DEIP voted in as appchain on Octopus Network

DEIP has been approved by $OCT holders, passing the next stage to launch its mainnet at the beginning of Q2.

Following the release of its testnet, DEIP protocol began moving swiftly towards launching its Appchain in the Octopus Network. While becoming an appchain candidate in Octopus Network is permissionless, the process of an appchain launch is baked into the governance of the Octopus Network. Appchains must successfully pass several stages before they can enter the Voting Queue for approval by $OCT holders.

Latest update on the Octopus Network

What next?

Upvoted appchains are promoted to the staging state where the Octopus Foundation will run four boot-nodes for each appchain. Then the appchain network only needs seven additional nodes to startup. $OCT holders can run a Validator node by staking a minimum of 10k $OCT to earn rewards in the Appchain’s native token.

Upon completion of a successful audit by the Octopus Network Developer Team to ensure that there are no known security vulnerabilities and that its application logic is consistent, the DEIP Appchain will move to the Voting Queue where it will be upvoted or downvoted by $OCT holders. All $OCT holders are eligible to vote.

Upvoted appchains are promoted to the Staging state where the Octopus Foundation will run four boot-nodes for each Appchain (Boot-nodes will not accept any $OCT delegation.) Then the Appchain network only needs seven additional nodes to startup. $OCT holders can run a Validator node by staking a minimum of 10k $OCT to earn rewards in theappchain’s native token.

Once the Appchain has obtained enough validator nodes to reach the minimum required safety limit of USD $2M $OCT, it will enter the Booting state — Octopus Network will run the full node, provide the RPC gateway, run the relayer of the Octopus bridge, and the Appchain’s NEP141 native tokens will be deployed.

As a Substrate-based application-specific blockchain (appchain) on the Octopus Network, DEIP seeks to become a major Web3 protocol for the creator economy and has been actively building its way closer and closer to launch.

“We are very delighted to welcome DEIP to the Octopus ecosystem as an appchain as we believe that DEIP is a solid project and plays a critical part in the creator economy in Web 3.0. Octopus and the NEAR ecosystem will continue to support DEIP, and more appchains, to help make Web 3 happen faster.” — Louis Liu, Founder, Octopus Network.

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