Ocean Protocol in 2023: Key Developments and Milestones
1. Introduction
In 2023, the core Ocean team built new products, expanded upon existing ones, and grew community.
We did our biggest new product launch in recent memory: Ocean Predictoor, where people run AI-powered prediction bots or trading bots on crypto price feeds to earn $. Traction is highly promising: since launch 3 months ago, Predictoor already has 2M transactions / month. Predictoor runs on Oasis Sapphire; we’ve partnered with the Oasis team.
In 2023, we also significantly improved the core Ocean stack for token-gated access to AI, models, and data: revamped docs, built native uploads for Arweave & Filecoin, deployed to Optimism, and shipped a CLI.
Finally, Ocean community grew qualitatively in 2023. Ocean Data Challenges ran 15 competitions for data scientists to earn $. Data Farming led to 40 million OCEAN locked, and helped catalyze Predictoor. Ocean Shipyard made several grants to deserving teams. The core team participated in many events, including giving an unprecedented six talks in one week at EthCC.
The rest of this post is organized as follows. Sections 1, 2 and 3 elaborate on achievements in Predictoor, Core Stack, and Community respectively. Section 4 is general stats. Section 5 concludes and points to 2024. The Appendix has milestones by date.
2. Ocean Predictoor
Predictoor is our biggest new product in recent memory. We launched testnet in September, mainnet in October (on Oasis Sapphire), and Predictoor Data Farming in November. The latter especially supercharged growth.
Predictoor is a dapp and stack for crowd-sourced prediction feeds — a wholly new product category. Predictoor involves two groups of people:
- Predictoors: data scientists who use AI models to predict what the price of ETH, BTC, etc will be 5 (or 60) minutes into the future. The scientists run bots that submit these predictions onto the chain every 5 minutes. Predictoors earn $ based on sales of the feeds, including sales from Ocean’s Data Farming incentives program.
- Traders: run bots that input predictoors’ aggregated predictions, to use as alpha in trading. It’s another edge for making $ while trading.
Predictoor is a wholly new product and product category. So we launched with zero users, by definition. And the world has responded positively 😎. The image below (from DappRadar) shows the progress made since Predictoor’s inception. There is steady growth in Unique Active Wallets (UAW), volume, and transactions. Daily volume has hit $40,000 / day. Remember, Predictoor The accuracy of predictions keeps improving too.
The image below (also from DappRadar) shows the number of transactions growing from zero to nearly two million transactions over 30 days. Pretty good for a new product and product category that started at zero just three months ago. We are extremely excited for the future of Predictoor. Big things are coming.
Further Predictoor resources: webapp, docs, blogs.
3. Core Stack Improvements
3.1 Overview
In 2023, we significantly improved the core Ocean stack for token-gated access to AI, models, and data:
- Revamped docs, including moving to gitbook which allows us to evolve and update documentation in more timely fashions
- Built native upload/download for leading web3 storage networks Arweave & Filecoin
- We launched Templates, to greatly shorten the time for people to build & launch dapps with Ocean
- We deployed to Optimism, a leading L2
- Built a command-line interface (CLI), by popular demand
- Many bug fixes and improvements to developer experience
Each of the following subsections adds details.
3.2 Improved docs
In 2023, we revamped our docs (documentation), including moving to gitbook which allows us to evolve and update documentation in more timely fashions. Search is now AI-powered. There are now dedicated pages for Predictoor, Data Farming, and OCEAN token (a perennial favorite).
3.2 Core stack: Ocean CLI
We launched a command-line interface (CLI) for Ocean core stack in February, 2023. It enables users to publish, consume, and run compute-to-data (C2D) services, all from the command-line. This complements Ocean’s existing developer- or data-scientist-level interfaces of ocean.py and ocean.js. In fact, the CLI is implemented as a wrapper to ocean.js
The new CLI especially helps usage of Ocean C2D, where the algorithm / script is run on-premise next to the data itself. The data never needs to leave; value can still be extracted from it while privacy is preserved. This is especially useful in the context of training AI/ML models.
3.3 Core stack: Native Filecoin/Arweave Uploads
We introduced Ocean Uploader in 2023, which reduces friction in using Ocean Market and other Ocean-powered dapps, and enables easy web3-native storage.
Uploader enables Ocean Market users to directly upload files into Web3 storage networks Filecoin (ephemeral storage) and Arweave (permanent storage). Previously, a user would have to do several complex steps in order to get a data asset uploaded & published into Ocean. Now, Ocean Market has a drag-and-drop interface in Ocean Market, so that uploading data is as straightforward as moving files on a computer.
It also handles payments! The Uploader component integrates with payment systems to manage the financial aspects of storage services.
It’s not just for Ocean Market. Uploader.js is a library with Uploader functionality, so builders can add uploading capabilities for their own dapps.
3.4 Core stack: Ocean Templates
We introduced Ocean Templates in 2023, to help developers build Ocean-powered dapps from “good default” starting point templates. They facilitate a wide range of applications from peer-to-peer online workshops, to buying and selling AI-generated art.
These templates include: Decentralized Data Marketplace, Music NFTs Marketplace, and Token-gated Content for e.g. token-gated AI predictions.
These templates offer pre-configured setups that simplify the creation of cutting-edge dapps, including AI-powered applications.
3.5 Core stack: Deployment to Optimism
Ocean deployed to Optimism in 2023. This builds on existing Ocean network deployments: Ethereum mainnet, Polygon, BSC, and more. Optimism is the first Ethereum L2 that we’ve deployed to. Optimism has significantly lower latency and gas fees compared to Ethereum mainnet, and is innovating rapidly; now Ocean leverage these improvements.
4. Ocean Community in 2023
4.1 Overview
Ocean community grew qualitatively in 2023. Ocean Data Challenges ran 15 competitions for data scientists to earn $. Data Farming led to 40 million OCEAN locked, and helped catalyze Predictoor. Ocean Shipyard made several grants to deserving teams. Let’s dive into each!
4.2 Community: Data Challenges
The ongoing Ocean Protocol Data Challenges offer a means for data scientists to hone their skills, build their portfolios, and earn $ while doing so.
There have been 15 challenges so far, 130 unique participants, and 252 submissions total. The 130 participants unlocked $98,000 USDC and 45,000 OCEAN in rewards in 2023. Past challenges have spanned sectors from climate to DeFi, such as Forecasting Carbon Emissions and Curve Finance Trading Volume & Dynamics.
Fun fact: Data Challenges are run on the Desights.ai platform, which itself is implemented with Ocean technology! The Ocean core team collaborates closely with the Desights folks.
4.3 Community: Ocean Data Farming
Data Farming (DF) is Ocean’s incentives program. It ran throughout 2023. There is currently 150,000 OCEAN in weekly rewards (DF Main, phase 1); this will double in mid March 2024 (DF Main, phase 2). In 2023, a total of 3,525,000 OCEAN were distributed as rewards.
Data Farming is split into the Passive DF and Active DF streams. 50% of the Data Farming budget goes to each.
- In Passive DF, people lock OCEAN into “veOCEAN” for up to four years, getting passive rewards in return. Passive APY was up to 15.52% for the highest earners, and averaging APY of 13.98%. The OCEAN total value locked (TVL) peaked at 40.94M in September.
- In Active DF, people need to specific activities that add value to Ocean ecosystem, in return for OCEAN rewards. Active DF evolved in 2023 [1]. The current activities are Volume DF (do curation of Ocean data assets), and Predictoor DF (every 5 min, predict the price of ETH, BTC, etc).
For further details, see the Data Farming docs.
4.4 Community: Shipyard Grants
Shipyard is Ocean’s grants program, offering financial support and mentorship to people building Ocean-powered dapps and more.
In 2023, Ocean Shipyard had 149 applications, with an acceptance rate of 12.4%. The average grant size was $30,000, has been instrumental in fostering the development of Web3 applications.
5. Ocean Stats for 2023
This section describes stats related to code, and community.
Code stats. Ocean core devs made 5,638 commits, 1,834 merged pull requests, changing 3,128,243 lines of code. What can we say, we love to build:) These figures are not merely for show; they represent the practical, hands-on work that our developers put into growing Ocean products.
Social Media Stats. Ocean Protocol now has 175,000 Twitter followers. The core team continues to engage with the community via Twitter, Discord, Telegram, AMAs, and IRL events.
Traction Stats. The stats above are great to see. But what really matters to us is usage of Ocean, and especially, people making $ using Ocean. And for that, the brightest spot for 2023 was the $ volume stats from Ocean Predictoor, and seeing Predictoors making $ (see above). More great stuff to come there:)
5. Conclusion & Looking Ahead to 2024
Thank you for journeying with us through this post and for being a vital part of the Ocean Protocol community. Your engagement fuels our collective progress.
Ocean Protocol heads 2024 with exciting developments on the horizon. We’ll share more in early 2024. And here are a couple teasers in the meantime: expect the traction and scope of Predictoor to expand a lot; expect Compute-to-Data to get a lot more powerful and used in crazy novel ways. Stay tuned 😊.
6. Appendix: Milestones by Date
January
Community | Launch of the Data Builders Hackathon: In collaboration with Gitcoin and Open Data for web3
Product | Ocean.py V2 Upgrade: Significant improvements in the protocol’s core Python library
Product | Performance Enhancement of Ocean Aquarius: A 10x improvement in performance
Ecosystem | Integration with deltaDAO and Gaia-X: Enhancing data initiatives in Europe
February
Ecosystem | Acentrik Nomination: Recognized at the Blockchain Life Awards 2023
Community | Introduction of Publisher Rewards in DF25: A new incentive mechanism for data publishers
March
Product | New Data Publishing Update: Publishers can now upload data directly via GraphQL or smart contracts
Community | Participation in Market X Expo in Vienna: Showcasing federated analytics use cases with partners like deltaDAO and Gaia-X
Product | Launch of Ocean Data Farming Main: A significant step in data monetization
Community | Representation at PolkadotNowIND Event: Discussing the future of Data Dapps
April
Partnerships | Collaboration with UseOrbis: Expanding the protocol’s capabilities
Ecosystem Partnerships | BigchainDB, the co-founder of Ocean Protocol, becomes a Validator for the Gen-x Network
May
Ecosystem | Control over the OCEAN token contract has been revoked, and all the tokens are now fully minted
Product | Launch of Ocean Token Gate Template: Enhancing the platform’s versatility
Ecosystem | Peer-to-Peer Health Data Sharing by Brainstem Health: Achieving a Shipyard Grant
Product | Launch of Ocean Waves Music NFT Template
Ecosystem | deltaDAO’s Production MVP in partnership with Polygon Labs: Facilitating transactions in GAIA-X
June
Community | Participation in ETHSeoul: Focusing on decentralized data management for AI
Product | Release of Ocean.js 3.0.0: Major update on GitHub
July
Community | Presence at ETH Barcelona: Showcasing Ocean Protocol
Ecosystem | deltaDAO’s European Single Data Market: Expanding data market capabilities
Ecosystem | Ocean Protocol Templates on Product Hunt: Gaining public visibility
Product | Support for Sepolia Testnet: Enhancing the tech stack
Community | Launch of Challenge DF: A new initiative to attract developers to build on top of the Protocol
August
Partnerships | Partnership with Fetch AI and Datarella: Developing a bridge for AI agents and data transactions
Product | Launch of Ocean Tickets by Ocean Showcases: Diversifying offerings
September
Product | Launch of Ocean Predictoor at DappCon Berlin: A major product launch
Community | Showcasing at IAA Mobility Fair: Demonstrating Ocean Protocol’s technology
Product | Upgrades to Ocean Compute to Data Tech: Significant technical improvements
October
Product | Mainnet Launch of Ocean Predictoor: Moving to a wider audience
Product | Introduction of Ocean AI Assistant on the Website: Enhancing user interaction
Product | Launch of Ocean Uploader: Connecting decentralized storage with data monetization
Community | Sponsorship at ETH Miami Hackathon: Engaging with the developer community
November
Community | Launch of Predictoor Data Farming: Expanding data farming capabilities
Product | Integration of IPFS Storage with Ocean Uploader: Strengthening data storage solutions
Product | Launch of Ocean Protocol CLI: A new tool for data services management
December
Notes
[1] In 2023, these activities were: Volume DF (do curation of Ocean data assets), Challenge DF (once a week, predict the price of ETH), and Predictoor DF (every 5 min, predict the price of ETH, BTC, etc). Active evolved in 2023: first just Volume DF; then added Challenge DF; then added Predictoor DF; then retired Challenge DF. So now it’s just Volume DF and Predictoor DF. Expect Active DF to continue to evolve.
About Ocean Protocol
Ocean was founded to level the playing field for AI and data. Ocean tools enable people to privately & securely publish, exchange, and consume data.
Follow Ocean on Twitter or Telegram to keep up to date. Chat directly with the Ocean community on Discord. Or, track Ocean progress directly on GitHub.
