Babylon Finance: Gardener’s Digest #16
May 13th, 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 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.
Curve Gauges Now Available 🌡️
This week Babylon released support for staking Curve.fi LP positions into their gauges. Gardens are now able to stake LP tokens directly into curve and Convex. This opens up possibilities for strategies that lock CRV to boost rewards.
Read more from the official announcement here.
Babylon on-chain SDK 🛠
This week Babylon has released an SDK with all of the interfaces needed to create tokenized ERC-20 investment clubs on-chain, aka Gardens. You can read some of the many reasons to build with Babylon here: https://docs.babylon.finance/developers/building-on-babylon
Read more from the official announcement here.
BabylonFinance Insurance Live on Nexus Mutual 🤝
This week Babylon Finance has been added to Nexus Mutual. Users can now purchase smart contract insurance for Babylon Finance. If passed, BIP-19 will use 25 ETH to purchase $5M in smart contract insurance for Babylon’s protocol.
You can purchase cover or get a quote from Nexus Mutual here.
WETH Test Garden 🧪
Babylon has deployed an open strategist WETH test garden where budding strategists can mock up the UI and test out the various combinations they can use to create DeFi strategies. Check out the Test Garden and the strategy builder UI here.
BIP-19 Babylon Shield 🛡️
In light of recent events surrounding UST losing its peg and the collapse of the Terra Luna ecosystem, a new governance proposal to help insure losses against these events is now live.
The proposal includes sending 25 ETH to the Fountain of ETH garden to make its members whole. Next, 25 ETH will be used to purchase cover on Nexus Mutual to protect Babylon on the protocol level. Finally, 5% of the Heart of Babylon’s weekly fees will be used to create the Babylon Shield. The Shield will be a pool of incidentals used to top up coverage, as well as be used for various risk mitigation initiatives.
RARI/FEI Fuse Exploit Proposal 💥
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 authored a proposal that would make Babylon and other communities whole. If you are a TRIBE holder, head over to snapshot and vote.
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 here.
TVL & Users 🌱
Babylon Finance currently has $18.2M in TVL within 96 different Gardens
Babylon’s Treasury is currently holding $4M in assets.
Heart of Babylon Tracker 🫀
The Heart has performed its weekly buyback and reallocation on 05/12/2022:
- 38 BABL were purchased as buybacks (30%)
- Sent .19 ETH back to the treasury (10%)
- Added ~$1k in Liquidity to BABL-ETH (25%)
- Invested ~$1k into gardens (15%)
- Added ~$1K in liquidity to the Fuse pool (20%)
🌴 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. Learn more about BABL rewards here.
More information about strategists can be found here.
📞 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