The $DOP token of the Data Ownership Protocol (DOP) will be available for trading on seven major cryptocurrency exchanges starting July 5th, 2024. These exchanges include Bybit, KuCoin, HTX, Bitfinex, Gate.io, MEXC, and WhiteBIT.
Token Listing Details
To avoid confusion with an existing fiat coin on Bybit, the token will be listed as $DOP1. On KuCoin, Gate.io, Bitfinex, MEXC, and WhiteBIT, it will be listed as $DOP.
Growth and Demand
DOP launched its mainnet six weeks ago after a successful testnet phase with 2.67 million users. In the past six months, the DOP ecosystem has seen substantial growth. Over 1 million DOP wallets have been opened, and assets worth more than $10 million have been encrypted using the protocol, highlighting the rising demand for user-centric data ownership solutions.
Vision and Functions
“$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.
Currently, the $DOP token has two main functions: facilitating fee payments and granting community rewards. Using the protocol’s data ownership features incurs fees payable in DOP tokens, creating native demand for the token.
Incentives and Staking
This system incentivizes the retention of DOP tokens while implementing a deflationary mechanism through fee burning. It also rewards network supporters via staking distributions. To date, 210 million DOP tokens have been allocated for staking rewards, with over 1.1 billion DOP tokens already staked.
Exchange Milestone
The listing announcement follows Bybit’s rise as the world’s second-largest cryptocurrency exchange by trading volume, surpassing Coinbase and trailing only Binance. Bybit’s market share doubled from 8% to 16% since October 2023.
Future Plans
To outline plans for the second half of 2024, DOP released a new roadmap following Q1’s success. The plan includes a $5 million developer grant program, expanded protocol capabilities, and deployment on EVM-compatible chains beyond Ethereum, reducing gas fees and reaching more users.
Additionally, the new developer SDK will enable developers to easily integrate and build dApps within the DOP ecosystem. Other goals aim to enhance user security for managing NFTs by expanding functionality beyond ERC-20 tokens to include encryption and decryption of NFTs.