The token of the Data Ownership Protocol (DOP), $DOP, is set to be traded on seven major cryptocurrency exchanges, including Bybit, Kucoin, HTX, Bitfinex, Gate.io, MEXC, and WhiteBIT, beginning on July 5th, 2024.
On Bybit, the Data Ownership Protocol has clarified that the token will be listed as $DOP1 to prevent confusion with an existing fiat coin. The token will be listed as $DOP on KuCoin, Gate.io, Bitfinex, MEXC, and WhiteBIT.
DOP recently launched its mainnet after a successful testnet phase that attracted a whopping 2.67 million users. Over the past six months, the DOP ecosystem has experienced substantial growth. With the opening of over 1 million DOP wallets and the encryption of assets worth more than 10 million USD, it is evident that there is a growing demand for data ownership solutions that prioritize the needs of users.
“$DOP is the token of Data Ownership Protocol, a project that seeks to balance transparency and privacy on the blockchain, putting users in control of their data. The listing of our utility token marks a significant milestone and enhances our vision for the future of data ownership. We are thankful to our supporters and community who have believed in our mission from day one”, said Kohji Hirokado, co-founder of DOP and ex-core member at Cardano.
The $DOP token plays two key roles in the ecosystem: enabling fee payments and providing community rewards. The protocol’s data ownership features require fees to be paid in DOP tokens, which helps generate a natural demand for the token.
This system encourages users to hold onto DOP tokens by incorporating a deflationary mechanism by burning fees. In addition, network supporters are rewarded through staking distributions. So far, 210,000,000 DOP tokens have been set aside for staking rewards, and an impressive 1.1 billion DOP tokens have already been staked.
Bybit’s recent listing announcement follows its rise as one of the top cryptocurrency exchanges globally. Overtaking Coinbase, it is now second only to Binance in terms of trading volume. Bybit’s rise in the market has been truly impressive, as its market share has surged from 8% to 16% since October 2023.
DOP has unveiled a fresh roadmap in light of the achievements in Q1 to convey its upcoming plans for the latter part of 2024. The plan includes a $5 million developer grant program, enhances protocol capabilities, and aims to deploy on EVM-compatible chains other than Ethereum. This will help lower gas fees and expand the user base.
In addition, the latest developer SDK will empower developers to incorporate and construct dApps within the DOP ecosystem seamlessly. Another goal is to improve user security in managing NFTs by expanding the functionality to include encryption and decryption of NFTs, going beyond just ERC-20 tokens.
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