A 26-year-old man in New York City who works in sales and goes by Aqueous has a deep relationship with psychedelics. "I've had great experiences, horrific experiences, profound experiences, and mundane ones," he writes. "The whole spectrum."
His trips eventually brought him to PsyDAO, which is promoting decentralized psychedelic science and culture through the democratizing force of tokenization. We are building AI agents and research tools.
This month, Aqueous "farmed" tokens for the first time, under PsyDAO’s first farm, The Psymple Life. Farming means putting your tokens into a place—called a smart contract—and leaving them there for a while to earn rewards. In our case, he farmed our $PSY token to get $BIO, the token of the BIO Protocol. Bio is the leading voice in Decentralized Science; it's the financial layer of a group of DAOs, including VitaDAO for longevity and CerebrumDAO for brain health.
The Psymple Life brought Aqueous deeper down the DeSci rabbit hole. "Farming led me to discovering other DAOs, their purpose, and what they’re working on, such as AthenaDAO and ValleyDAO," he writes. AthenaDAO researches women's health, while ValleyDAO works on synthetic biology. "I’m hoping to use my $BIO to swap for their tokens," Aqueous writes.
Farming Engages the Community
Token farming emerged during "DeFi Summer" in 2020. In DeFi, the practice is very popular, and growing faster than mushrooms after a rain.
Farming is not particularly common among DeSci DAOs, but that may change. "By locking tokens into a smart contract, you are showing community alignment and willingness to participate," writes PsyDAO member daoking. Participation is important for Decentralized Science, which works best when people give scientists the chance to cook.
[Read about our unique two-token system of governance, $PSY and $PSYC.]
Farming Reaps $BIO Rewards
PsyDAO's first token farm went like this: four months ago, PsyDAO members voted to buy $BIO. Over 10 days starting on Jan. 8, PsyDAO distributed 1 million $BIO to farmers. To farm, $PSY holders went to our website and clicked on the "Freebase" tab in our dropdown menu.
"By enabling active PSY holders to stake PSY to farm IP (governance) tokens and other tokens from the DAO, the DAO is taking care of its holders," Jesse, one of PsyDAO's initiators, wrote in the community Discord.
[Follow PsyDAO on X, TikTok, and Instagram.]
The Future of PsyDAO Farming
PsyDAO is still farming $PSY; about 500,000 $BIO tokens will be distributed to farmers over the next 140-some days.
Some PsyDAO members want to continue farming with other tokens in our ecosystem, including $BeeARD, the governance token of our multi-agent AI system, and the forthcoming $OPSY, the governance token for our Token-for-Data system. Any decision on future farming will depend on community consent, through Discord discussions and Snapshot votes.
As always, PsyDAO's goal is to promote psychedelic science and culture. Let us know in the Discord tokenomics channel if you think farming furthers this goal. At least some participants plan on coming back.
"Yessir," Aqueous writes. "I be farmin."
