Octopus is an open protocol that creates, trades, and manages synthetic assets. Octopus is a DeFi protocol based on the Binance Smart Chain that enables issuance, trade, management of decentralized synthetic, or derivative assets. 

The protocol aims to have features like it is noncustodial, provides governance, has a trustless architecture, includes limitless design possibilities, provides access to real-world assets, and affordable solutions for decentralized derivatives. As per the whitepaper, the products offered by the Octopus Protocol are as follows:

OPS is the native token of the Octopus Protocol with many utilities, one of which is governance. OPS token holders are able to participate in the governance of the Octopus Protocol and ensure consensus in decisions in a decentralized network. Another utility of the token is staking, which allows users to lock their tokens and receive rewards for committing funds. OPS tokens incentivize actions across the Octopus Protocol ecosystem, and with these tokens, holders can access the ecosystem internally and use the products and services. 

Obaid bin Touq and Monk founded the Octopus Protocol. The rest of the team includes Igor Samorodov (CMO), Christopher Redman (creative director), Pavel Mironchik (lead UI/UX designer), and Mahmoud Ali (graphic designer). The maximum total supply of the token is 150,000,000 coins.