This DeFi Protocol’s Volume Surged Over 3000% in 2 Days, How and Why?
As total liquidity on the protocol has skyrocketed to $6.1 billion just two days after liquidity mining incentives were launched, Big Data Protocol ($BDP) has become the latest DeFi frenzy.
Since the protocol announced its fair launch on March 6, the on-chain data has taken off. As the charts demonstrate, the users, transactions, volume and BDP token price all went straight up from the beginning, and will probably keep rising.
The token price has shown a high correlation with Big Data Protocol’s on-chain data. The 24h volume experienced a sharp growth of 190.94%.
What is this dark horse DeFi project about? Let’s have a closer look at it.
What Is Big Data Protocol
Big Data Protocol is a DeFi protocol and data marketplace to source commercially valuable data from professional data providers, tokenize it, and make it liquid.
The protocol has a vast existing ecosystem of professional data providers by leveraging Amass Insights, the industry’s largest alternative data marketplace. Amass Insights connects 14,141 professional data providers with over 10,000 consumers of data, who are primarily asset managers.
The data tokenized by the Big Data Protocol is commercially valuable because it is the same data that hedge funds, family offices, and other institutional investors pay to gain market insights and guide their investment decisions.
Big Data Protocol mints data tokens that grant access to curated datasets. Using the simple DeFi mechanism of liquidity mining / yield farming, the Protocol makes the data tokens liquid on Uniswap.
Here is how the protocol works:
How to Earn?
You can earn token rewards in Big Data Protocol in 2 ways.
1. Earn BDP by staking in seed pools
The pools opened around Saturday March 6th at 11 AM ET (block 11985974), and will last for 6 days for BDP, 3 months for bALPHA. As stakers, you can earn 100% of the initial circulating supply of BDP (30% of total supply) and 100% of total supply of bALPHA.
You can earn BDP tokens by staking one of the following 12 assets: WETH, WBTC, USDT, USDC, OCEAN, LINK, SUSHI, UNI, YFI, AAVE, SRM, TOMOE.
The highest APY at the time of writing is about 610% for the OCEAN Pool.
You can just:
- Connect to your Metamask wallet
- Approve the deposit in Metamask
- Deposit the assets into the pools you select and enjoy the earnings!
2. Earn bALPHA by providing liquidity to BDP or bALPHA
You can earn bALPHA tokens by staking liquidity provided to the BDP / ETH liquidity pool or the bALPHA / ETH liquidity pools.
To do so, you need to
- Firstly provide liquidity on Uniswap to BDP/ETH or bALPHA/ETH;
- Get back to Big Data Protocol’s liquidity pool and stake LP tokens in the Data Vault;
- Just earn your rewards!
At the time of writing, the total value staked in BDP and bALPHA pools reached $6,136,115,038.75.
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