Octane Finance AMA Summary Recap with Shin Chan Community

We held a live AMA with Co-Founder, Nilesh from Octane Finance on 15th September 09:00 PM (UTC+8). Here’s the recap for those who missed it.

Introduction

JH | ShinChan: Before the ama start, can you please introduce yourself to our community? we have a lot of new joiners 😊

Nilesh: I am Nilesh, Co founder at Octane. My daily work involves all things related to product and hiking on weekends. ☺️

JH | ShinChan: Can you introduce us about Octane Finance, also please share us if you have any update/news about Octane Finance

Nilesh: Octane is a decentralized rewarding limit order platform launching on BSC but will soon expand to Ethereum and other chains like we already initiated conversations with Avalanche.

Yes, there are many major updates:
IDO on 21st Sept
Mainnet launch early October

Stay tuned here: https://twitter.com/octane_finance

Twitter Section:

Q1: According to the Roadmap you will launch Multichain on Eth/L2 and other blockchains in 2022. Do you have good cross-rollup portability standards to avoid being locked into a single L2? How do you go about making money in the metaverse and programmable for large networks?

Nilesh: According to the Roadmap you will launch Multichain on Eth/L2 and other blockchains in 2022. Do you have good cross-rollup portability standards to avoid being locked into a single L2? How do you go about making money in the metaverse and programmable for large networks?
We do plan to go across multiple chains but will be using the individual liquidity provided by the AMM’s on that particular chain initially, so won’t be locked into a single L2. Will be definitely following the best standards once we plan to pool liquidity across chains.

Q2: A limit order is to buy or sell an asset at a specific price or better. Octane limit orders are guaranteed to execute if the price reaches the buy or sell zone. Octane’s limit commands are the point that distinguishes them from other DEX’s. How do Octane limit orders work?

Nilesh: A limit order is to buy or sell an asset at a specific price or better. Octane limit orders are guaranteed to execute if the price reaches the buy or sell zone. Octane’s limit commands are the point that distinguishes them from other DEX’s. How do Octane limit orders work?
When you place a limit order on Octane it goes to a lending pool to generate APY on the limit order assets. Once the limit conditions are met the order is executed by network of executors who are incentivised with order transaction fees, hence the changes of execution are super high as long as the fee incentive is higher than the than the gas fee to be paid by the executor. You can read more about key differences with other platforms here: https://docs.octane.finance/octane-vs-other-platforms

Q3: I read Octane’s IDO will be around 21st September 2021 conducted with the help of DuckStarter, MantraDao (Zendit) & Trustpad. How can we participate in your IDO? How much is the total raised and token price of $OCTANE during this IDO,is there a Min/max purchase of $OCTANE tokens?

Nilesh: You can find how to participate on the respective IDO platforms:
Trustpad: https://trustpad.medium.com/octane-is-launching-on-trustpad-56eb17af33dd
Zendit: https://medium.com/mantra-dao/octane-finance-zendit-announcement-participation-pool-details-e2feffaa8024
DuckSTARTER: https://duckstarter.io/whitelist-form/octanefinance

Min/Max also depends on the respective IDO platform. Read more about IDO here: https://octanefinance.medium.com/octane-token-sale-a9cb8bf87938

Check out this for more info https://twitter.com/octane_finance/status/1438112751323209728?s=20

Q4: Taking advantage of floating limit orders is not new in DeFi. Projects such as 1inch and 0x have already established working products to utilize users’ limit orders and make the most out of it. What makes Octane Finance unique and different when compared to 1inch and 0x?

Nilesh: 1inch and 0x both are maker-taker based models. 1inch has centralised execution database and 0x faces issues of execution if there are no funds in users wallet or there is no taker. We have a decentralised executor network and take liquidity from AMM’s which have the most locked in liquidity in DeFi. You can read more about key differences with other platforms here: https://docs.octane.finance/octane-vs-other-platforms

Q5: I read that Octane’s highly incentivized performers complete the limit order once all the necessary conditions are met. Then, what are these minimum conditions for an order to be automatically executed? How efficient is this model as compared to others currently in existence?

Nilesh: The minimum conditions are simply limit condition. A limit order becomes ready to be executed when the limit conditions are met.
We have provided a clean execution dashboard to make it easy for anyone to execute. The executor network will grow stronger as more members participate and also come up with execution bots.

We’re going to release open source code, through which one can implement their bots with personalised logic to make execution process more smooth

Telegram Live AMA Begin:

Q6: Can you give us a quick tutorial on how even a non-technical guy can easily use and enjoy the Octane Finance platform?

Nilesh: You can check out this testnet tutorial: https://octanefinance.medium.com/octane-testnet-is-live-15d6cbea8510

It’s very simple to use, you can check out our docs https://docs.octane.finance/. If you still have any doubts then feel free to ping us on our telegram

Q7: Octane will use a DECENTRALIZED NETWORK OF EXECUTORS whose job it is to match and execute limit orders. How are these decentralized implementers chosen? Who can become an executor and what is the procedure to become an executor?

Nilesh: Anyone with web3 wallet address can be part of our executors network. You will be incentivised for executing the orders on time in OCTANE tokens

Q8: Could you tell us about the reasons that motivated you when you started the OCTANE project, the deficiencies you saw in your field and the solutions you provided? In which areas does the OCTANE team make the most effort right now?

Nilesh: We’re always product driven team, I remeber it was 2019 when we started thinking about limit orders and the way they work is very tough, there is no perfect solution to purely make limit orders decentralised and effective. That’s what motivated us

Q9: Security is priority of every invester. So How you ensure your investers that their investment is secured in your project? So that they can invest without any doubts??

Nilesh: Crypto is volatile, We’re here to build a product which can help crypto users to safely place limit orders without any centralised interactions. Our token is utility and governance token

Q10: The problem with many DEXs is the high slip rate. How does Octane minimize the price impact of traders with a few simple strategies? And does Octane Finance use Dex Aggregators like 1Inch, Matcha, or Paraswap to complete limit orders, or do you have your own limit order model?

Nilesh: I like this question. Check out https://docs.octane.finance/octane-vs-other-platforms

Q11: What feedback did you receive from the launch of the Octane Finance Testnet? What innovations/improvements have you made? Can you share with us?

Nilesh: This launch was amazing, we received participation of over 5k and lots of feedback escpecially on the UI/UX which we improved later and now we’re ready to deploy on to mainnet

Q12: Octane’s Launch is on Binance Smart Chain. I would like to ask do Octane plan to active on other chains also? If yes, which chains are in your priority?

Nilesh: Ethereum and Avalanche are on our priority now

Q13: Nowadays, crypto hacks and attacks have increased significantly. How secure is your project from hacking? What steps or measures have you taken to avoid this?

Nilesh: Yes, I agree we make sure that all our contracts are fully audited and run bug bounty programs to make our codebase secure

Q14: I understand that Octane supercharges limit orders through open decentralized financial applications, but what are these applications? Where could you place these limit orders? And what would be the differences between a common limit order and the one offered by octane?

Nilesh: What are limit orders?
A limit order is an order to buy or sell an asset at a specific price (limit price) or better. A buy limit order can only be executed at the limit price or lower, and a sell limit order can only be executed at the limit price or higher.

How are we making limit orders rewarding?
Octane leverages existing DeFi lending/yield protocols to generate the best APY on pending limit order assets.

Q15: Partnerships are crucial for many projects especially with blockchain projects like Octane Finance, so can you tell us who partners you have currently and what are your plans to expand and develop this issue in the near future?

Nilesh: Agree!! We are going to initiate the conversations with few centralised exchanges where assets sit idle after you place limit orders, which can be relayed to octane to generate interest on top of that

Q16: Nearly 80% of investors only focus on short-term token price instead of understanding the real value of the project. Can you tell us the motivations and benefits for investors to hold your tokens in the long term?

Nilesh: Check out https://docs.octane.finance/tokenomics/token-usage

Q17: I know about the project philosophy Octane cares deeply about the community, then as a platform intends to vote and enable users to vote in the ecosystem? and Are they going to create some kind of DAO?

Nilesh: Yes we’re going to be community driven and we will implement DAO soon

Q18: As Octane Finance will integraye “Chainlink Price feeds, How is this going to benefit limit orders on the platform?

Nilesh: This is going to be super important for us, to verify the onchain prices

Q19: How can I buy your tokens where can I find and purchase Octane tokens right now?

Nilesh: We’ve IDO on Trustpad, MantraDao and DuckDao on 21st Sept. You can get OCTANE from there

Q20: Do you have AUDIT certificate or are you working to AUDIT your project, so that the security of the project becomes more secure and reliable?

Nilesh: We’re almost done with the contracts, we will get them audited after mainnet beta launch

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