27 KiB
| title | description |
|---|---|
| veOCEAN & Data Farming FAQ | Frequently Asked Questions about Data Farming |
veOCEAN FAQ
Are the veOCEAN tokens tradeable or have a market price?
No. They cannot be traded, transferred, or sold. You can delegate veOCEAN to others in order to facilitate farming, however, you need to understand how this works. You can get the necessary info in the docs.
Do you offer staking of $OCEAN? Is there a tutorial available for staking, and can I learn about the APY and locking time for unstaking?
Absolutely, we've adopted a staking approach similar to veCRV, allowing you to lock your Ocean tokens for veOCEAN to enjoy both passive and active rewards. Here are some handy resources to help you get started:
Feel free to explore these links for step-by-step guidance and insights into maximizing your staking rewards with veOCEAN.
PS: We cannot offer guidance related to where to allocate your tokens, that's your decision. Your tokens, your curated assets.
Is there a way to transform VeOcean to Ocean gradually over the lock period? Also, how will VeOcean be distributed over a certain time frame, and will Ocean tokens be reduced at the end of the lock period?
No, you can't convert your VeOcean to Ocean during the lock period. However, you have the opportunity to earn rewards (in $OCEAN) through active or passive staking. When the lock period concludes, you gain access to all your locked Ocean tokens. You can find additional information about OCEAN emissions here. It's important to note that you won't lose Ocean tokens by locking them, and they won't be reduced at the end of the lock period. To learn more about VeOcean, check out this resource.
Is there a way to check the duration and amounts of veOCEAN locked on-chain for all wallets?
Yes, this information is available. Indeed, there is a technical aspect involved. You'll need to have some technical knowledge because you'll be required to query our subgraph. You can find a working example in our documentation. Feel free to run the script by clicking on the "run" button.
What is the official formula for the Linear Decay?
The Linear Decay formula for veOCEAN can be expressed as follows in python.
FOUR_YEARS = 60 * 60 * 24 * 7 * 52
veOcean_balance = OCEAN_amount_locked * (your_unlock_timestamp — current_unix_timestamp ) / FOUR_YEARS
To learn more about systems driving veOCEAN and Data Farming, please visit our df-py github repository.
Can I stake OCEAN tokens on the Binance Smart Chain protocol?
- veOCEAN exists on the ETH mainnet only.
- Data Farming Active Rewards has native multi-chain support.
What's the amount of veOcean one can get for locking 1 Ocean token?
1 veOCEAN if you lock for 4 years. Learn more about VeOCEAN here.
Are there any liquid staking wrappers for veOCEAN?
You can also earn active staking rewards by assigning your veOCEAN directly on datasets or through a proxy (psdnOCEAN), which deploys your veOCEAN at no risk, in order to gain a share of active rewards.
Why the ratio between psdnOCEAN and OCEAN tokens is not close to 1:1?
The ratio stands at 80% to 20%, creating an imbalanced pool that minimizes price fluctuations. You might find this resource valuable.
How to convert PsdnOcean back to $OCEAN ?
You can convert psdnOCEAN back to $OCEAN using the Balancer AMM liquidity pool.
Price information for psdnOCEAN.
Locking (Staking)
What is veOcean and staking in context of Ocean Protocol?
veOCEAN (vote-escrowed OCEAN) is a special token in the Ocean Protocol ecosystem. Users can obtain veOCEAN by Locking their OCEAN tokens for a specific period of time. Their OCEAN cannot be accessed during this time as a sign of conviction that lets them engage with the network. Longer lock periods for veOCEAN typically yield higher rewards. You can lock your Ocean Token at - df.oceandao.org
Could you explain the benefits of staking $OCEAN tokens and how the APY is calculated?
Yes, You can find the details in these resources.
What is the percentage of tokens currently staked?
You can find the statistics for the number of locked tokens here. As of September 2023, there are approximately 700 million Ocean tokens in circulation, out of which approximately 30 million have been locked.
Is there any value to veOcean tokens? When staking them on datasets, do you receive veOcean or Ocean tokens instead?
veOCEAN is locked $OCEAN and thus has exactly the same price as $OCEAN when unlocked. When veOCEAN is staked, rewards are granted back in veOCEAN. veOCEAN can be converted to $OCEAN at any time by the owner after the locking period ends.
Are there any risks associated with staking Ocean tokens? Can the owner of a dataset run away with my coins? Are there any potential penalties or slashing mechanisms?
There are no counterparty risks associated with staking $OCEAN. Ocean uses standard, tried-and-audited "ve" smart contracts without modification. It is nonetheless conceivable that there exists a yet-to-be-discovered vulnerability that may be exploited in the future so put only amounts at risk that you are comfortable losing.
Is active staking on datasets limited to the ones I specifically staked my veOcean on? Do I receive active staking rewards only if the datasets I staked on receive DCV?
Yes, you will receive active rewards if the assets you've curated have Data consume Volume(DCV).
What is the current APY (Annual Percentage Yield) for staking?
The APY is highly dependent on the locked amount and more importantly on the locking period. A good tutorial to estimate the APY is available on our documentation.
How do I analyze projects and decide where to allocate? Do I look at current and past APYs, or is there more to consider?
Active stakers can select datasets to stake on based on several factors such as publisher reputation, number of previous consumes of the dataset, ratings, and comments of others.
If I stake my Ocean for 6 months and the price of Ocean goes up during that time, will my staked tokens increase in value as well?
Yes. When you lock Ocean tokens, you'll receive them back at the end of the lock-up period. If the value increases during this time, your Ocean tokens will appreciate in worth. The same principle applies in reverse if the value decreases
I'm new to Ocean and I want to stake my Ocean tokens. Can you guide me on how and where to do this?
You can lock your Ocean tokens in exchange for veOcean tokens and participate in the Data Farming program. Please go through the mechanics and details of data farming to make informed decisions. Here is a good start.
Should I passively stake and earn income, or is it better to be an active speaker? Are there any risks associated with active staking?
You can't be an active staker without being a passive one first. In order to actively participate in data curation you first need to lock your OCEAN tokens and receive veOCEAN. In conclusion, the first and easiest step is to passively be part of Data Farming. There are no risks associated with actively participating in Data Farming, you are just pointing your voting power received by getting veOCEAN towards high-quality assets. Please keep in mind that active rewards have costs associated with mainly represented by the gas fees of the transaction(s) you need to do to actively allocate your voting power to certain data sets.
When I stake my Ocean tokens, do I need to restake them manually, or is it auto-compound?
They are not auto-compounded.
They can be claimed/redeposited whenever you want. If you don't claim, they just stack up. There is no loss.
Is it possible to participate only in passive income staking without participating in the active one?
Yes. You are participating by default in the passive rewards when you lock your Ocean tokens.
When one withdraws all locked amounts, the active and passive rewards are automatically claimed as well?
No, when the locking period concludes, and you withdraw your tokens, the rewards (passive or active) are not automatically claimed. You must claim them separately.
How much Ocean do I need to stake to earn interest?
There is no minimum amount. The rewards will depend on the amount you lock. You will get passive rewards by default when you lock tokens. On top of that, you can get active rewards if you actively participate in the program. Here are some resources.
Does the lock open at 00:00 on the unlock day?
The lock opens at the time you lock your tokens.
What is the best time to lock OCEAN to avoid high gas fees? Do I need to approve twice?
When gas prices are low, which you can check here, the locking process occurs in two phases. Initially, you must approve the amount you wish to lock, and subsequently, you execute the lock transaction. If you've previously approved the desired amount for locking, there's no need to repeat the approval step. You only need to approve once, unless you intend to lock a higher amount than what you've already approved.
What about passive stakers — people who just want to stake in one place and be done?
Earnings are passive by default.
What about active stakers — people who want to do extra work and get rewarded?
Half the DF revenue goes to veOCEAN stake that users can allocate. Allocate well → more $$.
How can I use my OCEAN tokens to earn more OCEAN? What is the role of curators and keepers?
"Staking" is similar to Ethereum or Chainlink where it gives you access to passive rewards. You can use OCEAN to access both passive and active rewards in Data Farming and earn more OCEAN.
Yes, there is active work in curating data assets. Both keep growing and you can now use delegation to make active rewards easier to access.
More info here.
Should I focus on passive income or be an active staker? What are the risks involved with active staking?
To optimize your rewards, you can choose to employ both passive and active methods. Passive rewards are automatically earned when you lock your Ocean tokens to acquire veOCEAN. It's crucial to understand that the longer you lock your tokens, the higher your potential rewards can be.
However, it's worth noting that active staking does come with associated costs, such as gas fees, which you will need to cover.
When it comes to active staking, you aren't exposed to additional risks. Your veOCEAN tokens remain securely locked, and your role is to curate datasets by allocating them.
As with any system, inherent risks exist. In terms of the liquidity you provide, rest assured that we have implemented battle-tested contracts, protecting assets worth billions, including veCRV. With this model, there is no liquidity risk, and you are shielded from losing your OCEAN due to Impermanent Loss (IL); your OCEAN tokens are held securely in lock.
More information about APYs.
Data Farming
Is there a tutorial on for staking Ocean tokens?
Yes, there is one in the documentation.
If I withdraw before the unlock date, what happens to my veOCEAN and rewards?
You can't withdraw before the unlock date.
How long does it take for the system to update round allocations for veOCEAN?
Allocations happen instantly.
However, your allocation power is counted progressively throughout the week and requires you to leave them there for it to work.
What is the best time to lock OCEAN to avoid high gas fees?
When gas is cheap.
When one withdraws all locked amounts, the active and passive rewards are automatically claimed as well?
No, when the locking period concludes, and you withdraw your tokens, the rewards (passive or active) are not automatically claimed. You must claim them separately.
Which chain do most people stake on? What are the staking costs?
You can only "stake" via eth mainnet.
Data Farming Active Rewards has multi-chain support and you can farm assets on any chain.
Are there plans to switch to BNB or another blockchain for staking to reduce costs?
I'm sorry, but for now, all the earnings for veOCEAN holders can only be claimed on the Ethereum mainnet. We don't have immediate plans to add another chain for VeOcean staking at the moment. However, it's important to note that to be eligible for Data Farming, data assets for DFing can be published on various networks where Ocean Protocol is deployed in production, including ETH Mainnet and Polygon, among others. You can find more information about this in the documentation.
Which chain is veOCEAN be deployed on?
veOCEAN & DF core contracts are deployed on Ethereum mainnet and allow users to allocate veOCEAN tokens to any asset, on any chain.
Which networks are eligible for Data Farming?
Data assets for DF may published in any network where Ocean’s deployed in production: Eth Mainnet, Polygon, BSC, and more.
You can find a list of all supported chains here.
Where can I find the veOCEAN and DF contracts?
They are deployed on the Ethereum mainnet, alongside other Ocean contract deployments. You can find the full list of contracts here.
What is the official veOCEAN epoch start_time?
veFeeDistributor has a start_time of 1663804800 (Thu Sep 22 2022 00:00:00).
Can I farm on other chains then Ethereum?
- veOCEAN exists on ETH mainnet only.
- Data Farming Active Rewards has native multi-chain support.