TVL exceeded $5.5 billion one day after it went online. what is Big Data Protocol(BDP)?
On March 7th, the Big Data Protocol of DeFi protocol became popular in DeFi communities at home and abroad. it was rumored that famous people such as SBF and pima were involved in the mining of this project. at present, the total warehouse lock volume (TVL) has exceeded 5.5 billion us dollars, which can rank second among all DeFi protocols, and this project has only been launched for one day.
Why can Big Data Protocol attract so much money in a short time? What is its operating mechanism and value capture mechanism? With these problems, the chain catcher reporter made a preliminary study and analysis of the project.
According to the data of official website, Big Data Protocol is a protocol that provides a liquidity market for data with commercial value, which is similar to a decentralized data trading market. Its data mainly comes from 14,141 professional data providers docked by Amass Insights, a data platform founded by the co-founders of the project in 15 years. E.g., stock rating data provided by Closing Bell, on-chain trading indicators provided by Glassnode, etc., and Binance BTC/USDT hourly data provided by Wootrade.
That is to say, Big Data Protocol is a project focusing on the data market. Its core team members have provided hedge funds, family offices and other institutional investors with the necessary databases for investment decisions for a long time. However, the liquidity of the traditional data market is often poor. Therefore, Big Data Protocol hopes to change the operation mode of the traditional data market through blockchain technology, improve the liquidity of the data market by token data sets and liquidity mining plans, and guarantee the authenticity and reliability of data through professional data providers.
There are two types of tokens set in Big Data Protocol, namely platform token BDP and data token. The main application scenarios of platform tokens are creating, purchasing and trading data sets. Users can access data sets and get airdrops of data tokens by holding a certain number of BDP. Meanwhile, some BDP paid by users to purchase data sets and data providers to submit data sets will be destroyed.
It is understood that the total circulation of BDP is 80 million pieces, and the initial circulation in the first two months is 24 million pieces, all of which are released 6 days before going online through its single asset pledge pool. The supported pledged assets include WETH, LINK, AAVE, OCEAN and TOMOE, etc. At present, the annualized APY is mostly 200%-300%.
Compared with the token distribution mechanism of most DeFi projects, the 6-day mining cycle of BDP initial circulation is very short, and stable and high-yield mining projects have not appeared in DeFi market for a long time. These factors will stimulate investors to invest more money in mining in a short time.
Data tokens are tokens issued by Big Data Protocol based on specific data sets, and different data tokens are issued based on different data sets. Users who hold the data tokens can obtain access rights to data sets by destroying the tokens.
Big Data Protocol has created a token named bALPHA based on the first set of managed data sets, with a total circulation of 18,000. The accessible data sets include the top DeFi token emotion data from Twitter, the key performance indicators of more than 80 listed companies' quarterly reports, and the indicators in the Glassnode chain. Next, Big Data Protocol also plans to issue data tokens named bBETA and bGAMMA.
At present, users can provide working capital to BDP/ETH or bALPHA/ETH through Uniswap to obtain bALPHA, and all bALPHA will be gradually released in the aforementioned fund pool within 3 months.
In April this year, Big Data Protocol plans to launch BDP data market with the support of Ocean Protocol. Third-party data providers can independently publish data sets and data tokens in this market. The costs incurred in publishing, trading and consuming data tokens in this market belong to data providers and BDP holders, and pay a certain percentage of the costs to Ocean community. At the same time, BDP data market will also be integrated in Ocean Protocol, and BDP data tokens will cross-line on Ocean Protocol and Ethereum.
According to the data of official website, the next roadmap of Big Data Protocol also includes the following points:
Integrate with Boca and Solana and migrate layer2.
Use BDP and data tokens as collateral to issue stable currency.
Integration with DeFi loan agreement to use BDP and data token as collateral.
Support the buying and selling of private data while protecting privacy.
Start BDP Oracle market, and establish partnership with prophetic machine and encryption project which need professional data provider.
It is worth noting that Big Data Protocol indicates that its smart contract was developed and audited by TomoChain and LUAswap teams, which also means that it has not been audited by a professional security audit company.