As part of PLUGnet’s rollout of new blockchain development tools and applications, the Ottó blockchain has been released recently. PLUGnet is a multichain synthetic asset network, and the new Ottó blockchain will help PLUGnet’s partners and developers build the next generation of compliant DeFi applications. PLUG token holders will have an added benefit of being able to pre-mine Ottó tokens which are capped at 10 million.
The Ottó blockchain has been designed to help projects grow and for investors to enjoy early access to new and promising DeFi projects. It is an important part of building out PLUGnet, the world’s safest DeFi ecosystem, and Ottó is an important step toward launching the platform’s mainnet and helping to make DeFi services and applications available to new user groups.
Built as a launchnet, Ottó shares the same architecture, design, and permissions as PLUGnet, giving developers a safe incubation platform to test new ideas and build new applications.
In doing so, the new network will support the growth and expansion of new projects and apps on PLUGnet. It will also provide new projects and development teams with token listing and on-ramp services as well as multi-chain bridging to help connect different blockchains, services, and applications in one comprehensive suite.
The PLUGnet Partner Alliance also has the authority to whitelist and approve projects and fork them to PLUGnet once they meet the stability and adoption targets of the platform and a DAO vote confirms the acceptance of new projects. This democratization of project acceptance will also enhance transparency and improve accountability while making it easier for projects to meet the listing requirements of the platform.
In addition to supporting new projects, bringing new ideas to the mainstream, and helping to grow the DeFi space in a safe and secure environment, the Ottó blockchain will also grow value for PLUG token holders. It does this by creating a seamless and hassle-free on-ramp to the PLUGnet ecosystem and a launchnet-based token economy for new projects. All that is required is for investors or token holders to deposit and lock their tokens with a PLUGnet Partner Alliance member until the pre-mine is complete. Upon launch, Ottó token earnings will come from transaction validation and rewards generated from providing liquidity.
PLUGnet is an advanced multi-chain synthetic assets protocol. It was designed to provide innovative DeFi services and help asset custodians leverage assets from any network in their synthetic form. As a public PoS network, it allows anyone holding PLUG tokens to participate in the decentralized governance of the network and connect to a wide range of partnered exchanges, custody providers, asset managers, and staking farms within the PLUGnet Partner Alliance. You can learn more about the project by visiting https://plugdefi.io/.