Proposal: Add support for $OCEAN Token

Hello Aave family,

I’m Bruce Pon, co-founder of Ocean Protocol. I’d like to make a proposal for Aave to support OCEAN as a collateral asset. We think being able to lend and borrow OCEAN on Aave would open up several exciting opportunities for both Ocean and Aave.

Why aOCEAN?

OCEAN, the native token of the Ocean Protocol is already a well traded token with average daily trading volume in excess of $20m and tradable on many major CEX like Binance, Poloniex, Gateio, Bittrex, and Kucoin. But more importantly, it has very sizable liquidity on Defi platforms like Uniswap, Balancer, Ban and Kyber. We will be collaborating with more partners in Defi space.

With our recent Ocean v3 launch, we have moved firmly into the Defi space and a natural progression is to create an OCEAN lending market. We can’t think of a better place to do this than with the Aave community. Being able to borrow and lend OCEAN would enable holders to collateralize their OCEAN.

To seed this OCEAN lending market on Aave, the Ocean Protocol Foundation is ready to commit to 1 Million OCEAN tokens (approx. $400,000 USD), along with contributions from our strong community of OCEAN hodlers.

The Future: Collateralizing Data Assets with Aave <> Ocean

Besides developing an OCEAN lending market, there are other more interesting initiatives that we’re excited to develop with the Aave community. As of today, Ocean Protocol has over $1 million TVL in our datatoken pools.

Our datatokens are ERC20 tokens and each of them are underlying assets of their own data market. We see a vivid future where each of these datatokens can have their own lending market on Aave. This will be groundbreaking for both Ocean and Aave because Aave will be the first lending protocol that collateralizes real world data with efficiency and scale.

Other collaborations that might be interesting for the Aave community is to source curated data from Ocean Protocol marketplaces to be able optimise the lending rates and possibly provide under-collateralized loans. Aave community may also choose to monetise the data Aave platform generates to fund the platform and to incentivize users using the platform.

There are multiple collaborations that both Ocean and Aave communities can work out. Extremely excited to build such a future together.

Bruce

58 Likes

I’m ready for data token based loans, match made in DeFi heaven

15 Likes

As a future collaboration after OCEAN listing :ocean:, Ocean Protocol’s datatokens will be a natural fit for Aave Platform and will help Aave foray into tokenised real world assets (in this case - data) and collateralise them. Imagine you can get a loan on your data in Aave Platform. This will truly create a Universal Data Income for everyone.

20 Likes

AAVE would be a great new addition for the Ocean community!

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Ocean is the „Amazon of data“, trusted by many governments, most professional team, solid fundamentals, trillion dollar data market. Heading for Top 10 in the crypto sphere. Working with German Central Bank, Mercedes, BMW, Unilever, Johnson&Johnson, Siemens, Bosch, Roche, Deloitte, EU, UN, Dutch Government, DHL, Volkswagen, Gaia-X, MOBI etc.

15 Likes

Data had been so undervalued and abused by a few companies before Ocean protocol came out. Data is the real world asset, one of the most important in our lives.
Ocean team brought it to the next level! And now Aave can bring it even higher!
Collateralized real world data on Aave :fire:

16 Likes

Yes yes and yes. 100% behind this!

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We are working on a project that is based on top of Ocean Protocol - https://dataunion.app
It is an example of the upcoming ownership economy where the participants/contributors are also shareholders of the project/platform.
The project aims to enable everyone on this planet to earn datatokens by uploading, annotating, and verifying image data. Customers can then train machine learning algorithms on top of this dataset without giving up the IP of the data via Ocean’s compute-to-data technology.
This will attract a lot of people to earn crypto as well as a lot of companies that want to use an end-to-end platform to create algorithms for computer vision tasks.
All the transactions will go through a liquidity pool that connects our datatokens to Ocean tokens.
Having Aave as a platform will enable our customers to finance their algorithms via loans. This will help us with the adoption of our product on top of Ocean Protocol.
We think that we are just one of many startups that will be built on top of Ocean’s unique economic creation mechanism.

19 Likes

Ocean Protocol makes it possible to share data in a decentralized and privacy preserving way which has not been possible before. It helps to break up data silos and frees up the data that would otherwise stay locked and makes it a tradeable asset for DeFi through their breakthrough development of datatokens. Would be a great addition to the ecosystem of AAVE.

14 Likes

Can’t wait, this would be big for the entire community!

15 Likes

Adding support for $OCEAN token is something that should definitely happen. They are the future of the data industry and the partnership between AAVW and $OCEAN would be nothing short of legendary.

14 Likes

Sounds marvelous! Let’s do it!

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Thanks so much for this Bruce. We here all love $OCEAN and it was about time this hot on $AAVE :heart:

14 Likes

This will be great for both Ocean and Aave!:+1:

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Data, simply the MOST POTENTIAL use case for DEFI.

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I strongly agree and support this proposal. The data economy will provide a great additional use case for Aave and Ocean during the years to come. Both projects can win a lot from a cooperation.

13 Likes

Data is the new oil and $OCEAN is the standard!!

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Data is the new oil. Data needs to be monetized the same as other famous assets. With DeFi growing data should be a source of funding and loaning.

12 Likes

OCEAN would be perfect for Aave. Let’s make it happen.

11 Likes

Simply as data is required for everything. Just as simple as Ocean is going to be needed for everything.

11 Likes