Babylon.finance
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Babylon.finance

Babylon Finance: Gardener’s Digest #15

📖 Overview

Gardener’s Digest is a weekly newsletter highlighting updates and news in the Babylon Finance ecosystem.

📢 News

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. For every $5k referred, you will both share 1 BABL token.

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 to get your referral link in the official announcement here.

Babylon’s 3 Verified Referral Gardens

The Fountain of ETH: Holding above ~30% APY on ETH, targeting 15%.

The Stable Garden: Maintaining ~27% APY on stablecoins.

The Heart of Babylon: ~150% APY on BABL with mining rewards.

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.

Mobile Support 📱

This week Babylon has announced support for mobile devices. Users can now deposit, withdraw, stake, explore, and manage their portfolio on Babylon Finance anywhere in the world. Argent wallet and Coinbase wallet users are also able to connect to Babylon and deposit gas-free into the gardens.

New Security Audit (#8) 📄

This week Babylon has released their 8th security audit, this one completed by Pessimistic Security. A link to the audit & Babylon’s security repository can be found here.

Hack Money Event 🐱‍💻

This month Babylon Finance is sponsoring Hack Money, a 30 day hackathon where developers compete to create the most inspired DeFi primitives and tools. Babylon is offering up to $10,000 as a part of this sponsorship to developers who build on top of Babylon.

You can apply to hack, or watch the event here: https://hackathon.money/

Don’t forget to check out our $100,000 Bug Bounty with Immune Fi here: https://immunefi.com/bounty/babylonfinance/

New Pickle Field Garden 🥒

This week Babylon, in partnership with Pickle Finance, announced the launch of The Pickle Field garden. This garden acts as a yield bearing DeFi index that tracks the performance of some of the top performing yield farming opportunities in DeFi.

The Pickle Field is run by the DILL DAO, the internal DAO for the Pickle Finance community. Any member of the DILL DAO can propose strategies and vote to implement them. While deposits are open for everyone to share in the wealth creation, only DILL DAO members are able to participate in strategy allocations.

Read more about the Pickle Fields in the Garden of the Week section at the bottom of this newsletter. 👇

📜 Governance

BIP-18 Verify Partner Gardens

Voting has begun on BIP-18, which would make 2 of Babylon’s official partner gardens verified gardens. The proposal is based on BIP-12 which allowed the community to request verification for their garden if it met the requirements below:

  • Garden needs to be public
  • > 1M dollars in AUM (3M for partners)
  • > 100 members (waived for partners)
  • 3 strategies already finalized with profits (waived for partners)

BIP-18, if passed, would waive the requirements for The Aave Oasis, and The Pickle Field gardens in order to make them easier to find for Babylonians.

RARI/FEI Fuse Exploit Discussions 💥

Last week Rari fuse pools with FEI enabled as collateral were exploited for $80M. The RARI/FEI team has identified the problem, paused all lending in the affected pools, and has offered a $10M bounty if the hacker returns the funds. The hack includes approximately $30M of Tribe PCV deployments, leaving $50M of user & DAO funds affected to be reimbursed.

Although returning the funds and claiming the bounty is unlikely, the RARI/FEI team has opened discussions around backstopping the losses with the team’s protocol controlled value. Babylon’s own team has stepped up to assure the community that in the event the stolen funds are not backstopped by RARI/FEI, or returned by the exploiter, they will be made whole by Babylon’s treasury.

To be clear, Babylon was not hacked and no user funds will be affected regardless of the outcome of the RARI/FEI vote. Babylon Finance has it’s own write up about the event here: https://medium.com/babylon-finance/babylon-lending-markets-fuse-fei-exploit-d8daa02c40b9

If you are a member of the RARI/FEI community, be sure to get involved and vote in the forums here.

📈 Stats

TVL & Users

DeFi Llama TVL Chart

Babylon Finance currently has $22.15M in TVL and has created over $1.68M in wealth within 96 different Gardens for their 1,554 users.

Zapper.fi — Babylon’s Treasury

Babylon’s Treasury is currently holding $4.3M in assets.

Heart of Babylon Tracker 🫀

The Heart has performed its weekly buyback and reallocation on 05/05/2022:
- 247 BABL were purchased as buybacks (30%)
- Sent 1.3 ETH back to the treasury (10%)
- Added $9.1k in Liquidity to BABL-ETH (25%)
- Invested $5.6K into gardens (15%)
- Added $8K in liquidity to the Fuse pool (20%)

https://etherscan.io/tx/0x0e0cfbce07c007ca245bbc396fa29e31b8ffda47633a1d33b160e151afffa4a3

🧑‍🌾 Garden of The Week

The Pickle Fields 🥒

The Pickle Field Garden

Last week Babylon added more support for Pickle.Finance and pickle jar staking. 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.

This week Babylon announced the launch of The Pickle Field garden. This garden acts as a yield bearing DeFi index that tracks the performance of some of the top performing yield farming opportunities in DeFi. These LP positions are autocompounded by Pickle, staked in the pickle farms to earn $PICKLE yield, as well as mining the $BABL token on top. Members also receive the usual garden benefits like gas-free deposits, tax minimization, and shared execution costs.

The Pickle Field has three strategies live, APE/ETH LP on Pickle, cvxCRV/CRV LP on Pickle through Convex Finance, and FRAX/DAI stable yield to create a powerfully diversified and high performing DeFi index.

If you’re not familiar with pickle.finance, pickle jars, or pickle farms, please read the official announcement here.

A link to the Pickle Field Garden on Babylon can be found here.

🌴 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.

Follow us on Twitter and Medium to stay up to date on all Babylon news.

🧠 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. Learn more about BABL rewards here.

More information about strategists can be found here.

📞 Community Calls & Twitter Spaces

Babylon Finance hosts Q&A sessions on Discord and Twitter spaces to talk about all things Babylon. Follow us on Twitter and join our Discord to stay up to date on the next community call.

Our next community Twitter Spaces is scheduled for Thursday, May 12th at 4PM PST.

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

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