Data Farming Main 2 is Here
Rewards double to 300,000 OCEAN per week. Expected APY > 20%
Summary
On March 14, 2024, Data Farming Main, Phase 2 starts (round DF81). Weekly rewards will double to 300,000 OCEAN/week. We can expect APY to jump too.
Contents
1. Overview
2. Reward Budgets & APYs
3. How to Data Farm
4. Conclusion
(Plus Appendices)1. Overview
Data Farming is Ocean Protocol’s incentives program. Participants earn OCEAN rewards for locking OCEAN, curating data, and making predictions (in Predictoor).
DF’s first round (DF1) launched on June 16, 2022 with 10,000 OCEAN/week rewards. DF went through alpha and beta to the final “DF Main” phase. DF Main has sub-phases 1-4:
- DF Main 1 had 150,000 OCEAN/week rewards.
- ⭐ DF Main 2 has 300,000 OCEAN/week rewards. It starts today, March 14, 2024, in DF round 81 (DF81).⭐ Bonus: 20,000 ROSE/week thanks to Oasis 🙏
- DF Main 3 starts six months later, with 2x more rewards. DF Main 4 is six months after that, with another 2x. The Reward Schedule docs have details.
DF is evolving. At first, DF exclusively rewarded data curation. Now, it also rewards locking OCEAN and making predictions. We can expect further evolution.
The rest of this article is organized as follows. Section 2 describes DF reward budgets and expected APYs. Section 3 describes how to data farm, via the webapp. Section 4 concludes.
2. Reward Budgets & APYs
2.1 Budgets per Stream
The “Passive DF” stream rewards people for locking OCEAN. The “Active DF” stream rewards doing more work to add value to ecosystem; it has two sub-streams “Volume DF” and “Predictoor DF”.
Here is reward allocation & some detail per each stream, as of DF Main 2.
- Passive DF. 150K OCEAN / week. Lock OCEAN for veOCEAN. The longer you lock for, the more veOCEAN (details below). Rewards are pro-rata to veOCEAN holdings.
- Active DF. 150K OCEAN / week. It has these substreams:
i. Volume DF: 112.5K OCEAN / week. Allocate veOCEAN towards data assets with high DCV, to earn more. Rewards are a function of DCV and veOCEAN stake.
ii. Predictoor DF: 37.5K OCEAN / week + 20K ROSE / week. Predict future price movement, continuously (as a predictoor).
For further details on each stream, please consult the DF docs.
2.1 APY Estimates
As of DF Main 2, how can we expect APY to change? Here’s a quick estimate.
Today’s rewards increase includes a doubling of Passive DF rewards from 75,000 OCEAN/week to 150,000 OCEAN/week. So APY for Passive DF will jump by 2x (all else being equal). If you’ve locked for 4 years to hit max APY, expect APY to rise from ≈10.1% to ≈20.2%.
APY of Active DF is currently ≈3.13%. It’s capped by data consume volume, so we shouldn’t expect it to increase by 2x.
Overall APY is currently ≈12.75% (for max lock time). Given that Passive DF will increase things by (20.2–10.1) = 10.1%, then overall APY will jump to about 22.75% (all else being equal).
To max your APY, it makes sense to lock OCEAN for long; to curate with all your locked OCEAN; and to run a predictoor bot with aggressive staking.
4. How to Data Farm
4.1 DF Webapp tasks overview
There are three ways to earn and claim rewards: Passive DF, Volume DF, and Predictoor DF. The DF webapp facilitates most of these; the rest are via Predictoor.
- Passive DF. To earn: lock OCEAN for veOCEAN, via the DF webapp’s veOCEAN page. To claim: go to the DF Webapp’s Rewards page; within the “Passive Rewards” panel, click the “claim” button.
- Volume DF. To earn: allocate veOCEAN towards data assets, via the DF webapp’s Volume DF page. To claim: go to the DF Webapp’s Rewards page; within the “Active Rewards” panel, click the “claim” button (it claims across all Active DF substreams at once).
- Predictoor DF. To earn: become a predictoor by running a bot that makes regular predictions. Here’s how. To claim: predictoors get paid via sales of the prediction feeds to traders. Predictoor DF is treated as extra sales.
The subsections that follow elaborate on key steps.
4.2 Navigating to DF webapp
You can get to the DF webapp from the main Ocean Protocol site oceanprotocol.com, and clicking on “STAKE OCEAN”.
Or, you can go directly to its url at df.oceandao.org.
4.3 DF Webapp homepage
Here’s the DF webapp homepage.
4.4 DF Webapp for Passive DF / veOCEAN
If you’re inside the webapp, click on “Passive-DF” tab. Or go directly to its url at df.oceandao.org/passive-df.
This page’s main role is to let you lock OCEAN to get veOCEAN. It allows you to explore “what-if” scenarios: you can lock for different durations, with different OCEAN amounts, and different # compounds; and it will tell you the expected OCEAN rewards and APY (including accounting for gas fees).
This page also lets you track your veOCEAN balance, lock more OCEAN, and lock for longer.
4.5 DF Webapp for Volume DF
If you’re inside the webapp, click on “Volume-DF” tab. Or go directly to its url at df.oceandao.org/volume-df. To participate in Volume DF, you need to allocate your veOCEAN to data assets. The higher the volume the asset, the more you earn: this is curation.
4.6 DF Webapp for Claiming Rewards
Click the pink “Claim All” buttons on the homepage to claim OCEAN rewards. The image below illustrates.
Where to claim? All earnings for data farmers are claimable in Ethereum mainnet. This is the case even though data assets for DF may published in any network where Ocean’s deployed in production: Eth mainnet, Polygon, etc. All rewards come through Eth mainnet.
When to claim? There are fresh passive rewards available every Thursday. If you wish, you can wait for many weeks to accumulate before claiming. (It’s all on-chain.) Predictoor rewards can be claimed at any time.
When to do a first claim? From the time you lock OCEAN, you must wait at least a week, and up to two weeks, to be able to claim rewards. The nerdy version: if you lock OCEAN on day x, you’ll be able to claim rewards on the first weekly ve “epoch” that begins after day x+7. This behavior is inherited from veCRV; here’s the code.
5. Conclusion
On March 14, 2024, Data Farming Main, Phase 2 starts. Weekly rewards will double to 300,000 OCEAN/week. We can expect APY to jump too.
Appendix: Further Reading
The Data Farming Series post collects key articles and related resources about DF.
About Ocean, DF and Predictoor
Ocean was founded to level the playing field for AI and data. Ocean tools enable people to privately & securely publish, exchange, and consume data. Follow Ocean on Twitter or TG, and chat in Discord.
In Predictoor, people run AI-powered prediction bots or trading bots on crypto price feeds to earn $. Follow Predictoor on Twitter.
Data Farming is Ocean’s incentives program. In DF, you can earn OCEAN rewards by locking OCEAN, curating data, and making predictions.
