Token Description & Project Background

Octopus Network is a NEAR-based multichain interoperable crypto-network for launching and running Web3, substrate-based, EVM compatible application-specific blockchains (appchains). 

OCT is the network’s utility token that is used as collateral to guarantee security of appchains through staking, and deciding which appchains are to be built on the network.

OCT launched via IDO on Skyward Finance in August 2021. 

The project was first launched in China in 2019 by Louis Liu, former CTO for Beijing Keyin Tech Co. He is a former project manager at China Mobile. His team had previously been known as Cdot. Other members include Julian Sun, chief software architect, and Burt Chen, a lead developer. The mainnet launched in October of 2021.

Risks of OCT

Like an investment in other crypto assets, there are some general risks to investing in OCT. These include:  (i) volatility risk and liquidity risk, (ii) short history risk, (iii) demand risk, (iv) forking risk, (v) code defects, (vi) regulatory risk, (vii) electronic trading risk, and (viii) cyber security risk. For additional information of these and other general risks associated with crypto assets and Uphold’s platform, please refer to the Risks Specific to Holding Digital Assets statement.

In addition to these general risks, an investment in OCT is subject to the following specific risks:

• Any potential success associated with OCT is dependent on the Octopus Network’s rate of adoption. A number of external factors, such as growth of appchains, are also likely to impact any potential success associated with the token.

We emphasize that this Crypto Asset Statement is not an exhaustive description or summary of all risks associated with OCT. Investors should conduct their own research and perform their own assessment before trading any crypto asset to determine the appropriate level of risk for their personal circumstances.

The OCT community and its founding team are not under any legal or regulatory obligation to disclose material information to the public regarding its activities. Holders of OCT have no recourse to the OCT community, its founding team, or Uphold if OCT declines in value for any reason.

Changes to applicable law may adversely affect the use, transfer, exchange, or value of any of your crypto assets, and such changes may be sudden and without notice.

Uphold’s Evaluation Process

Prior to listing OCT on the Uphold Platform, Uphold performed due diligence on OCT and determined that OCT is unlikely to be a security or derivative under relevant securities legislation. Uphold’s analysis including reviewing publicly available information on the following: 

• The creation, governance, usage, and design of OCT, including ensuring the source code is open-source, audited and peer reviewed, security, and roadmap for growth in the developer community. 
• The supply, demand, maturity, utility, and liquidity of OCT.
• Any marketing materials put forward by the OCT social team including on, Twitter, Medium blog, LinkedIn posts, Discord and Telegram channels.
• Material technical risks associated with OCT,including any code defects, security breaches and other threats concerning OCT and its supporting blockchain (such as the susceptibility to hacking and impact of forking), or the practices and protocols that apply to them.
• Legal and regulatory risks associated with OCT, including any pending, potential, or prior civil, regulatory, criminal, or enforcement action relating to the issuance, distribution, or use of OCT. 

General

Uphold has prepared this Crypto Asset Statement based on publicly available information. Although Uphold has taken steps to obtain information from apparently reliable sources, information contained in this Crypto Asset Statement may be inaccurate, incomplete or out-of-date. This overview is a starting point for you to perform your own research prior to investing in a crypto asset.

Uphold users should read the Risks Specific To Holding Digital Assets statement for additional discussion of general risks associated with crypto assets made available through the Uphold platform.  

Canadian residents, please note that Uphold has filed an application for registration in certain Canadian jurisdictions but has not yet obtained registration. Until such time as Uphold obtains registration, Uphold has agreed to abide by the terms of an undertaking available at the following link. Please also review the Uphold Canada – Crypto Risk Statement for additional discussion of general risks associated with the crypto assets made available through Uphold Platform. Please be aware that statutory rights of action for damages or rescission in section 130.1 of the Securities Act (Ontario) and, if applicable, similar statutory rights under securities legislation in the other provinces and territories of Canada do not apply in respect of this Crypto Asset Statement or other disclosures on the Uphold website and Risks Specific To Holding Digital Assets statement. 

Last updated on June 21, 2023.