psdnOCEAN, the first liquid staking wrapper by the H2O team, is now live
Earn rewards, and participate in the H2O governance
Following the recent launch of Ocean’s “voting escrow” mechanism veOCEAN, users can now claim psdnOCEAN by exchanging their $OCEAN tokens.
What is psdnOCEAN?
psdnOCEAN is a liquid token that maintains exposure to veOCEAN rewards (4-year locked), data farming rewards, and $PSDN emissions. It is issued by H2O upon providing $OCEAN tokens and it allows users to earn rewards, participate in governance and directly influence how the H2O protocol earns revenue. psdnOCEAN liquid tokens are transferable and all rewards are distributed in $OCEAN and $PSDN.
How to earn psdnOCEAN?
To earn psdnOCEAN users need to exchange $OCEAN for psdnOCEAN. To enjoy the incentives offered by psdnOCEAN, holders can stake their tokens in one of the following ways:
- By providing liquidity in the psdnOCEAN/OCEAN LP to earn:
- 80% revenue share of locked veOCEAN (4 years) through psdnOCEAN.
- 80% revenue share generated through the allocation of veOCEAN in Data Farming.
- $PSDN Emissions
2. By single-staking their psdnOCEAN to earn:
- 15% revenue share of locked veOCEAN (4 years) through psdnOCEAN.
- 15% revenue share generated through the allocation of veOCEAN in Data Farming.
- $PSDN Emissions
In summary, psdnOCEAN corresponds to the veOCEAN accumulated through the psdnOCEAN contract. Gathered veOCEAN is locked for the maximum period (4 years). In terms of governance, the protocol will follow a model similar to Votium.
Via Snapshot, psdnOCEAN stakers can vote directly on the Data asset of their choice or delegate their voting weight to a specific user or the H2O protocol. At the end of every cycle, psdnOCEAN stakers receive a portion of the earned Data Farming rewards. This allows psdnOCEAN stakers to directly influence how the H2O protocol earns revenue.
What about the $PSDN token?
$PSDN is taking its first step in becoming a yield generating asset and long-time play for the data economy by taking a share of the total yield generated through psdnOCEAN and Data Farming.
Rewards for PSDN are as follow:
- 5% of total revenue generated through psdnOCEAN and Data Farming.
- $PSDN emissions
Conclusion
The H2O team is achieving a critical milestone and is now one step closer to diversifying the asset types that it is backed by. All this while developing more liquid staking solutions to better serve the data economy and revolutionise the way people interact with data in web3.
