OctoFi

Overview

OctoFi (OCTO) is a decentralized finance (DeFi) project that aims to provide a platform for DeFi aggregation and investment opportunities. The project's stated purpose is to create a user-friendly platform that aggregates various DeFi protocols and services into one interface.

Purpose and Utility

The OCTO token serves as a governance token for the OctoFi platform, allowing holders to participate in protocol decisions. It also provides access to premium features and revenue sharing from platform fees.

Business Model and Activities

The platform aggregates DeFi services including decentralized exchanges (DEXs), lending protocols, and yield farming opportunities. While some of these underlying services (particularly lending) would be considered non-compliant with Shariah principles, the OCTO token itself primarily functions as a governance and access token.

Development and Adoption

The project has shown limited recent development activity on its GitHub repositories. The platform maintains basic functionality but appears to have reduced development momentum compared to its initial launch period.

Token Distribution

The total supply of OCTO tokens is 800,000, with distribution including team allocations, community rewards, and public sale participants. The project implemented vesting schedules for team tokens.