Octane Finance AMA Transcript

"Octane Finance is redefining limit orders by making them smart & rewarding on BSC"

By
BSCNews
on
October 7, 2021
Category:
AMA

Andrew (BSC.News)

Hello everyone and welcome to the AMA with Octane Finance!

Today we have @decentralisednomad joining us to talk about Octane Finance

Glad to have you here

decentralisednomad | Octane Finance

Hey all, 

Thanks for having me here. Lets chat on all things related to Octane. So much to share with you guys

Andrew (BSC.News)

Of course, excited to have you here

So how this will work is, the AMA will consist of two rounds. The first round will be us going through the questions that I had prepared for you before hand. And then the second round will be a community round where I will open up the room to allow questions to come in. The second round is also where we will select the two winners of our giveaway

Sounds good?

decentralisednomad | Octane Finance

Yes

Andrew (BSC.News)

Great, so to start things off


1. Please introduce yourself and the team behind Octane Finance.


decentralisednomad | Octane Finance

Hey all,

This is Nomad Co Founder at Octane Finance. I handle marketing and business side of things. We’re into DeFi from since it’s inception and our team have very diversified background of Web2 and Web3

Andrew (BSC.News)

Okay nice, thank you for that introduction!


2. What is Octane Finance? What is the goal of your platform?


decentralisednomad | Octane Finance

Octane Finance is a decentralised rewarding limit orders platform. The goal is bring value to idle limit orders that are sitting idle in most of the protocols. Check out our docs here

Andrew (BSC.News)

Okay so to unpack a bit


3. How does Octane Finance work?


decentralisednomad | Octane Finance

In a brief you place limit order, Octane will send the assets to lending protocol like Venus till it’s executed to generate APY. Check out for more info with good example

Andrew (BSC.News)

Oh I see so you are utilizing Venus' lending protocol to reward users while they wait for their order to execute, how neat


4. What is $OCTANE and how is it used on your platform?


decentralisednomad | Octane Finance

Yes correct

OCTANE is a deflationary utility and governance token. The token utility is to provide protocol fees and APY generated on limit orders. Check this out for more info https://docs.octane.finance/tokenomics/token-usage

Andrew (BSC.News)

I see, thanks for that clarification


5. Can you tell us more about the features that you offer?


decentralisednomad | Octane Finance

Currently we have two features, Placing limit orders and Executing limit orders 

A trader can place limit orders on Octane for supported token pairs. The trader can choose a limit price at which he/she wants to buy/sell a particular asset with customization on expiry time and execution slippage.

An executor network monitors and competes for pending limit orders to get rewarded by the transaction fees.


Andrew (BSC.News)


6. How has the integration of Chainlink played a role on your platform?


decentralisednomad | Octane Finance


We chose Chainlink as our go-to oracle solution because its infrastructure is seamless to integrate and time-tested in production. Chainlink already secures leading DeFi protocols responsible for billions of dollars in smart contract value, maintaining robust security and high availability even amidst unexpected events, such as exchange downtime, flash crashes, and data manipulation attacks via flash loans.

Andrew (BSC.News)

Oh okay I see, so Chainlink adds another layer of security in a sense


7. How have you made Octane Finance mobile friendly? Do you plan on releasing an app?


decentralisednomad | Octane Finance

Yes it’s mobile friendly, you can even use Octane from mobile based web3 wallets like metamask. No plans to release android/IOS mobile apps as of now, we will be web dApp

Andrew (BSC.News)

Okay nice

Thank you for that information!


8. Is Octane Finance audited? How can you ensure users that your platform is safe to use?


decentralisednomad | Octane Finance

Right now contracts are not audited, but we have already started conversations with few audit firms like Hacken and Certik.

Andrew (BSC.News)

Will the process begin soon?

decentralisednomad | Octane Finance

Yeah, but they haven't still given us the estimate

Andrew (BSC.News)

Gotcha


9. Any exciting news you would like to announce here today?


decentralisednomad | Octane Finance

Yes yes We’ve Mainnet release this October and Staking program following up. Stay tuned

Andrew (BSC.News)

Awesome thank you!

Would you be able to provide us with links to your social media that you would like the community to follow?

decentralisednomad | Octane Finance

Sure ✅

Website:

Twitter

Telegram:

Docs:

Andrew (BSC.News)

Great! Make sure to go and check out Octane Finance everyone!



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