Babylon.finance
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Babylon.finance

Babylon Finance: Gardener’s Digest #19

📖 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 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.

New Aladdin DAO Integration 🧞

This week Babylon Finance has successfully integrated Aladdin DAO products, Concentrator & Clever. Aladdin’s Concentrator works as a yield enhancer which boosts yields on Convex vaults by ~50%. It works by taking yield earned from Convex vaults and converting them into cvxCRV. It then stakes the cvxCRV to compound rewards and loop back into the vault.

Alladin’s Clever Project allows users to deposit CVX for ~45% APY earned through staking rewards and collecting bribe rewards which are converted back into CVX and auto-compounded back into the vault. Additionally, Clever allows users to claim their future yield, today, using clevCVX.

Read more from the official announcement here.

Security Vulnerability Disclosed & Fixed via Immunefi 🛡️

Last week a security bug was discovered by discord user “Qckhp” in the Rewards Distributor that could have allowed an attacker to extract a maximum of 15k BABL from the mining program. Babylon’s Immunefi bounty program allowed the user to submit the bug report and receive a payment of $55k from team funds.

The Babylon team acted quickly, verifying the issue, deploying a fix, and paying out the bounty with Immunefi. No user funds are affected.

Custom Integration Bounties🔌

Now you can connect Babylon to any DeFi protocol and/or custom logic. Babylon released their SDK three weeks ago, allowing anyone to develop an adapter, test it on a private garden and then submit it to be verified and audited by Babylon governance.

Babylon has created a wishlist of integrations with a $5k bounty awarded to whoever successfully integrates these protocols. Here is a link to the regularly updated integration wishlist. The first person that successfully completes each of these integrations will receive up to $5k in developer bounties paid in BABL.

Read more from the official announcement here: https://medium.com/babylon-finance/custom-integrations-a-way-to-pool-capital-into-custom-strategies-f825db9bb32e

📜 Governance

BIP-20 Idle Finance Bounty 💰️

With the release of Babylon’s SDK, anyone can create a custom integration with Babylon. As a result, a Babylon member “adamb” completed an integration for idle.finance. The proposal includes sending Adam 250 BABL tokens from the treasury as a bounty for completing this integration.

A link to the full proposal can be found here.

Members in the Heart of Babylon can vote gas-free, here.

BIP-21 Security Bounty Rewards 🛡️

Last week a security bug was discovered by discord user “Qckhp” in the Rewards Distributor that could have allowed an attacker to extract a maximum of 15k BABL from the mining program. Babylon’s Immunefi bounty program allowed the user to submit the bug report and receive a payment of $55k from team funds.

The bug has been fixed, and the team is requesting reimbursement from the treasury for 2200 BABL tokens which will not be sold, but instead deposited into the Heart of Babylon and the Rari Fuse Pool.

A link to the proposal can be found here.

Members in the Heart of Babylon can vote gas-free, here.

📈 Stats

TVL & Users 🌱

DeFi Llama TVL Chart

Babylon Finance currently has $17.14M in TVL and has created over $780K within 96 different Gardens for their 1,588 users

Zapper.fi — Babylon’s Treasury

Babylon’s Treasury is currently holding $3.1M in assets.

🌴 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.

🌱 Partner with Babylon

Babylon allows any user to create their own investment club on chain using the reserve currencies we’ve made available, WETH, WBTC, DAI & USDC. However; through a partnership with Babylon, we can create a custom garden for your treasury using your DAO’s native token. Join us today and start building revenue for your treasury with transparent, audited DeFi strategies.

More information about partner gardens can be found here.

🧠 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.

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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