Babylon Finance: Gardener’s Digest #3
February 11th, 2022
Gardener’s Digest is a weekly newsletter highlighting changes and news in the Babylon Finance ecosystem. Learn more about Babylon Finance and join your first garden here: https://www.babylon.finance/
Questions? Read the FAQ: https://docs.babylon.finance/getting-started/faq
Babylon is ending the Settlers Beta and is scheduled for public launch March 15th, 2022. Please check your spam folder if you have signed up for the beta but haven’t received an invite yet.
Community Calls & Twitter Spaces
Babylon Finance will start hosting weekly Q&A sessions and community calls in Discord as well as start hosting twitter spaces to talk about all things Babylon. Babylon had a Q&A yesterday at 7PM PST.
Announcing the Babylon Bounty Program
Babylon is entering the next phase of development and is creating a series of bounty programs in which the community can be rewarded for producing high quality content for Babylon. Check out the bounty board here and register your interest as a bounty hunter here.
Read more from the official announcement.
Babylon Lending Markets Live
Wednesday, Babylon’s integration with Rari Fuse pools were completed. Gardens can now implement strategies that use Babylon’s lending pool. Currently the Heart of Babylon (BABL staking pool) is using the Gold Lender for 2 strategies, both of which earn BABL rewards from BIP-10, as well as rewards from running profitable strategies in Babylon. The pool already has over $4.5M in collateral and accepts BABL, DAI, ETH, FEI & FRAX.
New Roadmap & Landing Page
Babylon has updated their landing page to highlight the features of the protocol and make some of the most important metrics and resources more visible. Some of the changes include a new page for fund managers, detailed information about the Heart of Babylon, and BABL tokenomics. Be on the lookout for a new infographic and roadmap for this year coming out next week. ETA for Polygon layer 2, future plans / integrations and more.
Starting as soon as next week, gardens will be able to implement strategies using Stakewise. Stakewise.io allows liquid ETH2 staking in the form of their sETH2 token. Babylon already has integrations with Lido.Fi, adding Stakewise decreases attack surfaces and mitigates risk by deploying capital across multiple protocols.
Convex CRV Integration
Also scheduled for early next week is the “Staked cvxCRV” pool from Convex.finance. This is the flagship pool from Convex, allowing users to infinitely lock CRV tokens, and receive liquid cvxCRV in return. By staking cvxCRV, users receive rewards from veCRV, a 10% share of boosted LP earnings on Convex, and CVX tokens in the form of protocol emissions. This pool has maintained a ~50% APY since inception paid in yield bearing stablecoins and governance tokens.
BIP-11, Heart Bonding Program
Last week the core team deployed the Heart of Babylon, adding staking and revenue sharing mechanisms to the BABL token. Now conversations have begun in Discord around BIP-11 and the bonding mechanisms the Heart will use to sell discounted hBABL. Users will be able to deposit cTokens from Babylon’s Gold Lender pool on Rari for a 3% discount and they can deposit Uniswap V3 LP tokens from the BABL-ETH pool for a 5% discount. Deposits are still subject to the standard 2 month lock. This will increase protocol owned liquidity and will further drive revenue back into the hands of BABL holders staked in the Heart of Babylon.
Annual Feedback process in Announcements
Babylon is gathering feedback, ideas, thoughts and suggestions from the community and prioritizing them for the new year, in preparations for the public launch. Come join the conversation here: https://babylonfinance.canny.io/
TVL & Users
Babylon Finance currently has $22.03M in TVL and has created over $2.35M in wealth within 87 different Gardens for their 1,345 users. 130 New Babylonians onboarded this week!
Babylon’s Treasury is currently holding $9.7M in assets.
Heart of Babylon Tracker
The Heart has performed it’s first weekly buyback and reallocation. 142 BABL were purchased, 1 WETH sent back to the treasury, 8K in liquidity added to BABL-ETH, $4.5k split sent to the Fountain of ETH, Arkad’s Garden, and the Stable Pebble gardens. Another $ 6.5K added in liquidity to the Fuse pool and finally 500 BABL sent as rewards to the Heart.
🧑🌾 Garden of The Week
Interview with Babylonian “XTC0r”
This week we interview a highly active Babylonian and member of the Stable Garden, “XTC0r.”
What brought you to Babylon?
I heard of the prophets sale via harvest.finance, which I follow closely as well.
Do you have any plans to create your own garden? If so, what would it look like?
Creating a garden might be something I will consider in Q2. For now I concentrate to be very active in the garden I joined and discuss possible strategies.
Are there any DeFi strategies you would like to see implemented in Babylon’s gardens?
I’m still waiting for a variable CDP which automatically uses the minted DAI in DeFi but protects you from liquidation. So for example you supply ETH and mint DAI. The DAI is automatically put in to DeFi yield farming. When ETH price increases more DAI is minted and put to work. When ETH price goes down a certain amount of DAI is removed from yield farming and used to pay back the debt. Fully automated without the need for the user to do any manual re-balances. But this might be something Babylon can solve.
What are some of the things you’re most excited about for Babylon or DeFi in general?
I’m very excited how the Heart of Babylon evolves. In general I’m most excited about L2’s in 2022. As we need to get gas prices down to enable even more cool stuff.
Do you have any suggestions, advice or tips for the team, garden creators, strategists, or any other babylonians using the product?
I hope we get a simulation mode like https://app.defisaver.com/ has. So users can play around with all the cool functionalities Babylon offers. Currently new users can’t really try how creating a garden works and which protocols and strategies we support. And I also hope we bring the prophets more in the spotlight. They only play a minor part right now.
🌴 Participate in the Babylon Ecosystem
If you want to lend/borrow from the Babylon Fuse Pool, click here.
Alternatively, you can join our beta and start investing in gardens. BABL mining rewards are accrued based on the capital invested, the duration of the investment, and the performance.
If you want to join us on our mission to help people create wealth through DeFi, please visit our Discord and help us build a better way for communities to invest in DeFi together.️
㊙️ If you need a beta invite, you may be able to snatch one by asking other members in Discord