Tokyo, Japan, July 5th, 2024, Chainwire
$DOP, the native token of the Data Ownership Protocol (DOP), will commence trading on seven major cryptocurrency exchanges starting July 5th, 2024. These exchanges include Bybit, KuCoin, HTX, Bitfinex, Gate.io, MEXC, and WhiteBIT.
To prevent confusion with an existing fiat currency, Bybit will list the token as $DOP1, while KuCoin, Gate.io, Bitfinex, MEXC, and WhiteBIT will list it simply as $DOP.
DOP recently launched its mainnet following a successful testnet phase that engaged 2.67 million users. The ecosystem has seen rapid growth over the past six months, with over 1 million DOP wallets created and assets exceeding $10 million USD encrypted using the protocol. This surge underscores the rising demand for user-centric data ownership solutions.
“$DOP represents the token of the Data Ownership Protocol, a project dedicated to empowering users by balancing blockchain transparency with privacy, placing control of data firmly in their hands. The listing of our utility token marks a significant milestone and reinforces our vision for the future of data ownership. We extend our gratitude to our supporters and community who have been with us since the beginning,” stated Kohji Hirokado, co-founder of DOP and former core member at Cardano.
Currently, the $DOP token fulfills two primary roles within the ecosystem: facilitating fee payments and distributing community rewards. Transactions involving the protocol’s data ownership features incur fees payable in DOP tokens, thereby generating inherent demand for the token. This system encourages retention of DOP tokens while incorporating a deflationary mechanism through fee burning and rewarding network participants via staking distributions. As of now, 210,000,000 DOP tokens have been earmarked for staking rewards, with over 1.1 billion DOP tokens already staked.
The announcement of the token listing coincides with Bybit’s rise to become the world’s second-largest cryptocurrency exchange by trading volume, surpassing Coinbase and trailing only Binance. Bybit’s remarkable ascent has seen its market share double from 8% to 16% since October 2023.
In outlining plans for the latter half of 2024, DOP unveiled an updated roadmap following a successful Q1. Highlights include a $5 million developer grant program, expansion of protocol capabilities, and deployment on EVM-compatible chains beyond Ethereum. These initiatives aim to reduce gas fees and broaden user accessibility.
Furthermore, the new developer SDK will streamline the integration and development of decentralized applications (dApps) within the DOP ecosystem. Additional goals involve enhancing user security in managing Non-Fungible Tokens (NFTs) by extending functionality beyond ERC-20 tokens to encompass encryption and decryption capabilities.
About Data Ownership Protocol (DOP)
The Data Ownership Protocol empowers users with control over their data in the crypto space, where financial data such as holdings, balances, and transaction histories are publicly accessible on the blockchain. DOP’s mission is to enable users to determine what information to share and with whom, thereby granting individuals and businesses greater autonomy over their data through selective transparency. Leveraging advanced technologies including zero-knowledge cryptography, DOP aims to redefine data ownership dynamics.
For more details, visit Data Ownership Protocol’s Official Website, Twitter, or Linkedin. Data Ownership Protocol is the source of this content. This Press Release serves informational purposes only and does not constitute investment advice or an offer to invest.
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