Injective will be collaborating with Ocean Protocol to create innovative data derivative products. Moving forward, this will enable users to both create and trade on new derivative markets that utilize the data products deployed on Ocean.
A Rapidly Growing Data Market
Ocean Protocol is a blockchain-based ecosystem that allows both individuals and enterprises to easily unlock the value of their data and monetize it through the use of ERC20 based data tokens. Through Ocean Protocol, publishers can monetize their data while preserving privacy and control, whereas consumers can now access datasets that were previously unavailable or difficult to find. The project has already begun work with the likes of major car maker Daimler as well as popular crypto projects such as Filecoin.
Publishing a dataset on Ocean amounts to an Initial Data Offering. It can be data that the user has rights to, or open data with value-added. Upon publishing a dataset, it becomes a data asset with its own ERC20 data token. Pricing of assets are currently auto-discovered with the use of Automated Market Maker (AMM) Balancer.
The data market is currently valued to be over $140B. This number is only expected to surge moving forward. Tokenized data assets of course present a profound opportunity to introduce new forms of capital allocation. The Injective community is seeking to take this one step further with the introduction of tokenized data futures which would help to unlock unlimited possibilities for trading data markets.
Tokenized Data Futures
This collaboration will begin with the release of tokenized data futures. So, users of Injective will be able to trade data assets with leverage. In addition, users will have the ability to create entirely new derivative markets which utilize these data tokens.
“We are thrilled to be working with Ocean which continues to be a leading provider of digital assets pertaining to data. This collaboration will undoubtedly aid in opening up new ways for users to interact with data tokens as well as DeFi as a whole. We look forward to democratizing access to data assets globally alongside the team at Ocean,” said Eric Chen, Injective Labs CEO.
The integration of the price feeds from Ocean will be made possible by Balancer which is built on top of Ethereum. Given Injective Chain’s EVM-compatible execution environment for DeFi applications, contributors will be able to acquire dynamic pricing data in order to create both perpetual and expiry futures contracts.
“With this collaboration, Injective users will be able to create and access decentralised derivatives for datatokens starting with Tokenized Data Futures. This is another step towards establishing datatokens as first class citizens of DeFi and introducing a new asset class into DeFi space,” said Manan Patel, Growth Accelerator at Ocean Protocol.
Once the price feeds are live, users can take part in creating new indices, data tracking markets, etc. Market creation is entirely open and permissionless. This will allow anyone to both create a data market using only the price feeds from Balancer and deploy it to the larger Injective ecosystem. This can help to introduce new markets that were previously inconceivable within decentralized finance.
This collaboration will bolster the DeFi ecosystem further with the introduction of tokenized data futures in the coming months. This will aid in both new forms of adoption for digital assets while also helping to signify the true flexibility of markets on Injective.
About Ocean Protocol
Ocean Protocol is a blockchain-based ecosystem that allows individuals and businesses to easily unlock the value of their data and monetize it through the use of ERC-20 based datatokens. Through Ocean Protocol, publishers can monetize their data while preserving privacy and control, whereas consumers can now access datasets that were previously unavailable or difficult to find. On Ocean Protocol, each data service is represented by a unique datatoken, which is used to wrap a dataset or compute-to-data service — this essentially allows third-parties to perform operations on the data without it ever leaving the secure enclave of the publisher.
Injective is a lightning fast interoperable layer one blockchain optimized for building the premier Web3 finance applications. Injective provides developers with powerful plug-and-play modules for creating unmatched dApps. INJ is the native asset that powers Injective and its rapidly growing ecosystem. Injective is incubated by Binance and is backed by prominent investors such as Jump Crypto, Pantera and Mark Cuban.