Babylon Finance: Gardener’s Digest #6
March 4th 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/
Babylon is ending the Settlers Beta and is scheduled for public launch by the end of March. Please check your spam folder if you have signed up for the beta but haven’t received an invite yet.
Babylon has added support for ETH 2.0 staking with StakeWise. Currently, Stakewise offers 4.60% APY on ETH. Babylonians now have many different options to earn yield on ETH, from staking with LIDO or Stakewise to lending on Compound, Aave and Rari.
Read more from the official announcement here.
Security Audits Published
Babylon has published their security audits, the repository can be found here.
Open-sourced Prophets NFTs
Babylon has published the code for their Prophets NFT collection. The repository can be found here.
The developers are continuously optimizing and improving upon the Babylon Finance architecture. Three updates that are coming up will greatly reduce costs and improve user experience with the platform.
First, the number of swaps required to enter and exit a strategy is being reduced, making strategies more gas efficient. This should allow garden strategists more flexibility as garden expenses are now less.
Second, BABL rewards from the Heart of Babylon will automatically be claimed on behalf of all the heart members. This way, users don’t need to spend extra gas claiming it. BABL rewards from the heart automatically compound.
Third, Garden tokens will be transferrable soon. This means users can transfers the garden tokens to other accounts. Garden tokens now are a fully compatible money lego within the rest of DeFi, which means that these tokens could, for example, be used to create liquidity pools on Uniswap or Curve or even used as collateral.
Babylon Bounty Board
Be sure to check out the Babylon Bounty Board and get rewarded for your contributions! Babylonian Diplomats have been hard at work translating our documents and articles into their native languages, allowing Babylon to further reach a global audience.
Babylon is entering the next phase of development and has created 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.
Community Calls & Twitter Spaces
BIP-11 Bonding UI Live This week
Be on the lookout for the new Heart of Babylon UI that will allow for bonding WETH/BABL LP tokens and cTokens from Babylons Gold Lender pool on Rari. A full summary of BIP-11 can be found here.
BIP-12 Verified Gardens
Discussions have begun in discord around the introduction of BIP-12. As Babylon grows, and in preparations for our public launch, it’s important that new users can easily find the best gardens in Babylon. BIP 12 proposes that in order for a garden to be verified, a Garden needs to be:
- > 1M dollars in AUM
- > 100 members
- 3 Strategies already finalized with profits.
Once a garden is verified it will be sorted into one of three categories and given the option to receive custom NFT art representing the garden.
The official proposal can be found here.
TVL & Users
Babylon Finance currently has $20.27M in TVL and has created over $1.14M in wealth within 89 different Gardens for their 1,356 users.
Babylon’s Treasury is currently holding $6.8M in assets.
Heart of Babylon Tracker
The Heart has performed its weekly buyback and reallocation. 49.6 BABL were purchased, .32 WETH sent back to the treasury, 2.5K in liquidity added to BABL-ETH pool, $1.5K sent to gardens. Another $2K added in liquidity to the Fuse pool.
🧑🌾 Garden of The Week
The Fountain of BTC ⛲
Following the success and ethos of the highly liquid Fountain of ETH garden, The Fountain of BTC attempts to replicate the same goals, only using WBTC instead of WETH. This means the garden will not track the USD value of BTC and will not participate in speculative or directional bets reliant on the price of BTC in dollar terms. Instead, this garden utilizes a diverse basket of BTC derivatives to earn passive yield in a risk-minimized way.
In order to attract high quality strategists, the garden has a 9% profit split going to successful strategists, with 1% going to voters. The highly passive nature of this garden is why this fee structure was implemented. There will be very few strategies, and strategy changes, to vote on and the primary value should go to those that can generate a higher than normal rate of return on WBTC, as benchmarked against the average interest rate on Aave.
Strategies: All strategies will be deployed with a time horizon of 500 days, but any strategy can end / rotate and claim $BABL rewards based off member votes in Discord / obvious consensus. Alternatively, garden members can discuss setting up recurring laddered strategies to create predictable claim periods. At its inception this garden will have only one strategy:
- Deposit WBTC into Curve renBTC pool & stake on Convex. Currently .7% — 3.5% APY.
Further strategies are subject to Discord discussions.
Benchmark: Aave WBTC interest rate.
You can deposit and join the Fountain of BTC here: https://www.babylon.finance/garden/0x4C4Ad2790D2ea7D293B06896b09e1d102e6B2613
🌴 Participate in the Babylon Ecosystem
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 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 need a beta invite, you may be able to snatch one by asking other members in Discord.