Passive & Volume Data Farming Airdrop Has Completed; They Are Now Retired

Claim your rewards now. Predictoor DF Forges Ahead. More DF streams to come

Summary

This article starts by reviewing Ocean Data Farming (DF), the ASI Alliance, and how an ASI “yes” vote would affect Data Farming.

The “yes” happened. This triggered the follow-up actions:

• We just completed an airdrop to veOCEAN holders. You can now claim OCEAN via the DF Webapp (https://df.oceandao.org/rewards)
• We have retired Passive & Volume DF.
• Predictoor DF continues, with room to scale up Predictoor DF and introduce new incentive streams.

1. Background

1.1 Ocean Data Farming

Data Farming (DF) is Ocean Protocol’s incentive program. Rewards are weekly. DF has traditionally had three streams / substreams:

• Passive DF. Users lock OCEAN for veOCEAN. The longer you lock or the more OCEAN you lock, the more OCEAN you get. Rewards are pro-rata to veOCEAN holdings. 150,000 OCEAN/week.
• Volume DF. Users allocate veOCEAN towards data assets with high data consume volume (DCV), in a curation function. Rewards are a function of DCV and veOCEAN stake. Up to 112,500 OCEAN/week.
• Predictoor DF. Run prediction bots to earn continuously. 37,500 OCEAN/week.

Most user DF interactions are via the DF webapp at df.oceandao.org.

1.2 ASI Alliance

Ocean Protocol has been working with Fetch.ai and SingularityNET to form the ASI Alliance, with a unified token $ASI. This Mar 27, 2024 article describes the key mechanisms. It needed a “yes” vote from the Fetch and SingularityNET communities.

1.3 ASI Alliance Impact on DF

If the event of a “yes”, there were important implications for Ocean Data Farming and veOCEAN. This Mar 29, 2024 post describes them. From that post:

To be ready for either outcome [yes or no], we will pause giving rewards for Passive DF and Volume DF as soon as the DF82 payout of Thu Mar 28 has completed. Also in preparation, have taken a snapshot of OCEAN locked & veOCEAN balances as of 00:00 am UTC Wed Mar 27 (Ethereum block 19522003) …

Predictoor DF will continue regardless of voting outcome.

And the section “Actions if ‘yes’ “ held the following key information about veOCEAN, Passive DF, and Volume DF.

veOCEAN will be retired. …

Passive DF & Volume DF will be retired.

People who have locked OCEAN for veOCEAN will be made whole, as follows.

Each address holding veOCEAN will be airdropped OCEAN in the amount of:

(1.25^years_til_unlock-1) * num_OCEAN_locked

In words: veOCEAN holders get a reward as if they had got payouts of 25% APY for their whole lock period (and kept re-upping their lock). But they get the payout soon, rather than over years of weekly DF rewards payouts. It’s otherwise the same commitment, expectations and payout as before.

This airdrop will happen within weeks after the “yes” vote.

That same address will have its OCEAN unlocked according to its normal veOCEAN mechanics and timeline (up to 4 years). After unlock, that account holder can convert the $OCEAN directly into $ASI with the published exchange rate.

Any actions taken by an account on locking / re-locking veOCEAN after the time of the snapshot will be ignored. …

The post also held key information about psdnOCEAN, predictoor DF, and the future of DF.

psdnOCEAN holders will be able to swap back to the OCEAN with a fixed-rate contract. For each 1 psdnOCEAN swapped they will receive >1 OCEAN at a respectable ROI. …

Predictoor DF continues. …

Ocean Protocol Foundation will re-use the DF budget for its incentives programs. These can include: scaling up Predictoor DF [and more].

(We added bold font to help cross-referencing with the “actions” section below.)

2. A “Yes” Happened

As of Apr 16, the vote had concluded. The result was a “yes”.

3. Actions Completed Due to “Yes”

As promised to the Ocean community, we have completed the “Actions if ‘yes’” summarized above. Here are the specifics.

3.1 Promise: veOCEAN will be retired

✅ Action completed: veOCEAN is retired.

The DF webapp functionality to lock veOCEAN is removed. Incentives to lock OCEAN into veOCEAN have been turned off [1].

The DF webapp functionality to withdraw locked OCEAN has been retained; therefore when time passes and the token comes unlocked (up to 4 years), the user can come and withdraw their OCEAN.

3.2 Promise: Passive DF … will be retired

✅ Action completed: Passive DF is retired. (And you should claim your past Passive DF rewards.)

One can no longer enter into Passive DF because it relies on veOCEAN, which is retired. Passive DF rewards are permanently stopped.

To claim your past Passive DF rewards:

• Go to DF Rewards page at https://df.oceandao.org/rewards. In the “Passive Rewards” section, click the “Claim All” button.
• This webapp functionality will remain live until Aug 1, 2024. After that, you will have to use the etherscan interface to claim rewards, which is more complex. (Same for Volume DF & airdrop below.)

3.3 Promise: Volume DF will be retired

✅ Action completed: Volume DF is retired. (And you should claim your past Volume DF rewards.)

One can no longer enter into Volume DF because it relies on veOCEAN, which is retired. Volume DF rewards are permanently stopped.

To claim your past Volume DF rewards:

• Go to DF Rewards page at https://df.oceandao.org/rewards. In the “Active Rewards” section, click the “Revoke Token Lock Approval + Claim All” button. This will claim both past Volume DF Rewards and DF Airdrop Rewards.

3.4 Promise: Each address holding veOCEAN will be airdropped OCEAN

[according to the formula, using the Mar 27 snapshot]

✅ Action completed: Each address holding veOCEAN has been airdropped OCEAN. You should claim your airdrop rewards.

The OCEAN reward amount is according to the formula, using the Mar 27 snapshot (as discussed above). The reward is as if you had got payouts of 25% APY for your whole veOCEAN lock period (and kept re-upping your lock). The Appendix gives an example of payout amounts.

Here is the reward per address.

To claim DF Airdrop rewards:

• It’s all inside the “Active Rewards” section, just like Volume DF. Therefore…
• Go to DF Rewards page at https://df.oceandao.org/rewards. In the “Active Rewards” section, click the “Revoke Token Lock Approval + Claim All” button. This will claim both past Volume DF Rewards and DF Airdrop Rewards.

3.5 Promise: psdnOCEAN reward with respectable ROI

Promise expanded: holders will be able to swap back to the OCEAN with a fixed-rate contract. For each 1 psdnOCEAN swapped they will receive >1 OCEAN at a respectable ROI.

✅ Action, over next several days: The ROI is set to 1.25. There are a small number (17) of psdnOCEAN holders, so we are handling them manually. Here are our steps:

• Start from this GSheet “snapshot of psdnOCEAN balances” page
• Have each user send their psdnOCEAN to 0xad0A852F968e19cbCB350AB9426276685651ce41 (DF Treasury multisig)
• For each inbound tx, we will log in in the GSheet “transactions” page
• Then we will compute the user OCEAN reward, and send it to the user

3.6 Promise: Predictoor DF continues

✅ Action completed: Predictoor DF has continued while the other DF substreams were paused. It keeps going.

3.7 Promise: Ocean Protocol Foundation will re-use the DF budget for its incentives programs

✅ Action on track: We plan to scale up Predictoor DF rewards over time, especially as it hits development milestones [Ref 2024 roadmap, sec 2.2].

Other potential DF incentives include for running Unified Backend nodes [roadmap, sec 3.2], and for decentralized large-scale model training to support a world model on ground-truth physics [roadmap, sec 2.2].

Given this restructuring, the previous plans for long-term rewards schedule will not be used. Now, we adapt Data Farming budget week-by-week and month-by-month, to maximize the bang-for-buck of each OCEAN deployed for rewards.

4. Conclusion

This article reviewed Ocean Data Farming (DF), the ASI Alliance, and how an ASI “yes” vote would affect Data Farming.

The “yes” happened. This triggered the follow-up actions:

• We just completed an airdrop to veOCEAN holders. Users can now claim OCEAN via the DF Webapp (https://df.oceandao.org/rewards)
• We have retired Passive & Volume DF.
• Predictoor DF continues, with room to scale up Predictoor DF and introduce new incentive streams.

Appendix: Worked DF Airdrop Example

Example. Alice recently locked 100 OCEAN for a duration of four years, and had received 100 veOCEAN to her account.

• She will get airdropped (1.25⁴–1)*100 = (2.44–1)*100 = 144 OCEAN soon after the “yes” vote
• In four years, her initial 100 OCEAN will unlock.
• In total, Alice will have received 244 OCEAN (144 soon, 100 in 4 years).
• Her return is approximately the same as if she’d used Passive DF & Volume DF for 4 years and got 25% APY. That is: (1.2⁵⁴-1) * 100 = 2.44 * 100. Yet this updated scheme benefits her more because her 144 of that 244 OCEAN is liquid soon.

Notes

[1] We can’t actually turn off the veOCEAN contract on the Ethereum mainnet. Therefore someone could still lock OCEAN for months to years by talking directly to that contract, and then see their OCEAN unlock months to years later. It’s any user’s prerogative if they wish. But there’s no real incentive to do so.

Further resources

If you have more questions about the changes and how they apply to you, you can always contact us on:

Discord: https://discord.gg/TnXjkR5

Telegram: https://t.me/oceanprotocol_community

Beware of scams

It is crucial for you to remain alert. This is a prime time for scammers to capitalize and present you with offers to trick you.

Here’s how you can stay safe:

1. Check official Ocean Protocol communication: For this particular airdrop, use this blogpost as reference as well as the information published on https://df.oceandao.org/rewards.
2. Always double-check: Before engaging in any actions involving your tokens, verify the information directly from official sources. Cross-reference any announcements on the official X profile of Ocean Protocol.
3. Use official websites: Manually type URLs into your browser and avoid clicking on unsolicited links. Impersonator websites may mimic official sites to deceive and steal your tokens. Our official website is oceanprotocol.com.
4. Telegram and Discord safety: Only trust links in pinned notices by Admins, and avoid private message solicitations. Our admins will never proactively message you or ask you to click on links. Also, our admins do not offer ticket support in Discord.
5. Independent verification: No Admin or official representative will contact you directly to assist with wallet operations or token swaps. Always initiate contact through official channels if you need assistance.
6. Keep your keys private: Never disclose your wallet’s private key or seed phrase (12, 15,18, 24 words) to anyone or enter them on any website.
7. Responding to scams: If you suspect a scam, report it to our admins on Discord and Telegram. Beware of secondary scams offering token recovery for a fee.

About Ocean Protocol

Ocean was founded to level the playing field for AI and data. Ocean tools enable businesses and individuals to trade tokenized data assets seamlessly to manage data all along the AI model life-cycle. Ocean-powered apps include enterprise-grade data exchanges, data science competitions, and data DAOs. Follow Ocean on Twitter or TG, and chat in Discord.

In Ocean Predictoor, people run AI-powered prediction bots or trading bots on crypto price feeds to earn $. Predictoor has over $800 million in monthly volume, just six months after launch with a roadmap to scale foundation models globally. Follow Predictoor on Twitter.

Data Farming is Ocean’s incentives program.