Ocean Protocol Partners With Polygon Network for Lower Gas Fees

Ledger Nano X - The secure hardware wallet
Ocean Protocol Partners With Polygon Network for Lower Gas Fees

Ocean Protocol, the decentralized data exchange protocol has announced that it has partnered with Polygon, previously known as Matic, to integrate its smart contracts and market to the polygon ecosystem.

The integration will allow Ocean Protocol’s users to save on gas fees at a time when congestion continues to increase on the Ethereum network, which has become one of the major deterrents for small investors to acquire cryptocurrencies native to Ethereum.

Matic rebranded itself to Polygon earlier this year as it aimed to become Ethereum’s bridge with other blockchain networks. The project has been adopted by over 90 dApps and 200k unique users, completing over 8 million transactions.

The ocean market is no available to publish, swap, stake, and consume data in the Polygon Network paying a fraction of the gas prices required by Ethereum and with lower latency. Developers can also now use the Ocean libraries and front-end components with Polygon.

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Ocean Protocol’s founder, Trent McConaghy, referred to the partnership by stating:

“Polygon has a long history of collaboration with the Ethereum ecosystem with an eye towards scaling and security. The Polygon team has developed a first-class platform for running EVM-based contracts and bridging across chains. It’s our pleasure to leverage Polygon so that our users benefit from far lower gas costs in Ocean Market and in other emerging dapps & protocols that use Ocean.”

Ocean Protocol will Continue to Run in the Ethereum Mainnet

In spite of the move, the Ocean Protocol team continues to maintain the deployment to the Ethereum Mainnet in the future with no changes. The Ethereum 2.0 upgrade is expected to address most of the issues currently plaguing the network with high latency, low reliability, and high gas prices.

Ocean users can choose to publish their datasets and other services in Ethereum and/or Polygon, with the tradeoff consisting of UX and familiarity for lower latency and gas prices.

While at this time there are no bridges implemented for data tokens, the Ocean Protocol development team is working on fixing the “technical gotchas” that prevented their deployment on the first release.

For now, publishers and stakers can republish their services and datasets in Polygon if most liquidity is removed from the poll in Etherum, ensuring that stackers don’t see their gains siphoned.

In future updates, it is expected that these bridges will allow seamless interoperability between both chains, further improving the efficiency of the protocol and the benefits for users.

Oraichain partners with Ocean

Oraichain, an AI-powered oracle solution has announced its partnership with Ocean protocol to integrate products, data, and services.

Ocean protocol is especially useful for developers and companies working with Artificial Intelligence (AI) due to the high amount of data required to train neural networks and other types of AI.

Now, Ocean protocol will also be benefiting directly from AI via Oraichain’s Mainnet, which launched back in February, by exploring integrations between both ecosystems and their products, as well as expanding the offering of the Ocean Market

With the AI industry’s relevance continue to grow in the technology world, projects like Ocean and Oraichain are expected to see an increase in adoption in the coming years as the need for data increases at the same time as privacy concerns.

Bruce Pon, Ocean Protocol co-founder, said that the partnership is expected to be “a dynamic addition to our data and AI ecosystems” which will not only diversify the platform’s offering but also open the door to the exploration of new synergies between both ecosystems in the following months.

As blockchain becomes more popular, fast-moving platforms may be able to secure a user base as larger platforms are unable to deliver the same kind of performance.


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