OCEAN gains 86.4% in March ahead of Q2 launch of Ocean v4

Published at: March 21, 2022

Data security and accessibility have become important issues of the modern age as the world slowly progresses towards a Web3 future that establishes blockchain technology as the underlying infrastructure for the new internet.

One project that is looking to capitalize on this growing trend by establishing tools for the new Web3 data economy is Ocean Protocol (OCEAN), a blockchain ecosystem that helps individuals and businesses unlock the value of their data and monetize it through the use of datatokens.

Data from Cointelegraph Markets Pro and TradingView shows that, over the past two weeks, the price of OCEAN has rallied 86.4% from a low of $0.40 on March 7 to a daily high of $0.748 on March 21 amid a 562% surge in its 24-hour trading volume to $321 million.

There are three main reasons for OCEAN's price rally: the upcoming launch of Ocean v4, the addition of new projects to the Ocean protocol thanks to the ongoing OceanDAO grant program and an expanding list of data partners that bring real-world use cases to the ecosystem.

The upcoming launch of Ocean v4

One of the biggest developments boosting OCEAN's momentum in March is the upcoming launch of Ocean v4, which is currently in public testing and is expected to go into production in the second quarter of 2022.

.@oceanprotocol is launching Version4 in the next weeks and it will get really interesting for data management and monetization.Data X Defi = Data IP: managed by NFTs (ERC721)Data consumption: managed by datatokens (ERC20)This is how Data meets DeFi. $OCEAN

— AquaNaut (@AquaNauxt) March 20, 2022

According to the project, Ocean v4 will include several upgrades including a mechanism that purports to solve rug pulls in the datatoken pools by eliminating the initial datatokens provided to publishers. The new protocol upgrade will also see the introduction of data NFTs, which add non-fungible token capabilities to base intellectual property (IP) as a way to help increase revenue streams, as well as the addition of new ways for the community to monetized data.

Ocean v4 will initially be deployed on the Ethereum Virtual Machine (EVM) chains that currently support v3, including the Ethereum mainnet, Polygon, BNB Smart Chain, Moonriver and Energy Web Chain, and will be deployed on additional EVM chains over time.

OceanDAO grants

A second factor helping to strengthen the outlook for OCEAN is the ongoing OceanDAO grant process that helps new projects launch on the network. 

The Ocean Protocol Foundation originally announced its $140 million grant initiative back in October 2021 as a way to help fund projects in the Web3 data economy that were interested in using Ocean’s data markets and data unions.

OceanDAO recently completed the 15th round of grant rewards, which was won by TalentDAO, a protocol designed to address the lack of scientifically validated surveys for studying organizational health in the context of DAO contributors.

We continue with introducing the winning projects of the recently concluded @OceanDAO_ Round 15 to the Ocean Community @talentDAO_ is the latest grantee to have joined the Ocean ecosystem! pic.twitter.com/Qe9YHjRFgY

— Ocean Protocol (@oceanprotocol) March 18, 2022

The 16th round of OceanDAO is now underway, offering a pool of 200,000 OCEAN tokens available for funding. The submission deadline is Apr. 5.

Related: Marshall Islands officially recognizes DAOs as legal entities

New data partners

The addition of new data partners to the Ocean Protocol ecosystem is a third factor helping to boost the overall outlook of OCEAN as they represent real-world adoption of the Open Data Economy.

Dimitra Technology is the latest company to partner with Ocean as a way to help agricultural producers leverage blockchain technology and data to produce higher yields.

In this partnership, Ocean's Web3 capabilities will be employed to enable data sharing and monetization so that small farmers can benefit from an extra layer of revenue. Read more on the collaboration here: https://t.co/MADC2yaCPz

— Ocean Protocol (@oceanprotocol) March 17, 2022

The protocol has also announced the launch of Ocean Shipyard, which is designed to help fund entrepreneurs who are looking to build open-source Web3 solutions on Ocean Protocol and create value for the Ocean ecosystem.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for OCEAN on March 19, prior to the recent price rise.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

As seen in the chart above, the VORTECS™ Score for OCEAN climbed into the green on March 19 and hit a high of 78 around 14 hours before the price increased 54% over the next day.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Tags
Related Posts
The Graph (GRT) gains momentum as Web3 becomes the buzzword among techies
The ongoing digital revolution and rise of the internet have upended the old global value structure over the past 30 years, and big data has become the new "gold" or "oil" — a fact demonstrated by the money-making capabilities of platforms like Google and Facebook. One blockchain project focused on the future of retrieving and managing data is The Graph (GRT), an indexing protocol designed for querying networks like Ethereum and IPFS through the creation of open APIs called subgraphs. Data from Cointelegraph Markets Pro and TradingView shows that since hitting a low of $0.34 on Jan. 24, GRT has …
Adoption / Feb. 16, 2022
LINK marines rejoice after Chainlink 2.0 brings a new roadmap and staking
Passive income opportunities are one of the biggest draws in the cryptocurrency ecosystem because it gives investors an easy opportunity to grow their portfolio size regardless of the day-to-day price action. The latest token to get a bump in its price after announcing the upcoming implementation of staking is Chainlink (LINK), the decentralized oracle network that provides important off-chain information needed for the proper functioning of smart contracts. Data from Cointelegraph Markets Pro and TradingView shows that since bouncing off a low of $6.67 on June 4, the price of LINK has increased 35% to hit a daily high of …
Markets / June 7, 2022
ECOMI, Aragon and Ramp breakout after Bitcoin price pushes above $49K
Cryptocurrency prices and investor sentiment reversed course on Dec. 15 after Federal Reserve chairman Jerome Powell confirmed the bank's plan to hike interest rates in 2022 and slow down the bond purchasing program that had been in play since the emergence of the coronavirus in March 2020. Following the announcement, Bitcoin (BTC) price tacked on a 1.65% gain, bringing the price above $49,000 and Ether trekked back above the $4,000 mark. Altcoins followed suit with their usual double-digit gains and for the moment, it appears as if bulls have taken back control of the market. Data from Cointelegraph Markets Pro …
Nft / Dec. 15, 2021
YFI, HXRO and AR post gains even as Bitcoin price dips to $45.5K
Bitcoin (BTC) bulls took another beating on Dec. 17 as a midday onslaught dropped the price to $45,500. The price did manage a quick bounce back to $47,000 but sweeping a new daily low could be a sign that additional downside is in store. Amid the wider market downturn, several altcoins provided weary traders with a source of refuge as token buybacks and increased network activity helped bolster their prices and provide shelter from the storm. Data from Cointelegraph Markets Pro and TradingView shows that the biggest gainers over the past 24-hours were Yearn.finance (YFI), Hxro (HXRO) and Arweave (AR). …
Bitcoin / Dec. 17, 2021
GRT rallies 39% as subgraphs migrate to The Graph’s decentralized mainnet
As the growing digital economy undergoes a transition from Web2 to Web3, oracle and data providers are becoming an increasingly important sector of development to ensure the reliable sharing and transfer of information. The Graph (GRT) is one protocol that is spearheading the integration of blockchain technology with data management and retrieval through the creation of open APIs known as subgraphs. Data from Cointelegraph Markets Pro and TradingView shows that since hitting a low of $0.3155 on March 13, GRT has climbed 38.6% to a daily high of $0.44 on March 15 where it is now attempting to flip this …
Markets / March 15, 2022