Chain-key OCTPrice

(CKOCT)

ckoct is a cross-chain representation of the Octopus Network (OCT) token, specifically designed for the Internet Computer (ICP) blockchain. It belongs to the Chain-key asset family, which utilizes advanced threshold cryptography to ensure secure, 1:1 backed representations of external assets. This technology allows holders of the original OCT token on Ethereum or NEAR to move their assets into the ICP ecosystem without relying on centralized intermediaries. Once bridged, ckoct functions as a standard ICRC-1/ICRC-2 token, enabling users to engage with a wide range of decentralized applications and services native to the Internet Computer.

These three tokens represent different environments within the same ecosystem. OCT is the original ERC-20 utility token issued on the Ethereum blockchain. ckoct is the mirrored version of that token on the Internet Computer, used primarily for interacting with decentralized finance protocols within that specific network. Finally, OT (Omnity Token) is the governance token for the Omnity Network, which is the rebranded evolution of the Octopus Network. Users often have the option to redeem their OCT tokens for OT at a 1:1 ratio to participate in the new governance and Bitcoin-native interoperability structure.

In April 2024, the Octopus Network officially transitioned and rebranded to the Omnity Network. This shift marked a strategic evolution toward Bitcoin-native interoperability, often referred to as BTCFi. Despite this rebranding, the project continues to support its legacy community and assets. The ckoct token remains a vital part of this ecosystem, acting as a bridge for liquidity between original Octopus assets and the growing suite of Bitcoin-centric interoperability tools provided by the Omnity Hub on the Internet Computer.

The security of ckoct relies on Chain-key architecture, which avoids the vulnerabilities of human-managed multisig bridges. It uses a Minter Canister on the Internet Computer to hold original OCT tokens in custody via threshold cryptography, where keys are split across independent nodes. The 1:1 backing is fully verifiable on-chain; users can audit the canister’s balances against the total ckoct supply at any time through public dashboards. This ensures every ckoct in circulation is strictly collateralized by a native OCT token, providing a transparent and trustless bridging mechanism.

The primary utility of ckoct lies within the Internet Computer’s DeFi ecosystem. Users can utilize the token on major decentralized trading platforms to swap for other assets or provide liquidity to various pools to earn rewards. Additionally, ckoct can be integrated into native lending and borrowing protocols, allowing users to leverage their holdings. Because transactions on the Internet Computer are highly efficient and cost-effective, ckoct provides a streamlined way for OCT holders to maximize the utility of their assets in a high-performance environment while maintaining exposure to the Octopus/Omnity project.

ckoct is primarily traded on decentralized exchanges within the Internet Computer network. For users who prefer centralized trading platforms, the original OCT token can be found on leading exchanges like LBank. To bridge assets, users typically utilize the Omnity Hub or Octopus Bridge, sending native OCT to a specific address to trigger the minting of ckoct. While internal transactions on the destination network are nearly free, users should account for source-chain gas fees and a small service fee associated with the bridging protocol when moving assets between blockchains.