured is security. So, have you successfully audited your smart contracts?

Katz
Our team comes with a very strong security background, especially in smart contracts. One of our team members even wrote a smart contract security analyzer. Our development lifecycle goes through intense security testing and uses best practices.
After we’re confident with our rigorous manual testing process, we run it through market available scanners.
Finally, we pass it done experienced Auditors to validate our security
Currently, we’ve been TRIPLE-AUDITED by Certik, Solidproof and Techrate. You can find the report on our blog.

Jsjd Jehr
A common problem is that nowadays most investors are only interested in initial profits and ignore long-term benefits! So can you give them some reasons why they should buy and hold your tokens in the long term?

Katz
Extensively accruing ecosystem value into the native token would ensure that the token value is reinforced and preserves its value in the long run.
We are proud to engineer a tokenomics model that is focused on value-accrual and utility. These include continual buyback and burn from all our revenue vectors, and staking facilities to reduce circulating supply to increase token velocity.
With a fixed token supply and strong use cases across the ecosystem, we are confident that Octafarm’s native token, OCTF, would possess inherent value fundamentals.

Guthail
What is the functionality of $OCTF token and its tokenomics? Will it be included on your staking derivative assets and reward for users? In terms of product development, what are your biggest expectations from the project you are working on right now?

Katz
Holders of $OCTA will possess the following value-accrual mechanisms and utility;
1) Trading Fee Revenue from Native DEXs
2) Incentive Rewards for Staking OCTF
3) Earning Partner Project Tokens via Multi-Token Maximizer Facility
4) Governance Rights
5) Buy-Back-and Burn Mechanism
6) Vault Strategy Proposal Submission Staking.

Mole
Did you consider community feedback/requests during the creation of your product in order to expand on fresh ideas for your project? Many projects fail because the target audience and clients are not understood. So I’d like to know who your ideal consumer is for your product?

Katz
The most important thing in developing a product is product-market fit
We’ve ensured that our product has product-market fit through rigorous market validation and empirical observation.
At its core, the foundation of the DeFi world is liquidity. The majority of liquidity comes from DEXs, wherein users are incentivized to provide liquidity through rewards. Octafarm aggregates and accrues the liquidity by providing a layer of automation for yield farmers. This strong use case addresses a common problem of the manual process of yield farming reinvestment, and we truly believe this is the stepping stone for the provision of ancillary services for strong ecosystem stickiness.

Phelopen
How can I join the presale or IDO? Is the whitelist still open? And what will be first exchange where your $token will be listed & How to buy it?

Katz
We’re having private sale and presales in a fair manner so that anyone can participate in our token offering:
Private sale 13th January 4 pm UTC
Public sale: 15th January 4 pm UTC

Madaah
Nowadays, it seem like Metaverse, Web3 or Gamefi get the most attention from investors, what do you think? What can you do to attract the investors?

Katz
Metaverse, Web3 or Gamefi are undeniably the hot trends now.
But here at Octafarm, we’re focused on the fundamental pillars of DeFI, which is liquidity. Liquidity provisioning right now is a cumbersome affair, and that is what we’re created to address. Accrual of value through automation.
We believe that liquidity will remain as the pillar to DeFi, and we’re built on that root.

The AMA recorded many great questions from the Crypto Players India community, as well as meticulous answers from our guest Katz from OctaFarmFi. AMA Concluded at 10:30 pm IST.

About us!

CryptoPlayers is one of the oldest & largest crypto communities in India since early 2017. We are a group of 25000+ telegram members and growing.

Connect with us!
Website | Telegram | Twitter

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CryptoPlayers is one of the oldest & largest crypto communities in India since early 2017.

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