Big Data Protocol Staking Becomes the New Hottest Trend in DeFi
Big Data Protocol Staking Becomes the New Hottest Trend in DeFi
Image: Screenshot of BigDataProtocol.com
In brief
- Big Data Protocol (BDP) announced a new program to incentivize liquidity mining two days ago.
- In the next two days, it saw a major surge in liquidity mining activity, as staking brought over $6 billion.
- The biggest pools are those for wrapped Bitcoin, Ethereum, and Tether.
Big Data Protocol recently announced its 6-day incentive program to boost liquidity mining, and it already saw a massive surge in collateral.
Big Data Protocol (BDP) has recently seen a massive frenzy that boasted three, and even four-digit annual percentage yields. The protocol skyrocketed to see total liquidity go to $6-1 billion in mere two days after the new liquidity mining incentive went live.
Originally, the protocol announced its fair launch this Saturday, March 6th. It revealed that 30% of its total supply, which is 100% of its initial circulating supply, will be distributed to the community. Not only that, but the distribution will only last for the next six days.
1/ANNOUNCEMENT: fair launch of $BDP and $bALPHA is coming!
100% of initial circulating supply of $BDP is distributed to the community over 6 days, starting Sat 11 am ET/4 pm GMT
Earn by staking 12 assets $WETH $WBTC $USDT $USDC $OCEAN $LINK $SUSHI $UNI $YFI $AAVE $SRM $TOMOE pic.twitter.com/GatOjGtUZJ
— Big Data Protocol (@bigdataprotocol) March 3, 2021
The announcement caused people to rush towards the protocol, proving that the method of providing incentive for boosting liquidity mining over the long-term has worked flawlessly.
How Much Did the Project Attract?
At the moment, the project has liquidity pools for twelve different DeFi assets. So far, only two days have passed since the original announcement, and the liquidity pools have attracted massive collateral.
More than 1,000,000 ETH tokens have been deposited in the wrapped Ethereum pool, as reported by BDP. In return, the funds earned an APY of 40%. At the same time, the Wrapped Bitcoin (wBTC) pool attracted almost 17,000 BTC tokens, which are earning 82% APY.
Even Tether vault exploded with 728 million USDT tokens earning 96% APY in just two days.
The project also published a blog post, explaining that users provide liquidity to earn bALPHA over the course of three months. The liquidity will even be further incentivized through subsequent data tokens, called bBETA and bGAMA.
Of course, a portion of these data tokens, as well as BDP itself, will be burnt over time, as the usage of the marketplace and the Protocol continues to grow, with the total supply of 80 million tokens eventually being divided. 30% will be distributed during the six-day incentive program, 25% will be held as an ecosystem reserve, and 34% will be allocated for staking rewards in the future. Lastly, the 10% will go to the team and advisors.
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