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Plugnet Launches Ottó Blockchain to Help Build Next Gen DeFi Apps

UTC by Steve Muchoki · 3 min read
Plugnet Launches Ottó Blockchain to Help Build Next Gen DeFi Apps
Photo: Plugnet

According to the company, Ottó Blockchain is built with the same level of principles – secure, fast and simple – as Plugnet.

Plugnet, a multi-chain synthetic assets network, has announced the launch of its Ottó Blockchain to help its partners and developers build the next generation Defi applications with Plugnet. Through a press release, the firm explained that Plug token holders will benefit by pre-mining Ottó tokens that have a limited supply of 10 million.

“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 team noted.

According to the company, Ottó Blockchain is built with the same level of principles – secure, fast and simple – as Plugnet. The launch of the Ottó Blockchain is ostensibly in line with the company’s agenda towards mainnet launch. As a result, developers can expect the perfect place to build decentralized applications that are especially scalable in the foreseeable future.

Notably, the Ottó Blockchain is designed to work as a growth platform to enable developers to launch 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,” the company explained.

The relationship between Plugnet and Ottó Blockchain has been designed to be symbiotic by all means. Consequently, Plug token holders can expect to benefit from the rise of the mainnet and launch net in future.

Bigger Picture on Ottó Blockchain

The launch of Ottó Blockchain comes at a time when the decentralized financial ecosystem is experiencing challenges in security and scalability. Hackers have in the recent past compromised multi-chain Defi platforms including Poly network.

Having a secure, fast and reliable blockchain for developers to access multi-chain platforms is key to the next Defi boom. Additionally, having a platform that is compliant with different jurisdictions and in general working acceptance is key.

According to the team behind Ottó Blockchain, the Ottó token will have its own value as developers will need to hold it in order to build and test Defi applications.

Besides being used as a speculative asset, the Plugnet team was keen to provide more use cases as the crypto market matures towards global adoption. According to metrics provided by CoinGecko, Plug token was trading around $0.00401972 having dropped approximately 9.2% in the past 24 hours.

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Steve Muchoki

A financial analyst who sees positive income in both directions of the market (bulls & bears). Bitcoin is my crypto safe haven, free from government conspiracies. Mythology is my mystery! "You cannot enslave a mind that knows itself. That values itself. That understands itself."

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