The launchnet will serve as an incubative platform for innovative DeFi projects

PLUGnet, the multichain synthetic asset network, has announced the release of its launchnet. Ottó Blockchain is designed for partners and developers who look to build the next generation of compliant DeFi applications with PLUGnet. PLUG token holders will be given an opportunity to start pre-mining Ottó tokens which are limited to 10 million. 

The team shared its outlook on this new milestone: “Ottó Blockchain is the next step to building PLUGnet, the world’s safest DeFi ecosystem. It will be a great place for new projects to grow and for investors to get in early on the most promising new DeFi protocols.” 

The release is part of PLUGnet’s ongoing journey towards mainnet launch and its mission to make DeFi more accessible to a wider user base. As a launchnet, Ottó is built with the same architecture and permissions as PLUGnet. This gives developers the perfect place to build and test their applications.

The network will work as a growth infrastructure that is purpose-built for launching on PLUGnet. It will count on its own token and afford development teams token listing, on-ramp services, and multi-chain bridging. Likewise, their apps will benefit from direct launch approval through the Partner Alliance and the ability to fork projects to PLUGnet once they meet critical stability and adoption targets and a DAO vote is passed.

Ultimately, Ottó Blockchain will grow value for PLUG token holders by creating a streamlined on-ramp to its main ecosystem and a launchnet token economy. All they will have to do is deposit and lock their tokens with a PLUGnet Partner Alliance member until the premining is complete. After launch, Ottó token earning will be from validation and LP rewards.

About PLUGnet

PLUGnet is an advanced multi-chain synthetic assets protocol, designed to enable asset custodians to leverage any asset from any network in its synthetic form as well as innovative DeFi services. It is a public PoS network that allows anyone with the PL^G token to take part in decentralized governance of the network and get connected to a range of partnered exchanges, custody providers, asset managers and staking farms in the PLUGnet Partner Alliance.

author

Casper Brown

you may also like

• by Godfrey Benjamin,
• Aug 31, 2021

Top 3 Coins to Watch this Week: SOL, LUNA, ADA

• by Domenic,
• Aug 31, 2021

ETH Price Analysis: Ethereum (ETH) Stuck at 8 Month Trendline, What’s Next $3500 Or $2900?

• by Godfrey Benjamin,
• Aug 31, 2021

Kyrgyzstan Reportedly Set to Bring Regulations to Crypto Exchanges

• by Palak Malhotra,
• Aug 31, 2021

XRP Lawsuit: Will the SEC continue unjust litigations after making Ripple settle with a seal?

• by Prashant Jha,
• Aug 31, 2021

Cardano ($ADA) Founder Heaps Praises For Solana ($SOL), Here’s Why

• by Domenic,
• Aug 31, 2021

Polygon (MATIC) Price Fails to Break Major Resistance Zone, Can MATIC Break $2?

• by Prashant Jha,
• Aug 31, 2021

Breaking: Cream Finance Faces Second Flash Loan Attack in 2021, Loses $18 Million

• by Domenic,
• Aug 31, 2021

Dogecoin (DOGE) Price Forms Falling Wedge Pattern, Will Bulls Regain $0.30?