Babylon Finance: Gardener’s Digest #23
July 1st, 2022
Gardener’s Digest is a weekly newsletter highlighting updates and news in the Babylon Finance ecosystem.
Babylon Emergency Response & Rari Fuse Pool Rescue 🚑
Over the last few weeks the team at Babylon has been hard at work salvaging what they can from the exploited Rari Fuse pools. In total, Babylon was able to recover $717K from the affected pools, and distributed those assets back to the affected gardens.
The team pulled off in a matter of days what no one has been able to accomplish to date, namely recovering locked assets in the Rari Fuse pools. It is important to reiterate that Babylon did not get hacked or exploited in any way.
Read more from the official announcement here.
Moving Forward ⏩
Babylon has been hit hard by the Rari exploit and subsequent bear market.
- The team had $100k+ invested in the affected gardens.
- Fuse is now abandoned by FEI.
- BABL cannot be used as collateral anymore.
- The Heart of Babylon has 20k BABL in Fuse, and cannot generate yield.
Despite all this, the team is committed to building through the bear market by focusing on Babylon as a decentralized asset management protocol. This means that the team does not provide financial advice, facilitate investments, or market investment clubs through social media/elsewhere.
Although the Heart cannot generate additional yield, it will still be used as a conduit for gas-free voting, fee accrual and disbursements, as well as voting on garden investments.
BIP-24 Bump Rewards ❗
Discussions are ongoing in Discord around increasing BABL rewards for gardens affected by the Rari Fuse exploit in April. This proposal attempts to accomplish three things. First, compensate users affected by the Rari hack. Second, incentivize users to continue using Babylon. And third, allow the protocol to grow and acquire PCV.
This proposal includes multiplying BABL rewards by 2.5x for these affected gardens: The Stable Garden, Stable Pebble, Amplify Stables, The Fountain of ETH & Waterfall2.
BIP-25 Security Bounty ❗
Thanks to the Immune.fi Bounty Program, a security bug was discovered and disclosed by a whitehat named “Rebekah.” The bug could have allowed an attacker to increase a users balance eligible for rewards up to double in only one transaction. The bounty is $5k, and is the minimum amount set for a high severity bounty because there were mitigation countermeasures in place.
You can vote gas-free in the Heart of Babylon.
TVL & Users 🌱
Babylon Finance currently has $4M in TVL within 99 different Gardens for their 1,612 users.
Babylon’s Treasury is currently holding $623K 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.
🌱 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
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