2-Day Old DeFi Protocol Amasses Over $6.4 Billion; Boasts of 3-Digit APY
Big Data Protocol runs on Solana, and FTX CEO’s Almeda firm has aped in with over $1 billion. All of the BDP’s circulating supply for the first 2 months will be distributed over the course of 6 days.
A new decentralized finance (DeFi) application is taking over the crypto scene as people are in with not millions but billions of dollars.
During the summer of 2020, the DeFi market saw people piling in millions of dollars in day-old unaudited projects. A few months later, the market has increased the stakes, and now the projects are seeing billions of dollars getting invested.
Over the weekend, a new project Big Data Protocol (BDP), had a fair launch. The same day it attracted over $100 million, which skyrocketed to more than $5.7 billion in just a day, and today it stands at more than $6.4 billion.
What’s important here is that FTX CEO Sam Bankman-Fried’s quantitative trading firm Almeda is pumping about $1.1 billion of these funds. The project is also powered by Solana.
BDP boasts annual percentage yields of three to four-digit on these assets.
The project, Big Data Protocol, tokenizes commercially valuable data and makes the data token liquid on Uniswap, as per the official website. Users earn data by providing liquidity to data tokens.
BDP currently has access to 14,141 professional data providers to source data. The data sourced here is relevant to oracle projects such as real-time price feeds and geared towards investors, including crypto-investors, traditional hedge funds, and other investment managers.
BDP tokens are used to pay for fees, burned to access the protocol, and unlock features and benefits on the platform.
The huge amount of funds pumped into the project could be because of the fact that all the circulating supply of BDP for the first 2 months will be distributed among 12 seed pools over the course of 6 days.
Another token, bALPHA, which is a data token, is minted to unlock access to the first collection of datasets. It has a hard cap of 18,000, all of which will be distributed among the two liquidity pools over 3 months, as per FAQs. These are earned by providing liquidity on Uniswap to either BDP/ETH or bALPHA/ETH.
As of writing, the BDP token is trading at a loss of 75% at $3.80 from yesterday’s $14.93 ATH, and bALPHA at $5,941 is down 86% from yesterday’s ATH of $42,135, as per CoinGecko.