@fla1white (H2O Data contributor)
H2O Data’s core product is psdnOCEAN/OCEAN stable pool. Balancer governors have successfully voted to
- Add a gauge for the psdnOCEAN/OCEAN on Balancer
Before the introduction of the gauge, psdnOCEAN/OCEAN LP token was staked on H2O Data’s dapp to receive rewards in form of $OCEAN and $PSDN. Now the goal is to combine all rewards and further strengthen the liquidity of psdnOCEAN/OCEAN pool, this proposal suggests migrating OCEAN and $PSDN reward tokens to Aura.
H2O protocol is a protocol related to the emerging Data and AI economy (DataFi). Originating as a fork of RAI by Reflexer, H2O Data emerged in 2022 as a non-pegged stable asset backed by OCEAN. It has since transitioned towards crafting liquid staking derivatives aimed at governing non-liquid Data Infrastructure Tokens. The first token that was launched is psdnOCEAN which is a liquid staking derivative of veOCEAN.
The psdnOCEAN/OCEAN pool is integral to the H2O Data ecosystem, serving as the primary liquidity pool for the psdnOCEAN liquid staking token of veOCEAN. This pool is the hub for users entering or exiting the ecosystem, currently holding a TVL of $950K and growing in alignment with the OCEAN ecosystem.
This proposal seeks to get the option to add additional rewards to the psdnOCEAN/OCEAN on Aura. This is highly important to the OCEAN & H2O Data Ecosystem, as with the introduction of Balancer/Aura gauge we want users to receive $Aura, $BAL, $OCEAN and $PSDN rewards.This action is expected to increase the APR further, making it more appealing for liquidity providers and supporting the overall health and growth of the H2O Data and OCEAN ecosystem
The Aura DAO multisig will execute the ‘setExtraReward’ function for the psdnOCEAN/OCEAN pool. This action will create a new ‘VirtualRewardPool,’ allowing the OCEAN & PSDN tokens to be sent to this stash and queued within the new virtual reward pool. OCEAN & PSDN reward tokens sent to this stash will be queued over the following week.
The intention is for this proposal to go to vote in the Snapshot round commencing on Thursday, November 16. Please review and provide any questions or comments through Thursday, November 16. We appreciate and encourage an open discussion.
Given this timeline, the discussion period for this proposal is shorter than usual. We aim to finalize the addition of rewards to the psdnOCEAN/OCEAN pool asap to participate in the next round of incentives. Therefore, we kindly request that the discussion period and the Snapshot voting occur before this date. Your prompt participation is highly valued.
The vote will follow a single-choice format: “For”, “Against,” or abstain from voting.