Recognizing the potential in Web3, Ocean Protocol (OCEAN) is looking to capitalize on it by establishing tools for the new internet’s data economy. As of late, the price of OCEAN has rallied 86.4% from an all-time low of $0.40 on March 7. It reached the highs of $0.748 on March 21. There was a 562% surge in its 24-hour trading volume, as per data from TradingView, to $321 million.
Analysts have attributed the price surge to the upcoming launch of Ocean v4, the addition of new projects to the Ocean protocol, and an expanding list of data partners. Ocean v4, which is in public testing, is one of the biggest developments boosting the token’s momentum. It will go into production in Q2 of 2022. The Ocean team expects things to get really interesting for data management and monetization.
There will be several upgrades in Ocean v4, including a mechanism that solves rug pulls in data token pools. It achieves this by removing the initial data tokens provided to publishers. The upgrade will introduce data NFTs which add non-fungible token capabilities to base intellectual property. This is a way to boost revenue streams and add new ways for the community to monetized data.
Initially, Ocean v4 will be deployed on the Ethereum Virtual Machine (EVM) chains that currently support v3. It will be deployed on additional EVM chains over time. Moreover, the ongoing OceanDAO grant process will help strengthen the outlook for OCEAN. It recently completed the 15th round of grant rewards. The $140 million grant initiative was announced by the Ocean Protocol Foundation in October 2021 to help finance projects in the Web3 data economy.
