Octans Price (OCTA)

Octans is a decentralized finance (DeFi) platform built on the Binance Smart Chain. Per its whitepaper, the platform was created to combat the concerns of cryptocurrency and the DeFi world like yield farming, liquidity mining, and staking. The token holders must lock their tokens for a specific time to earn profits through these mechanisms. However, as time goes by, the token’s value tends to decrease, and instead of making profits, the token holders end up losing their currency.

The Octans platform employs two main features in its protocol to overcome this problem:

OCTA is the native token of the Octans platform, and it is a deflationary token. Deflationary tokens decrease in total supply over time. Fifty percent of the total supply of OCTA was burned upon launch to make it scarce, resulting in a more stable price floor for the token. Cryptocurrency burning is when a fraction of tokens are sent to a wallet with no private key. This means the tokens are lost forever. Tokens are usually burnt to reduce availability and increase market value.

On the Octans platform, the token holders get to earn more tokens simply by holding them. A total of 8 percent tax is deducted on every transaction. 4 percent is redistributed to all existing token holders as a reward. Another 4 percent is used to add liquidity to the platform, reducing the total number of OCTA in circulation and enhancing the token value.

The roadmap suggests that Octans also has plans to come up with an NFT marketplace in the near future.

Octans was launched in March 2021, and the whitepaper was released in July 2021. The maximum supply of OCTA is one quadrillion tokens.

We update our Octans to USD currency in real-time. Get the live price of Octans on Coinbase.