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| Learn how to get veOCEAN tokens to use the Data Farming dapp 🧑🌾🥕 |
Get veOCEAN Tokens
What is veOCEAN?
veOCEAN is a 'voting escrowed' token used in Ocean Protocol's Data Farming dapp to generate passive and active OCEAN token rewards. Data Farming is our dapp to incentivize the publishing and curation of high quality assets on the Ocean Market. If you are curious to learn more about Data Farming, check out our video tutorial!
{% embed url="https://www.youtube.com/watch?v=zAQlPHkK3og" %}
Setup
Step 1 - Get OCEAN tokens
- Acquire $OCEAN via a decentralized exchange (DEX) such as Uniswap or a centralized exchange (CEX) such as Binance, Coinbase, etc.
Step 2 - Send to self-custody wallet
- Send your OCEAN tokens to a self-custody wallet that supports ERC-20 tokens, like Metamask for example.
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 our interactive demo to walk through the steps for locking your OCEAN tokens for veOCEAN tokens.
{% @arcade/embed flowId="FUSkygksSRsJHwle1zFs" url="https://app.arcade.software/share/FUSkygksSRsJHwle1zFs" %}
In this step you will:
- Enter the amount of OCEAN tokens that you are going to lock up
- Select a Lock End Date indicating how many weeks you’re going to lock up your OCEAN tokens. As the Lock End Date goes farther into the future, your Lock Multiplier increases. Selecting a 4 year Lock End Date gives you the maximum lock multiplier of 1 veOCEAN per 1 OCEAN locked.
- 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 tokens for veOCEAN tokens.