4.9 KiB
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| Make extra dosh with active rewards yield in Data Farming |
Harvest More Yield Data Farming
Get More Yield from Active Rewards
The bread and butter of the Data Farming dApp is incentivizing OCEAN rewards for curating valuable assets on the Ocean Market. The way that users curate assets is by allocating veOCEAN to them using the Data Farming dApp. We'll show you how!
Step 1 - Navigate to the Data Farming dApp
- Go to https://df.oceandao.org
Step 2 - Connect your wallet
- Connect your wallet to the Data Farming dApp using the Ethereum network (mainnet)
Step 3 - Click on the Farms tab in the top menu
Click the Farms page link in the menu
Step 4 - Select the assets on the Ocean Market which you would like to allocate to by toggling the percentage allocation at the end of the row
- On the rightmost column, toggle the percentage of your total veOCEAN that you wish to allocate to each asset of your choice. You will get a portion of the sales of each asset that you allocate to!
- Note that if you allocate to an asset which YOU published, then you will get 2x the rewards of any sales. The rows for assets that you publish will appear cream colored.
Toggle the percentage of your veOCEAN that you would like to allocate to each asset
Step 5 - Click the Update Allocations button
- Click the pink Update Allocations button
- Sign the transactions with your wallet & pay the gas fees
Click the Update Allocations button
That's it! You've successfully allocated (aka "voted on") your favorite assets on the Ocean Market using your veOCEAN tokens and are generating active rewards yield. Now, just wait until next Thursday to see if you can claim any OCEAN rewards on the Active Rewards section of the Rewards page for your portion of the assets' sales. Remember that your first time claiming rewards will require at least one week, but not more than 2 weeks of wait!
How to Delegate Your Active Rewards
Do you have multiple wallets? Say you want to send rewards to someone you 💖 We have a solution for that! Data Farming's Delegate feature allows you to transfer your veOCEAN allocation power to another wallet address. Another reason for delegating - you might be able to earn a higher annual percentage yield (APY) by delegating your active rewards to an address that more efficiently manages your allocation. For all these reasons and more, then you might want to delegate - go to https://df.oceandao.org/delegate to make the magic happen ✨
When you delegate, you transfer 100% of your veOCEAN allocation power for a limited period. You can delegate your active rewards *without* the need for reallocation and transaction fees! Note that after you delegate, then you cannot manage your allocations until the delegation expires. The delegation expiration date is the same as your veOCEAN Lock End Date at the time of delegation. If necessary, you can extend your Lock End Date before delegating. You can also cancel your delegation at any time 💪 Once delegated, rewards will be sent to the wallet address you delegated to. Then, the delegation receiver is in charge of your active rewards and is responsible for returning those back to you should you choose to do so.
Follow these steps to delegate your veOCEAN:
- Go to the Data Farming dApp.
- Navigate to the Delegate page.
- Enter the wallet address you wish to delegate your active rewards to into the 'Receiver wallet address' field.
- Click the Delegate button and sign the transaction with your wallet. You can view information about your delegation in the My Delegations component.
- If you desire, the you can cancel the delegation to regain your allocation power before the delegation expires.
What if someone delegates active rewards to you?
If you receive veOCEAN allocation power from other wallets, then you will receive their active rewards and be responsible for distributing rewards back to the delegators. You cannot delegate the veOCEAN you received from delegates, only the veOCEAN you received from your lock.
