Singapore, June 18, 2021 — OceanDAO’s seventh round is now open for submissions with 400,000 OCEAN (valued at $224K USD) available and up to 32,000 OCEAN per project. Proposals are due by July 6th. The community voting period begins on July 8th. Interested parties can pitch project ideas and form teams on the OceanDAO Discord. More information on the submission process can be found on OceanDAO’s website. OceanDAO is the community funding initiative of Ocean Protocol, the data exchange protocol.
OceanDAO’s funding has reached nearly ½ million OCEAN tokens in the first six rounds since its launch. OceanDAO, the grants DAO to help fund Ocean Protocol community-curated projects, has made 49 allocations since December 2020, with its seventh round currently open for submissions.
OceanDAO aims to grow the Ocean ecosystem, as a key component in the Ocean’s near-term growth and long-term sustainability. OceanDAO is focused on investing in specific categories that help grow the Ocean Protocol ecosystem including: building and improving applications or integrations to Ocean, community outreach, making data available on an Ocean-powered marketplace, building and improving Ocean core software, and improvements to the OceanDAO.
Alex Napheys, OceanDAO Community & Growth Lead, said, “Our main goal is to support the long-term growth of the Ocean Protocol. The OceanDAO community is evolving monthly including some of the brightest and enthusiastic builders in the new data economy sector.”
The DAO aims to continually grow the amount of projects it supports by onboarding the next wave to the OceanDAO community.
The community behind OceanDAO consists of data scientists, engineers, builders, educators, and more. OceanDAO holds monthly rounds, during which teams can apply for grants. OceanDAO community votes for projects that offer the best chance for growth and sustainability based on the following criteria: return on investment towards growth and alignment with Ocean’s mission. Town Hall meetings are held every week and are open to the public to discuss the status of projects and the future of the DAO.
OceanDAO backs projects across all aforementioned categories with financial resources to meet their objectives. OceanDAO investments include:
- DataUnion.app, the project creates a two-sided market and economy for crowdsourced data to enable long and short-term benefits of AI for everyone.
- Rugpullindex.com, helping data scientists to make better decisions when buying data online.
- Opsci Bay, an open science bay for self-sovereign data flows from Lab to Market that is GDPR-compliant.
- Data Whale, a user-friendly “one-stop” solution that helps data economy participants to understand the ecosystem and make smart staking decisions.
- ResilientML, will bring a vast collection of data sets curated by experts in NLP for utilization directly in machine learning methods and sentiment models running in the Ocean environment and available through the Ocean marketplace.
As the projects drive traction in the Ocean ecosystem, it grows network fees and improves fundamentals for OCEAN, which in turn increases funds to OceanDAO available for future investments. This “snowball effect” is a core mechanism of the Web3 Sustainability Loop developed by Ocean Protocol Founder Trent McConaghy, in which both Network Revenue and Network Rewards are directed to work that is used for growth. Network Rewards help to kickstart the project and to ensure funding. Network Revenue can help to push growth further once the Web3 project achieves traction at scale.
You can find the complete list of projects funded since OceanDAO’s launch here. OceanDAO has seen over 60 proposals since December 2020. All project proposals are publicly available to view online. Follow OceanDAO on Twitter for updates.
#About Ocean Protocol
Ocean Protocol’s mission is to kickstart a new 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 apps to help drive the new Data Economy.
The OCEAN token is used to stake on data, govern Ocean Protocol’s community funding, and 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.