The world is moving gradually towards a future where Web3 will be the dominant force riding on the accessibility and data security of blockchain technology. It will become the fundamental infrastructure in this new world of finance. Ocean Protocol is one such project that aims to take advantage of this mounting trend.
This protocol is a blockchain that assists services and people reveal the worth of their information and monetizing the same with the help of data tokens.
Data from TradingView and Cointelegraph reveal that in the last 2 weeks alone, the rate of the token, in fact, has rallied from a bottom of $0.4 on March 7, surging to a peak of $0.748 even as its trading volume has seen a surge of 562% in a 24-hour period on March 21. The trading volume rose to $321M.
3 primary factors are responsible for the rate rally shown by the token. One is the imminent Ocean v4 launch, the second is the adding of new tasks to Ocean Procedure which has been possible in no small measure due to the continuous grant program of OceanDAO, and finally, the broadening list of information partners helping in bring the real-world usage cases to the environment.
The Imminent Ocean v4 launch
The most significant advancement that is improving the momentum of the token this March could be the coming Ocean v4 launch. It is presently in public screening and is likely to enter production by the 2nd quarter this year.
Ocean v4 is expected to consist of several upgrades that consist of a system that professes to fix fraudulent development of crypto tokens in the data token pools by removing the preliminary data tokens offered to publishers.
This fresh upgrade of the protocol will see the institution of data NFTs that augment nonfungible token capacity to base IPs. It helps to increase streams of revenue as well throws up fresh ways for the public to monetize data.