Introducing psdnOCEAN: H2O’s first liquid staking wrapper for veOCEAN
The H2O team is thrilled to announce that its first liquid staking wrapper, psdnOCEAN, is live. psdnOCEAN is the liquid staking wrapper for veOCEAN, and it allows users to exchange $OCEAN for psdnOCEAN and benefit from a liquid token that is, at the same time, a sustainable source of real yield.
Let’s explore psdnOCEAN.
Ocean Protocol recently launched its own “voting escrow” mechanism — veOCEAN. By locking up their $OCEAN tokens, users can earn rewards proportionate to their chosen lockup time (up to 4 years). Furthermore, by actively participating in data curation on Data Farming, users can increase their yield even further. It’s also worth mentioning that veOCEAN cannot be unlocked before the pre-set time and is non-transferable (similar to most of the voting escrow tokens).
psdnOCEAN liquid wrapper helps provide users with the best of both worlds. Here is an overview:
The main benefit of psdnOCEAN is the ability for users to exchange $OCEAN in return for a liquid token while maintaining exposure to veOCEAN (4-year locked) rewards, potential Data Farming rewards, and earning additional $PSDN emissions. Liquid tokens are transferable.
All rewards are distributed in $OCEAN and $PSDN.
To enjoy the rewards offered by psdnOCEAN, holders can stake their tokens in one of two ways:
Rewards for psdnOCEAN/OCEAN LP:
- 80% revenue share of locked veOCEAN (4 years) through psdnOCEAN.
- 80% revenue share generated through the allocation of veOCEAN in Data Farming.
- $PSDN Emissions
Aside from providing liquidity, psdnOCEAN holders can choose to single-stake their psdnOCEAN for part of the revenue share.
Rewards for psdnOCEAN single-sided staking:
- 15% revenue share of locked veOCEAN (4 years) through psdnOCEAN.
- 15% revenue share generated through the allocation of veOCEAN in Data Farming.
- $PSDN Emissions
In summary, psdnOCEAN corresponds to the veOCEAN accumulated through the psdnOCEAN contract. Gathered veOCEAN is locked for the maximum period (4 years). In terms of governance, the protocol will follow a model similar to Votium.
Via Snapshot, psdnOCEAN stakers can vote directly on the Data asset of their choice or delegate their voting weight to a specific user or the H2O protocol. At the end of every cycle, psdnOCEAN stakers receive a portion of the earned Data Farming rewards. This allows psdnOCEAN stakers to directly influence how the H2O protocol earns revenue.
What about $PSDN?
$PSDN is taking its first step in becoming a yield-generating asset and long-time play for the data economy by taking a share of the total yield generated through psdnOCEAN and Data Farming.
Rewards for PSDN
- 5% of total revenue generated through psdnOCEAN and Data Farming.
- $PSDN emissions
Conclusion
The H2O protocol is achieving a critical milestone and is one step forward in diversifying the asset types that it’s backed by, all while developing more liquid staking solutions to better serve the data economy. This DeFi layer will revolutionize the way people interact with data in web3. Thanks for your support; stay tuned for DataFi innovations in the future coming from the H2O project.
