Ocean Data Farming Main
Data Farm
Today, the majority of the Data is centralized in a few companies like Meta, Amazon, Alphabet or Apple, but what would you think that in 2023 is possible to be the real owner of your data and get rewards by selling it in a decentralized marketplace? yes yes, i know it sounds a little crazy and exciting but todays it’s possible with:
Ocean Market is a decentralized platform that enables users to publish and purchase data. Users can earn money by selling data or running their own fork of Ocean Market. Data is published as interoperable ERC721 data NFTs and ERC20 datatokens. Additionally, Compute-to-Data technology enables the buying and selling of private data. It is a decentralized exchange (DEX) specifically tailored for data exchange. However there are many different ways to earn rewards by trade data in the marketplace or participating in the Farming program of Ocean protocol, let me explain you this.
Data Farming
Data Farming is a program that incentivizes the use of data in the Ocean ecosystem. Its final phase, DF Main, will emit rewards worth 503.4 million OCEAN and last for decades. DF Main begun in March 2023, with rewards increasing from 150,000 OCEAN to over 1.1 million OCEAN per week before decaying over time. The aim is to encourage the use and consumption of data through a reward system that benefits both data providers and consumers.
You can maximize your OCEAN rewards with veOCEAN! You can lock in your OCEAN from 2 weeks to 4 years and receive equal amounts of veOCEAN when it ends, PLUS rewards along the way. The longer you lock and the more OCEAN you lock, the higher the rewards. https://df.oceandao.org/veocean
https://df.oceandao.org/veocean
- As a veOCEAN holder, you get passive rewards by default.
- If you actively curate data by allocating veOCEAN towards data assets with high Data Consume Volume (DCV), then you can earn more.
Okay, now im gonna explain you how you can lock you OCEAN to get veOCEAN and earn passive income in an easy way! LFG!🔥
1. Go into veOCEAN page at the data farming webapp -> df.oceandao.org/veocean you will practically see the same image as the one above. ⬆️
2. Now, click on the FARMS option to select the farm you would like to participate, i will give you a short video about this step: “Keep in mind that you receive proportionally more veOCEAN for longer lock times”
- lock 1 OCEAN for 4 years (max) → get 1.0 veOCEAN
- lock 1 OCEAN for 2 years → get 0.50 veOCEAN
- lock 1 OCEAN for 1 year → get 0.25 veOCEAN
- lock 1 OCEAN for 2 weeks → get 0.0096 veOCEAN = 2/ (4 * 52)
- lock 1 OCEAN for 1 week → get 0.0048 veOCEAN = 1 / (4 * 52) [but you only get rewards if >1 week]
veOCEAN cannot be unlocked before the pre-set time : You can always extend your lock time or the lock amount. But, lock time can not decreased.
As you can see, here you can choose to many different farms like: — BTC/USDT orderbook — OCEAN/USDT orderbook
Congrats! if you complete correctly the last steps you are a great Data Farmer! now, it’s time to…How to claim and where..?
You will able to claim your rewards every Thursday, but when you claim the first time, you should wait for a week to claim them → df.oceandao.org/activerewards
Currently Round #37
“Claim your veOCEAN earnings on Ethereum mainnet, while DF data assets can be published on any network with Ocean deployment.”
Note: To maximize out your APY:
- create & publish datasets (and make $ in selling them) — or work with people who can
- consume the datasets (to make $) — or work with people who can
- go stake on them, and finally claim the rewards.
In this sheet you can get more information about the APY → https://docs.google.com/spreadsheets/d/1F4o7PbV45yW1aPWOJ2rwZEKkgJXbIk5Yq7tj8749drc/edit#gid=1051477754
- How does Ocean Data Farming benefit data consumers?
Ocean Data Farming incentivizes data farmers to provide relevant and high-quality data assets into the Ocean Protocol ecosystem, benefiting data consumers. Farmers earn OCEAN tokens for providing liquidity to OCEAN-datatoken pools, with their earnings multiplied by the usage of their staked datasets. This encourages farmers to provide in-demand, high-quality data assets and maximizes the data supply reward function. The program aims to increase the pool of diverse data assets available for data consumers to access and use.
- How can users track their earnings from Ocean Data Farming?
Ocean Data Farming rewards users with OCEAN tokens for providing liquidity to OCEAN-datatoken pools, with earnings multiplied by dataset usage. Users can track earnings and expected APYs through their OCEAN wallet, and obtain veOCEAN to determine rewards distribution. The program is rolled out in phases, so users should monitor earnings periodically.
I appreciate that you have read this post/blog in its entirety and I encourage you to share it on your social media if you find it useful.
Source: https://blog.oceanprotocol.com/ocean-data-farming-main-is-here-49c99602419e
