The Latest DeFi Craze: Big Data Protocol

With $6 billion TVL reached in three days Big Data Protocol has become the second largest DeFi platform (after Maker), and it hasn’t even been added to DeFi Pulse yet.

The platform is a dataset marketplace, offering investors the opportunity to purchase insights generated by “14,141 professional data providers”. It introduced two tokens with its launch — BDP and bALPHA — which serve different purposes. The platform works like this:

• Data providers gather data and publish it to the BDP marketplace by paying a fee in BDP tokens.
• Users farm bALPHA tokens via a liquidity mining program, and purchase datasets with those tokens.

BDP and bALPHA tokens can be farmed via the project’s liquidity mining program, which started on 6 March.

BDP tokens can be farmed by staking assets in any of the single-sided pools here. The value locked in these pools is about $6 billion at press time, with APYs ranging from 17% for the WETH pool to 600% for the OCEAN pool. The pools at the moment include the following assets:

• WETH
• WBTC
• USDT
• USDC
• OCEAN
• LINK
• SUSHI
• UNI
• YFI
• AAVE
• SRM
• TOMOE

Thirty percent of the total supply of BDP will be paid out as rewards for liquidity providers in these pools in the span of 6 days; the program will end on 12 March at around 11 AM ET.

bALPHA tokens can be farmed by staking liquidity in the BDP/ETH or bALPHA/ETH pools on Uniswap. It works the standard way: provide liquidity, get stake tokens, stake the tokens here.

The entire supply of bALPHA will be rewarded over the course of 3 months. The token is specifically designed for the purchase of the first batch of datasets. Subsequent batches will be purchased with bBETA and bGAMMA, two tokens that will be launched at a later point.

The project states, on its FAQ page, that its smart contracts “were developed and audited by the TomoChain/LUAswap team”, and that the “smart contracts are based on battle-tested staking and farming contracts used widely in DeFi projects”.