Popular decentralized platform Bancor has announced the whitelisting of Ocean Protocol (OCEAN) as one of the first supported tokens on its network.
Bancor also recently unveiled V2.1 of its Automated Market Maker (AMM). This latest version of the decentralized exchange (DEX) incorporated OCEAN as one of the first tokens on its platform. The on-chain liquidity protocol announced the whitelisting of OCEAN via an official blog post. The protocol, furthermore, called on users to stake their OCEAN tokens on the network. It added, in return, users would gain swap fees whilst maintaining 100% exposure to OCEAN as well as enjoying security against impermanent loss.
Impermanent loss refers to a temporary loss of funds that happens when providing liquidity. Mainly, it’s the difference between holding assets in an AMM and holding assets in a personal wallet.
Ocean Protocol, in view of the new integration, would avail its token to users on Bancor v2.1. Subsequently, providing users with better returns for liquidity as well as less fear of price movements. Therefore, such integration reduces the value of the users’ initial stake. Additionally, Bancor explained that impermanent loss protection begins 30 days after deposit and at a rate of 30% that gradually increases 1% per day until users reach 100% protection.
Step-by-Step Process to Stake OCEAN on Bancor v2
First, visit bancor.network and locate the OCEAN pool. Please note that the blue marking on the left side of each pool reveals if a pool is “whitelisted.” The blue marking shows the pool is protected from impermanent loss.
Source: Bancor blog
The next step is to cross-check important metrics like “Volume” and “Fees/Liquidity” (APY), and then click on “Add Liquidity.”
Source: Bancor blog
Then click “Stake and Protect.”
Source: Bancor blog
Next, you have to choose the token to provide liquidity for. In this case, you can select either OCEAN or BNT.
Source: Bancor blog
Finally, click “Stake and Protect” and then confirm the transaction in MetaMask (x2).
Source: Bancor blog
OCEAN Available on Kyber Network
Interestingly, Ocean protocol’s native token, OCEAN, was recently also integrated onto Kyber Network. Ocean protocol developers have also introduced data mining to incentivize a supply of “relevant” and “high-quality” data sets. Notably, the OCEAN token would join over 80 ERC-20 compliant tokens already supported on Kyber Network.
According to the Kyber Network team, “Ocean aims to unlock data, for more equitable outcomes for users of data, using a thoughtful application of both technology and governance.”
Ocean Protocol to Work With Central Bank of Germany
Meanwhile, it’s worth knowing that Ocean Protocol is making tremendous progress in the blockchain space. Ocean recently announced a partnership with the Central Bank of Germany (Deutsche Bundesbank) to design a decentralized data sovereignty solution.
🇪🇺BREAKING🇩🇪: Central Bank of Germany partners w/ $OCEAN Protocol to build a decentralized data sovereignty platform
“BigchainDB was the only company with the @oceanprotocol that could offer a technical solution which was outside of the conception phase”https://t.co/iYB78QgFkY pic.twitter.com/OocqrcgVaK
— Ocean Pulse (@oceanpulse_io) October 27, 2020
BNT and OCEAN Price
As of press time, BNT was up 5.4% and was trading at $0.705430. The token has a market cap of $47,751,290 and a 24-hour trading volume of $30,737,271. OCEAN, on the other hand, was trading at $0.536954, with a market cap of $187,134,668 and a 24-hour trading volume of $28,146,298.
Additionally, find out more about Ocean Protocol and its current activities in the crypto space on the Altcoin Buzz YouTube channel.
 as one of the first supported tokens on its decentralized platform.){kind=link}