• Data Whale

Data Whale’s Reflection on OceanDAO Round 10

Updated: Nov 5

Wow. Let’s take a seat and summarize what happened over the last 48 hours within the Ocean Protocol eco-system. This is a rather compressed version of events relating to the Data Whale Round 10 Proposal along with some key takeaways at the end.

Before we start, we would firstly like to thank everyone that took the time to vote in the OceanDAO. It’s an incredibly important task to move towards a decentralized Web3 data economy.

Our OceanDAO Round 10 Summary

So far, we are extremely grateful for the experience and possibilities that the grants from the OceanDAO enabled.

Our project “Data Whale”, which builds infrastructure for Data Tokens & a Web3 Data Economy, received a total of 102’000 $OCEAN in funding across 6 rounds. So far, we have had only a single “no” vote across all rounds.

But yesterday was different. A total of 5.53 Million $OCEAN voted against us (50.71%), whereas 5.38 Million $OCEAN voted in favor of us (49.29%). The majority of the NO-votes came from 3 large wallets, each holding 1 Million+ $OCEAN tokens. Particularly interesting was one wallet with 1 Million+ $OCEAN that switched a ”YES” to a “NO” within the last few hours of the voting, leading to our exclusion.

Are we disappointed? Yes, of course we are! We worked hard to drive as much value to the Ocean Protocol eco-system as possible.

  1. We created nearly 1 Million impressions across our social channels (Twitter and YouTube) related to the Web3 data economy and Ocean Protocol in particular.

  2. We answered countless messages requesting assistance on how to stake on the Ocean Market and proactively reached out to projects, companies and individuals to tokenize their data to launch new Data Tokens or just talk about Ocean Protocol and its technology.

  3. We held speeches, participated in online events, wrote blog-posts and created a dozen videos to bring Ocean Protocol content closer to the crypto-community.

In addition, we focused on BUILDING.

  1. With the help of a team of freelancers, we developed ALGA, a DeFi mobile application aiming to help users engage with the Ocean Market via their mobile phone. In the future, you can stake or swap $OCEAN for Data Tokens and store these in your mobile wallet.

  2. We also developed a new dataset that updates the number of mentions of each crypto-currency across the largest Telegram Groups. We are planning to launch this dataset when Ocean Market v4 is live.

Are we upset that we didn’t receive funding? No, we’re not. And we’re not here to get your compassion. The NO-votes (especially from the whale wallets) made us think.

In Round 10, we asked for the maximum grant, nearly 50’000 US$. That’s a lot of money. We thought if the DAO scales up their funding, we also want to try and scale up our business.

Until today, Data Whale generated about 108’000 $OCEAN in actual network value: Our project can prove that we are net-positive vs. our grants received.

The above value does not account for estimated value that our project created, but we know that there’s thousands of $OCEAN that went into the Ocean Marketplace due to our Outreach initiatives.

Fact is that we knew it’s not going to be an easy round. We asked for the maximum and that naturally leads to more criticism: rightfully so! Our proposal this time had a lot of focus on Outreach / Marketing.

We can only assume, but possibly the Whale Wallets thought that it’s not the right time yet to focus on such activities, since Ocean Market v4 is not launched yet? Maybe.

Back to Basics

We will continue where we started: developing our mobile app. In the next round, we will also refrain from requesting the maximum grant, but ask for a smaller amount to secure the safety to finish our development. We hope that this will steer our voters back to a positive sentiment, so we can make sure to achieve our objectives.

A lot has changed since OceanDAO started and that’s good. A few key takeaways from this round can help projects succeed in the future.

  1. Voters became a lot more critical. It is evident that projects should be humble and request a fair amount for their proposed efforts. The more is requested, the more “waves” are created, so get ready.

  2. Outreach seems to have a heavy weightage for voters. Not only on a larger scale (i.e. social media), but engaging with the community directly and listen for constructive, positive feedback.

  3. In our opinion, projects should start linking their proposed ROI with deliverables. If data consumers are measured as an ROI, is there a deliverable that satisfies the onboarding of such consumers?

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