Ocean Protocol Teams Up With Balancer For Data Tokens Marketplace

Ocean Protocol teams up with Balancer in order to create a data token marketplace and to democratize the entire market as we are reading more in the latest crypto news.

Ocean Protocol market is an AMM powered by Balancer which allows anybody to sell and buy tokens that represent ownership of a particular dataset and will enable widespread monetization of data and access to a bigger range of information for the interested parties. The efficiently priced data on the marketplaces is a huge step forward for the DeFi space while the market is still heavily focused on the Defi tokens. Ocean Protocol teams up with Balancer to build the first fair marketplace to purchase and to sell data as the data tokens will be listed on the Balancer exchange which only promises a new utility for Defi and crypto.

Automated market makers such as Balancer and Uniswap allow people to provide liquidity and to trade digital assets. These products focus on financial tokens mostly as Ocean Protocol is building an open market that focuses mostly on the exchange of data. Just as the traders on Uniswap exchange, ETH for USDC, the ocean participants can trade the data tokens as well. For the uninitiated, every data token represents a claim on the particular range of data and if one XYZ token is linked to Balancer’s financial data, whoever purchases XYZ will have access to Binance’s core financials.

PARTNERSHIP | Ocean is working with @BalancerLabs to create the first AMM based data market and the world’s first Initial Data Offering (IDO) launchpad, continuing our mission to unlock data for the advancement of #AI & #Web3.

Learn more on our website.https://t.co/EBdY9XeBhN

— Ocean Protocol (@oceanprotocol) September 24, 2020

With the help of Balancer Labs, Ocean Protocol introduced Ocean Market an AMM that allows anybody to purchase and to sell data. The pools will be bootstrapped with the data tokens and the native token OCEAN. To purchase data, the users have to first buy OCEAN and exchange it for the data token on Ocean Market as one trades LEND for ETH on Uniswap or Balancer so the users will be able to trade data tokens for OCEAN on the market. The founder of Balancer Fernando Martinelli said:

 “Ocean Protocol’s usage of Balancer AMMs promises to add a massive new asset class – data – to the DeFi’s assets under management. Thousands of new data assets will lead to thousands of Balancer AMMs – a very long-tail of AMMs, the first of its kind for any AMM protocol.”