What is OCEAN token used for?

The Ocean Token, abbreviated as OCEAN, served as the cornerstone of the Ocean Protocol ecosystem. It was designed to fuel the various functions within this innovative platform, facilitating seamless and efficient operations.

The Ocean Protocol aimed to revolutionize the way data is exchanged and monetized. By leveraging blockchain technology, it aimed to create a trustless and decentralized environment where data could be safely shared and utilized.

One of the primary uses of OCEAN was for staking, a mechanism that incentivized users to contribute resources to the network's security and stability. By locking up their tokens, users could participate in the governance process and earn rewards for their contributions.

Governance was another crucial aspect where OCEAN tokens played a pivotal role. Holders of the token were granted voting rights, allowing them to shape the future of the Ocean Protocol by participating in decision-making processes.

Beyond staking and governance, OCEAN tokens were also used for purchasing data services within the ecosystem. This feature enabled users to access valuable data in a secure, transparent, and decentralized manner, fostering a thriving data economy.