There’s a valuable DeFi use-case that few know about – it’s called Data Finance (DataFi)
Ocean Protocol, a World Economic Forum Technology Pioneer, has been quietly working around creating the probably most valuable utility for DeFi yet: data exchange.
The Ocean Data Marketplace allows Web3 enthusiasts and yield farmers to participate in an open data economy by swapping OCEAN for Datatokens or staking in dataset liquidity pools. Each Datatoken represents the access right to a dataset and there are over 500 tokenized datasets available to stake on! These activities can be summarized as Data Finance or DataFi.
In anticipation of Ocean Protocol’s upcoming releases, which include an updated Ocean Data Market “V4”, Data NFTs, and “Data Farming Airdrops”, there is one tool that allows for an intuitive, seamless DataFi experience: Data Whale’s ALGA Datatoken Wallet.
ALGA integrates with the Ethereum blockchain and the Ocean Data Market using WalletConnect, meaning that the user can simply connect an existing Web3 wallet without entering private keys or creating a new wallet altogether. After connecting, users can take full advantage of the ALGA Datatoken wallet interface that combines functionalities and insights about Datatokens in an intuitive way. Users may even see some similarities with other popular cryptocurrency applications and wallets, helping them to navigate the Ocean Protocol data economy.
On the home screen of the application, users can add their favorite Datatokens to a Watchlist, check out the assets with the highest liquidity (TVL) and see the latest Initial Data Offerings on the Ocean Data Market. The application also provides a detailed analysis screen for each Datatoken, where users can analyze price history in different timeframes, total pool liquidity, dataset descriptions, and publisher information.
Once a Web3 wallet is connected, ALGA unfolds its full potential. The application reads and analyzes on-chain wallet data and provides users input on their Datatoken holdings priced in OCEAN, Datatoken price changes, historic transactions, and more!
The application was designed to provide the opportunity to engage with the Ocean Data Market on a mobile interface. Users can swap Datatokens against OCEAN or stake OCEAN on all Datatoken liquidity pools available on Ethereum [gas and transaction fees apply]. To comply with app store guidelines, users can manage their data assets only by registering a profile, although they can still browse data assets without signing up. For those trading at night, the application’s dark mode will also come in handy.
For more information on the Web3 Data Economy, feel free to complete one of Data Whale’s Ocean Data Market Tutorials and visit the ALGA Homepage for further material related to the mobile application. ALGA is available on the Google Playstore and Apple App Store on 22.02.2022. Follow ALGA on Twitter for regular updates!