Octopus Network launches $NEAR restaking to scale up decentralized trust

Press Release

Octopus Network, a Web3 infrastructure that's built on the NEAR Protocol, announces its upcoming launch of $NEAR restaking during the NearCon 2023.

The $NEAR restaking is a key part of Octopus Network's "Octopus 2.0" program, which is expected to launch in December this year. The team will sponsor 4 million $OCT tokens as part of the rewards for re-stakers who re-stake their $Near to Ottochain, the first Cosmos SDK-based  and EVM-compatible appchain that's built by the Octopus community that uses $Near for shared security.

$NEAR Restaking, an innovative solution inspired by the principles of Eigenlayer's restaking scheme, transforms the landscape of decentralized trust by making it scalable.

For $NEAR holders, especially validators, the benefits of restaking are immediate as it multiplies their earnings by validating additional modules such as Octopus 2.0 appchains, Ethereum Virtual Machines, and private shard infrastructures.

Besides optimizing capital efficiency for NEAR stakeholders and amplifies value streams across the NEAR Protocol, $NEAR Restaking also fosters cost-effective security for appchains and streamlines their bootstrapping process, at the same time encouraging the use of $NEAR as the underlying staking asset in more appchains to enhance value capture and promote a healthier supply-demand balance within the broader NEAR ecosystem.

Website: https://www.ottochain.io/