The octagon is the square, bisected. Inscribe a square in a circle, bisect each of the four arcs by striking equal arcs from the ends of each side and joining the crossings to the centre, and the eight resulting points are the vertices of a regular octagon. Continue the process and you get 16, 32, 64 and every further doubling.
Under Gauss-Wantzel, which permits a power of 2 multiplied by a product of distinct Fermat primes, 8 is 2 cubed: a pure power of two, needing no Fermat prime at all. Doubling the side count of any constructible polygon amounts to bisecting arcs, an operation the compass performs unconditionally, so the constructible polygons come in chains: 3, 6, 12, 24; 4, 8, 16, 32; 5, 10, 20, 40.
The proportions of the regular octagon involve sqrt 2, as its parentage would suggest. The ratio of the distance across the flats to the length of a side is 1 plus sqrt 2, about 2.414, the number sometimes called the silver ratio, which stands in roughly the same relation to the octagon that phi does to the pentagon. The interior angle is 135 degrees, which does not divide 360, so regular octagons do not tile the plane alone. They do tile with squares filling the gaps, a pattern found from Roman mosaic floors onward and still the standard tiling of a great many bathrooms.
Archimedes' method for bounding pi is this same work extended. He inscribed and circumscribed regular polygons in a circle and repeatedly doubled their side counts, reaching 96 sides, which placed pi between 223 over 71 and 22 over 7.