As Ethereum whales navigate the market, Octoblock’s stablecoin airdrops have put it on the limelight.
Ethereum whales action
A number of Ethereum whales have offloaded their ETH holdings in response to the recent market downturn. According to data from Lookonchain, four prominent whales—Cumberland, 0xC3f8, 0x1717, and Alameda/FTX— collectively offloaded 31,683 ETH, valued at an impressive $106 million. On the other hand, whale deposits to exchanges don’t appear to be slowing down. Whale Alert reported that $158 million worth of ETH was moved to Binance from an unidentified wallet. This large ETH transfer to exchanges raises more concerns for the cryptocurrency as it signals the prospect of further sell-offs in the open market.
Exploring Octoblock and its stablecoin airdrops
Octoblock has gained notoriety among experienced investors and DeFi watchers like ClayBro for its innovative approach to decentralized finance (DeFi) and Initial Coin Offering (ICO) rewards.
Central to Octoblock’s initiatives is the Nautilus Trove, a system that will collect the asset inflows, including the tax included within the tokenomics framework and an initial capital injection from contributors. The Trove will then strategically allocate the funds to DeFi strategies and investments like stocks to maintain a balance between consistent returns and growth potential.
Notably, OCTO holders will share 45% of the profits generated by the Trove. The rewards will come through monthly USDC airdrops, ensuring the holders have a constant flow of revenue. However, the exact time and value of the airdrops will not be made public until a complete snapshot of the holders is taken. This is to ensure fairness by preventing manipulation of the system by users who might attempt to temporarily buy and hold assets to become eligible for the airdrops. The USDC allocations will also be equitable, as they’ll be equivalent to the percentage of OCTO supply an holder owns. For example, if an individual owns 0.04% of the non-LP OCTO supply at the time of the snapshot, they will receive 0.04% of the USDC set aside for that month’s airdrop.
The OCTO holders will also gain access to Octoblock’s Saltwater sweepstake, which will randomly distribute an additional 5% of the profits to select addresses. Each OCTO token will represent a ticket into the sweepstake, with odds of winning increasing with the number of tickets. This promotes equitability while injecting Game-Fi mechanics within Octoblock.
In a revolutionary move, Octoblock introduced ICO staking, where every OCTO token purchased will be automatically included. This innovative approach ensures that investors swiftly begin earning rewards, distributed weekly through airdrops. The APYs for the airdrops are dynamically determined based on OCTO’s price during each phase of the ICO, and Octoblock has leveraged Beefy Finance to guarantee sustainable ranges.
The first Octoblock ICO airdrop was held on April 9, where $100 investment increased to $124, reflecting a massive APY of 185.5%. Following this, Octoblock reported that the Trove received its first USDC allotment, which constitutes 3.95% of the current Total Value Locked (TVL). This development marked the beginning of USDC addition to the weekly airdrops, increasing convenience and value for early investors.
As Octoblock moves closer to its second airdrop on April 15, there has been a noticeable influx of investors joining the ICO, including Ethereum (ETH) whales.
For more information on Octoblock:
Website: https://octoblock.io/
Buy OCTO: https://reef.octoblock.io/register
