Find Out Why Solana Was Hardly Hit by the Market Downturn, But Octoblock Was Unaffected
Find Out Why Solana Was Hardly Hit by the Market Downturn, But Octoblock Was Unaffected
DownMarket Lana The latest market collapse revealed the weakness of some cryptocurrencies, such as Solana, which saw significant losses. Even with all of the market turbulence, Octoblock did not appear to be impacted negatively. Let's examine why Octoblock managed to survive.
What made Solana Price so vulnerable?
The excitement that caused the price of Solana to soar by 61% in March collapsed as the larger cryptocurrency market experienced a decline linked to geopolitical issues. Of course, one factor was the congestion in the Solana network. The price of Solana's SOL token dropped sharply during the last week, falling to $131—its lowest level in six weeks. There were $113 million in liquidations as a result, and there were many doubts about whether the $130 support level would hold. According to Solana news, Coinbase recently linked its wallet with the decentralized exchange (DEX) of Solana in an effort to draw more people to the ecosystem. Observing Solana investors, the liquidated assets slowly made their way to the Octoblock Initial Coin Offering.
Octoblock (OCTO)
A recent DeFi pioneer, Octoblock offers practical utility solutions packaged with DeFi. Its actions contradict the fundamental ideas behind an effective decentralized finance system. It comes with a crowdsourcing technology called cFyF that promotes communal pools for group profit-making and convenient access to more DeFi items.
Hundreds of cryptocurrencies will be supported by Octoblock's multi-chaIn platform, which will enable interoperability across blockchain networks. It will travel on its sturdy Coral Cove DEX, which will enable simple, safe, and secure transfers, conversions, and transactions. An Octoblock tactic to support nonprofits, particularly those working to conserve ocean and marine life, is the Tentacle Trust. Investors vote on which groups should receive funding and take part in the selection process. Funds for the Saltwater Sweepstake are allotted for monthly drawings, with winners being rewarded according to the snapshot timing that is kept secret until after the draw to thwart dishonest players. The incentives would be determined by the changes in OCTO's price over that time.
Why Did Octoblock Handle the Market Downturn So Well?
Phase four of Octoblock's hot ICO has drawn participants from other chains because of the substantial presale benefits offered to holders of OCTO tokens. With a price of $0.038 and a 12% bonus, each ICO holder gets a chance to participate in the biggest Tesla giveaway. Purchases of tokens result in entries. In order to spread the odds and give as many people as possible a chance to win the new Tesla Model, a draw will be done prior to the project's launch, with the winner being chosen at random.
NautilusTrove by Octoblock earns and distributes earnings from other investments and ICO staking. The majority of the funds are invested using Beefy Finance's tenets. The Trove distributes money for use in incentives airdrops, charitable contributions, and management performance fees, among other purposes. Weekly airdrop incentives in USDC are given to every ICO participant. The OCTO website shows the current APY rate of 165% and the event takes place every Monday.
More information here:
Buy OCTO: https://reef.octoblock.io/register
Website: https://octoblock.io/
