The DeFi week started with the arrival of a new protocol that caught the attention of big players, immediately securing a record total value locked: more than 6 billion dollars! We are talking about Big Data Protocol, a project that until 2 days ago I was unaware of but which has attracted an unprecedented hype, especially thanks to the way it was launched: a fair launch where there are no private presale or seed phases but direct farming for 6 days, a period in which the initial circulating supply will be distributed (which will not change for 3 months).
Big Data Protocol and the BDP token
As explained on the official website, this protocol is able to tokenize commercially valuable data through its own network of 14,000 data providers to add them as liquidity on Uniswap. The project seems to have been active for some time in the real world, but only now has it decided to arrive in a crypto version, running on the Solana Blockchain. At the moment the smart contract has passed an audit by TomoChain, a company close to BDP (one of TomoChain’s co-founders is also part of the team at Big Data Protocol).
In order to farm the BDP token, you will need to connect to the official vault and approve one of the twelve tokens accepted for farming, namely: WBTC, WETH, USDC, USDT, OCEAN, LINK, SUSHI, UNI, YFI, AAVE, SRM and TOMOE. The choice is ample and the pools already offer interesting APYs. What I find strange and curious is the hype around this project. As an example, Alameda (founder of the FTX exchange) has deposited more than 1.1 billion dollars in the vault of Big Data Protocol, farming out almost 20% of the entire initial supply of BDP. Many people decided to follow Alameda and moved their TVL from the 1Inch exchange, YFI and other protocols to the latter. Even Binance has had to limit withdrawals of the 12 tokens used for BDP farming, as withdrawal volumes have become unusual.
In a recent tweet, one of YFI’s Co-Founders expressed concern that a large percentage of YFI’s TVL has moved to the Big Data Protocol vault. It really seems that there are big names behind the project, as just today on Twitter they announced a major deal with a data provider that is in the top 500 American companies (Forbes top 500). But that’s not all! The team has already officially announced a partnership with Ocean Protocol (and the latter has confirmed the partnership on its social media channels). The BDP token will certainly be listed on the world’s largest exchanges, so I think buying it right now is a great idea!
The token economy! The BDP token has a maximum supply of 80M units, while the circulating in the first 2 months will be only 24 million units. These 24 million units will be released in these 6 days of farming, so there may be significant dumps until the end of farming, after which the price will surely rise sharply! 65% of the entire supply will be used for staking and liquidity mining rewards, while 25% is allocated for partnerships, ecosystem and strategic sales. The remaining 10% is kept aside for the team and advisors but these tokens are locked. The price is currently $2.5, giving the project a marketcap of around $70 million. Very low figures for a protocol capable of bringing in 6 billion dollars in farming in just a few days!
An excellent investment if you love farming or if you missed YFI in the launch days! Who knows how long it will take Binance to list a project that has 30 million liquid assets on Uniswap with volumes of over 80 million dollars a day!