Octoblock DeFi Ecosystem Looks To Onboard Ethereum and Cardano Users

With the explosive growth of decentralized finance (DeFi) and the increasing adoption of blockchain technology, Octoblock (OCTO) has emerged as one of the new projects that could onboard Ethereum (ETH) and Cardano (ADA) users.

Ethereum price

Ethereum’s price recently experienced a downward correction, falling below the $3,550 mark. However, after testing support around $3,450, a bullish momentum emerged, leading ETH to form a low near $3,459 before breaching above the $3,520 resistance area. Bulls further strengthened their position by pushing the price above the 50% Fibonacci retracement level. Immediate resistance for the ETH price is near $3,600, with major obstacles at around $3,630 and $3,680. Clearing these levels could pave the way for a rally towards $4,000. On the downside, key support rests at $3,480, and a drop below this level could expose ETH to further declines toward the $3,250.

Cardano news

Cardano (ADA) has recently garnered attention for the significant technological advancements reported by Input Output Hong Kong (IOHK), the firm responsible for its blockchain development. A notable area of progress is within its ledger team, which has enhanced test frameworks and data quality in the Newconstraints phase 3. IOHK also noted advancements in wallets and services, promising new features and improvements for Cardano users through the release of Lace v.1.9. Despite this, analysts have observed a weakening bullish trend in ADA’s price over the past few weeks, suggesting a potential slowdown that could lead to a phase of consolidation or sideways trading.

Exploring Octoblock (OCTO): A Potential hub for Ethereum and Cardano users

Octoblock (OCTO) is a unique decentralized finance (DeFi) protocol that offers a range of services and features catering various financial needs and preferences while striving to boost community engagement and make meaningful societal impact.

At the heart of Octoblock’s operations lies its revenue-generation system, the Nautilus Trove, which will receive asset inflows from various sources within the protocol. The double-strategy system will allocate 75% of the resources to DeFi strategies, such as staking and arbitraging, to ensure consistent returns for participants. The remaining 25% will be invested in revenue-generating ventures, such as businesses or stocks, to create yield returns. Notably, 50% of the profits generated will be distributed to OCTO token holders, with 45% based on their holdings and 5% distributed randomly through the protocol’s proprietary sweepstake.

A portion of the Octoblock profits will also be allocated to its Tentacle Trust, a charitable fund designed to support organizations dedicated to protection and restoration of marine ecosystems. By voting once a month to choose the beneficiary of the trust’s donations, OCTO token holders will indirectly but effectively help in the fight against environmental deterioration .

Octoblock’s ambition extends beyond revenue generation, aiming to revolutionize asset management with its Coral Cove cross-chain swap platform. Coral Cove will enable seamless bridging and swapping of assets across networks while maintaining minimal transaction fees and utilizing liquidity aggregation to ensure optimal transaction routes. 

The Octoblock Initial Coin Offering (ICO) started on April 1st, with OCTO priced at $0.035. In addition to discounted token prices, OCTO’s ICO participants will also receive substantial bonuses and an opportunity to win a full-option Tesla.

For more on Octoblock:

Website: https://octoblock.io/

Buy OCTO: https://reef.octoblock.io/register