Ocean Protocol partners with Benchmark Protocol to list OCEAN on lending platform
Ocean Protocol is collaborating with Benchmark Protocol to further expand the Data DeFi economy. The Ocean token (OCEAN) will be listed on Benchmark’s lending platform, which is backed by the MARK token — Benchmark’s supply elastic, stablecoin-alternative that connects traditional capital markets to DeFi. This will enable OCEAN holders to lend their OCEAN tokens and earn interest, while collateral providers can borrow OCEAN.
Benchmark Protocol, a DeFi protocol that connects traditional financial markets to DeFi markets has its native asset MARK pegged to the Special Drawing Rights (SDR) asset. The SDR is a composite international reserve asset, consisting of the U.S. Dollar, Euro, Great British Pound, Chinese Yuan, and Japanese Yen. This provides a better hedge against vulnerable single-nation backed assets such as the USD.
For Ocean Protocol, a data exchange protocol for the Web3 Data Economy, the collaboration helps to create one more use of the OCEAN token and further deepens its DeFi integrations. With this listing, OCEAN holders will be able to lend their OCEAN while keeping exposure to Ocean and earning interest yield, without risk of impermanent loss.
Ocean and Benchmark are exploring future collaboration together which would leverage Ocean Market, an open-source community marketplace for data, and the lending of Ocean’s datatokens, a data asset wrapped in an ERC20 token on Ocean Protocol.
- Ocean will help Benchmark Protocol monetize their DeFi data via Ocean Market, enabling the Ocean community access to these datasets.
- Benchmark will source curated data from Ocean Protocol marketplaces to be able optimize the lending rates and possibly provide under-collateralized loans.
- Benchmark will allow the lending of Ocean’s datatokens to help datatoken holders earn interest on their holdings.
“We look forward to the Ocean Protocol community taking advantage of our stablecoin-alternative, MARK. MARK opens the doors for truly decentralized smart contract collateral payments that are not subject to high volatility in the markets.” Kurt Uhler, COO Benchmark Protocol.
“At Ocean Protocol, we try to maximize ways for OCEAN holders to utilize their OCEAN tokens. This collaboration will enable OCEAN holders to earn interest from their OCEAN holdings while keeping exposure to OCEAN. In the future Benchmark will enable each of these datatokens to have their own lending market on their platform unlocking another utility for datatokens,” Ocean Protocol Growth Accelerator Manan Patel.
About Ocean Protocol
Ocean Protocol’s mission is to kickstart a Web3 Data Economy that reaches the world, giving power back to data owners and enabling people to capture value from data to better our world.
Data is a new asset class; Ocean Protocol unlocks its value. Data owners and consumers use the Ocean Market app to publish, discover, and consume data assets in a secure, privacy-preserving fashion.
Ocean datatokens turn data into data assets. This enables data wallets, data exchanges, and data co-ops by leveraging crypto wallets, exchanges, and other DeFi tools. Projects use Ocean libraries and OCEAN in their own own apps to help drive the Web3 Data Economy.
The OCEAN token is used to stake on data, to govern Ocean Protocol’s community funding, and to buy & sell data. Its supply is disbursed over time to drive near-term growth and long-term sustainability. OCEAN is designed to increase with a rise in usage volume.
About Benchmark Protocol
Benchmark Protocol mitigates liquidation events and hedges risk with the MARK token; a supply elastic, stablecoin-alternative that connects traditional capital markets to DeFi. The protocol operates as a rules-based utility that dynamically adjusts supply based on the CBOE volatility index (VIX) and deviations from the target metric — equal to 1 Special Drawing Rights (SDR) unit. Employing the SDR creates a larger use case rather than exposure to just one currency; the application of this creates a larger user base and delineated exposure to markets around the world. The DeFi space needs a collateral utility that retains its efficacy and increases inherent, baseline liquidity during periods of high volatility.
Benchmark is built on the Ethereum blockchain. The MARK token is the native asset in the Benchmark network and provides only the utility value available to it through the Benchmark network.