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| Get veOCEAN to use the Data Farming dApp and make yield! 🧑🌾🥕 |
Get veOCEAN
What is veOCEAN and Passive Rewards
In order to gain yield Data Farming, you will need to lock your OCEAN first! When you lock your OCEAN, you get veOCEAN and weekly passive OCEAN rewards in return. veOCEAN is a token used in Ocean Protocol's Data Farming dApp to generate even more yield, called Volume DF rewards, for allocating your veOCEAN to your favorite assets and get a portion of their sales!
Don't have OCEAN yet? Get those first!
Step 1 - Get OCEAN
- Acquire OCEAN via a decentralized exchange (DEX) such as Uniswap or a centralized exchange (CEX) such as Binance, Coinbase, etc.
Step 2 - Send to your self-custody wallet
- Send your OCEAN to a self-custody wallet of yours that supports ERC-20 tokens, like Metamask for example.
Where the rubber meets the road 🚗💨
Not much of a reader? Watch and learn, friend
{% embed url="https://www.youtube.com/watch?v=zAQlPHkK3og" fullWidth="false" %} Watch and learn, friend {% endembed %}
Step 3 - Go to Ocean Protocol's Data Farming dApp
- Go to https://df.oceandao.org/
Step 4 - Connect Your Wallet + Lock your OCEAN for veOCEAN
- Click on the purple circles in the interactive demo to walk through the steps for locking your OCEAN for veOCEAN.
{% embed url="https://app.arcade.software/share/FUSkygksSRsJHwle1zFs" fullWidth="false" %} {% endembed %}
In this step you will:
- Enter the amount of OCEAN that you are going to lock up
- Select a Lock End Date indicating how many weeks you’re going to lock up your OCEAN. (As the Lock End Date goes farther into the future, your Lock Multiplier increases).
- Click on the checkbox to agree to the disclaimer.
- Click the pink “Approve # OCEAN” button
- Accept the transaction in your wallet.
- Click the “Create Lock” button.
- Accept the transaction in your wallet.
Congratulations! You have now locked your OCEAN for veOCEAN and are generating passive yield automatically. You can claim your passive OCEAN rewards every Thursday - note that your first time claiming rewards will require at least one week, but not more than 2 weeks of wait!