Ocean’s Dey on Binance Smart Chain
Ocean Protocol smart contracts and Ocean Market dey run on Binance’s finance-centric chain
As part of Ocean’s multi-chain strategy, we don deploy Ocean’s technology to Binance Smart Chain (BSC). BSC don see wide adoption with over 865 dApps, 700 million transactions, and 82 million unique addresses. BSC dey focus on decentralized finance (DeFi) applications and dey draw on the strengths of Binance.com exchange.
BSC na EVM-compatible, wey dey allow am to run Ethereum smart contracts and use Ethereum-style tokens. Na a Proof-of-Authority (federated) chain with small number of nodes, wey dey allow am to get low gas fees and low latency compared to Ethereum mainnet.
With Ocean deployed to BSC, this means sey:
Users of Ocean Market fit publish, swap, stake, and consume data assets for BSC. Them simply point their wallet in MetaMask to BSC, and Ocean Market go show data assets registered in the BSC network.
Data marketplace builders and other dApp developers fit use Ocean libraries (ocean.js, ocean.py) and frontend components (market) with BSC.
Token holders fit move their OCEAN on Ethereum mainnet to OCEAN on BSC, and back with Binance.com or Binance bridge. On Ethereum e dey follow the ERC-20 standard; the Binance equivalent na BEP-20. Here na more info on how to bridge.
Ocean components wey dey supported in BSC include: Ocean smart contracts, Ocean Market, [BSC] OCEAN smart contract, Provider (for data services), Aquarius (metadata cache), and Ocean Subgraph (The Graph queries). For more details, visit our Supported Networks page.
The Ocean Protocol deployments to Ethereum mainnet and to Polygon (Matic) mainnet, and related services wey include Ocean Market, go continue as before.
Cross-chain Mental Model
Prior to BSC, Ocean Protocol dey deployed on Ethereum mainnet, Polygon (née Matic), Rinkeby, Ropsten, and Ganache. An Ocean Market user fit change the network by pointing their wallet (e.g. MetaMask) to a different network, and Ocean Market go show data assets wey dey on that network. Ocean.js and ocean.py drivers dey similar; the dApp developer simply go specify the “network” URL. Na the same for BSC.
This go make three “production” networks wey Ocean dey deployed to: Ethereum mainnet, Polygon, and now Binance Smart Chain (BSC).
In each of these networks, tokens on the network get real value associated, so token bridges need to dey across networks. For BSC this na:
OCEAN on Ethereum mainnet get bridged across as OCEAN on BSC.
ETH for gas fees on Ethereum mainnet go correspond to BNB for gas fees on BSC.
New Datasets and Services
People fit choose to publish datasets and services in Ethereum, Polygon, or BSC. With Ethereum, higher gas fees dey and confirmation latency, but in exchange, the UX and familiarity of users dey high. For BSC, the costs and latency dey much lower, though users need to use the [BSC]OCEAN bridged tokens.
Previously Published Datasets/Services
Make we say a publisher get existing dataset/service as Ocean datatoken contract published on Ethereum, along with pool of sizable liquidity. Them no go just publish a new datatoken contract to BSC for the same dataset/service. This go dey highly unfair to their existing datatoken holders and stakers on Ethereum because value in the new token siphons value from the old.
Ideally, bridges for datatokens go dey, just like the bridge for OCEAN. This fit be like e go would come out-of-the-box since datatokens follow the ERC20 standard, but alas, it no work because technical “gotchas” dey related to datatoken metadata and more. These issues dey solvable and currently dey worked on, but not in time for this release.
In the meantime, we get pragmatic workaround for publishers and stakers called the Republish Rule. The basic idea be sey publishers fit republish if sufficiently low liquidity in the original datasets dey. Here na details.
Further Resources on Ocean * BSC
Binance Smart Chain na excellent addition to the EVM ecosystem, considering the prohibitively high gas fees on Ethereum mainnet. Binance Smart Chain don create a top-tier platform for EVM smart contracts and for bridging across chains. We dey excited to deliver yet another milestone on our ulti-chain strategy so that Ocean users ma fit benefit from lower gas costs in Ocean Market and other emerging dApps and protocols fit use Ocean technology.
– Bruce Pon, Founder at Ocean Protocol
About Ocean Protocol
Ocean Protocol’s mission na to kickstart a Web3 Data Economy wey reach the world, giving power back to data owners and to enable people to capture value from data to better our world.
Data na new asset class; Ocean Protocol go unlock hin value. Data owners and consumers use the Ocean Market app to publish, discover, and consume data assets for secure, privacy-preserving fashion.
Ocean datatokens go turn data into data assets. This go enable data wallets, data exchanges, and data co-ops by leveraging crypto wallets, exchanges, and other DeFi tools. Projects dey use Ocean libraries and OCEAN in their own apps to help drive the Web3 Data Economy.
The Ocean token dey used to stake on data, to govern Ocean Protocol’s community funding, and to buy & sell data. The supply dey disbursed over time to drive near-term growth and long-term sustainability. OCEAN dey designed to increase with a rise in usage volume.
Visit oceanprotocol.com to find out more.