Babylon Finance: Gardener’s Digest #14
April 29th, 2022
Gardener’s Digest is a weekly newsletter highlighting updates and news in the Babylon Finance ecosystem.
BABL Token Referral Program
The referral program that is allocating 10k BABL tokens to the three verified gardens below is still ongoing. Users can share in the success of the protocol by helping to onboard new users & build wealth together.
As part of BIP-16, deposits into these gardens when gas is under 125 gwei is 100% free to the user, and subsidized at 50% above 125 gwei.
Read more and follow the user guide in the official announcement here.
Disclaimer: Links to gardens in this newsletter are using the author’s referral code. Feel free to not use it by deleting “?ref=0x10ccd” and everything after.
More Pickle Finance Support
This week Babylon has added more support for Pickle.Finance and pickle jar staking. Babylon already supported depositing into pickle jars since last month, but now Babylon has added support for Uniswap V3 Jars and 25 Pickle Farms. This allows strategists to stake their existing pickle positions to earn $PICKLE emissions on top of $BABL emissions as well as the existing yield farming profits.
If you’re not familiar with pickle.finance, pickle jars, or pickle farms, please read the official announcement here.
Verified Garden Updates
This week the Fountain of ETH garden reached another all time high in TVL sitting around 3.46K ETH or $9.9M USD. The fountain of ETH is currently yielding 31.95% vAPR targeting 15% over time with BABL mining rewards.
Meanwhile The Stable Garden also saw many large deposits over the week bringing its TVL to an ATH around $5.1M DAI. The Stable Garden is currently around 25.5% vAPR with BABL mining rewards.
Finally, the Heart of Babylon has been churning out fresh new BABL for it’s members sharing in the revenue and success of the platform. This garden’s TVL has reached an ATH around $2.5M USD. In the first epoch, the heart successfully returned ~150% APY and is expected to perform similarly in the second.
You can bond WETH/BABL LP for a 5% discount from the Heart, in addition to voting gas-free on all BIP’s and Heart allocations. Follow the user guide here to bond BABL LP tokens.
Babylon Bug Bounty Program with Immunefi
Babylon, in partnership with Immunefi, has launched a bug bounty program allocating up to $100k for “Critical Threat Level” issues. Awards are given according to the impact of the vulnerability based on Immunefi’s own classification system, and are summarized below. 👇
- Up to $100k for Critical smart contract bugs.
- Up to $30k for Critical dapp bugs.
- Up to $20k for high severity smart contract bugs.
- Up to $10k for high severity dapp bugs.
Read more about the program, or submit a bug report here.
Babylon x Apecoin DAO AIP
A new Apecoin Improvement Proposal Idea has been submitted to the Apecoin DAO forum for discussions around creating an APE denominated garden on Babylon. Garden shares on Babylon are fully composable ERC-20 tokens; as such, an APE garden would act as a yield-bearing derivative of APE, much like yDAI on Yearn, or 3Pool on Curve.
The proposal suggests seeding the garden with ~10K APE coins from the treasury and elect top Apecoin DAO Delegates to direct the funds. Some optional features of this garden may include:
- Voting escrow token support. (ala veCRV)
- Timelocked deposits. People need to commit APE for a specific time.
- BAYC NFT holders can stake their BAYC/MAYC for extra mining rewards.
How is the APE garden going to generate yield? Example strategies include:
- Adding APE to Babylon’s Rari Fuse lending pool as collateral, borrowing stablecoins against the value and yield farming with those stablecoins on Curve/Convex. This strategy doesn’t sell APE or speculate on the USD value of APE.
- Adding APE to the Ribbon.finance T-APE-C covered call vault.
- When Apecoin staking mechanics are live, this garden will participate in those distributions.
Read the official proposal idea here: https://forum.apecoin.com/t/aip-idea-apecoin-investment-dao-staking-mechanic/4892
If you like this proposal, please support it by liking and retweeting this thread from one of Babylon’s co-founders: https://twitter.com/ramonrecuero/status/1517190610389585929
TVL & Users
Babylon Finance currently has $23.47M in TVL and has created over $1.5M in wealth within 95 different Gardens for their 1,533 users.
Babylon’s Treasury is currently holding $4.5M in assets.
🫀Heart of Babylon Tracker
The Heart has performed its weekly buyback and reallocation on 04/26/2022.
- 112 BABL were purchased as buybacks (30%)
- Sent 0.5 WETH back to treasury (10%)
- Added $3.5k in Liquidity to BABL-ETH (25%)
- Sent $2K to gardens (15%)
- Added $3K in liquidity to the Fuse pool (20%)
🧑🌾 Garden of The Week
The Pickle Fields garden has been deployed on Babylon and will be ready next week on May 4th. This garden attempts to earn yield from the top-performing pickle jars on Pickle Finance, acting as a dollar-denominated index for the highest yields on Pickle Finance.
LPs can deposit DAI and benefit from jars auto compounding their yield farming strategies, $PICKLE token emissions, and $BABL rewards. Plus, they also receive the usual garden benefits like gas-free deposits, tax minimization, and shared execution costs.
🌴 Participate in the Babylon Ecosystem
Learn more about Babylon Finance and join your first garden here: https://www.babylon.finance/
If you want to join us on our mission to help people create wealth through DeFi, please visit our Discord.️ If you own DAI, USDC, ETH, BTC, BABL or AAVE there already exists a garden on Babylon where you can deposit your passive holdings and start earning the BABL token. BABL mining rewards are accrued based on the capital invested, the duration of the investment, and the performance of the strategies once finalized.
🧠 Become a Manager/Strategist on Babylon
As a strategist, you can receive up to 10% of the profits (varies per garden) + 10% extra BABL rewards.
More about BABL rewards in the Mining Program.
If you are interested, take a look at https://www.babylon.finance/managers
Community Calls & Twitter Spaces
Questions? Read the FAQ: https://docs.babylon.finance/getting-started/faq
Need help? Follow our User Guides: https://docs.babylon.finance/getting-started/user-guides