Altcoins News
By Steven Anderson
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OCEAN Price Fluctuations with OceanO
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Bruce Pon, Founder at Ocean Protocol expressed that they are working to give people power in a new data economy. Ocean$ are now moving towards data as collateral.
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It is now possible for users to provide $OceanO liquidity into AMMs like Uniswap or Balancer to earn fees, with lower risk of impermanent loss.
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Ocean are now teaming up with opendaoprotocol to bring the $OceanO stablecoin to the market - providing interoperability between our respective protocols and giving Ocean token…
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Lend against and borrow other stablecoins by putting $OceanO as collateral in lending platforms has become easier than before.
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What is $OCEAN? The OCEAN utility token is used to stake on data, govern community funding, and buy & sell data.
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What is $OceanO? OceanO is the stable coin formed by Ocean x OpenDAO. It is created to function as a flexible financial instrument creating interoperability between protocols.
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Bruce Pon, Founder of Ocean Protocol stated, “The creation of synthetic $OceanO gives people full control of their assets while extending the potential use cases of the Ocean…
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Also, the process for using OCEAN as collateral to mint a dollar-pegged stablecoin ($OCEANO) with OpenDAO is underway!
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OceanO stable coin is very useful for investors who are looking to free up some of their investments from their OCEAN tokens.
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The soon-to-come OceanO/USDC pool will be used to quickly convert quickly convert OCEAN to $USDC for deployment elsewhere.
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Users can Hedge against fluctuations in $OCEAN prices for example by using $OceanO to borrow USDC and short/long OCEAN.
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Large numbers of OCEAN reportedly are locked, thus creating supply scarcity creating a positive impact on the OCEAN price.
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In summary, users who buy OCEAN will be investing their value to see the price of the token grow with time.
The Currency Analytics
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