Babylon Finance: Gardener’s Digest #8
March 18th 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
Follow our User Guides: https://docs.babylon.finance/getting-started/user-guides
Or Join the Discord!
Babylon has ended the Settlers Beta and is scheduled for public launch March 30th. Babylonians who have staked a prophet NFT will receive 2 BABL tokens on launch day.
MEV Bot Arbitrage Loop
Thursday, March 10th a MEV bot discovered an opportunity to cause a liquidation cascade using Babylon’s Golder Lender Rari Fuse Pool. Babylon has since updated their strategy policies in the Heart in order to prevent future liquidation events.
In addition to this, BIP-14 has been sent to governance to add an extra $200k in liquidity from the treasury and the team is prioritizing the release of BIP-11 Heart Bonding program so the community can help increase protocol owned liquidity in exchange for discounted hBABL tokens.
New Pickle Integration
Babylon has integrated with one of the leading yield aggregator platforms on Ethereum, Pickle.Finance. Pickle has over $42M in TVL and their strategies regularly harvest and compound yield tokens for their members. Read more from the official announcement here: https://medium.com/babylon-finance/babylon-pickles-a88846083788
New Exchange Listing
Centralized cryptocurrency exchange BKEX has listed $BABL on their platform. This listing was free and did not cost the treasury anything.
See the tweet below: https://twitter.com/BKEXGlobal/status/1502898694785437699
Popular Product Requests
Babylonians are welcome to request products and features they would like to use within Babylon. Some popular ones include adding more flexibility to keepers, allowing them to harvest reward tokens throughout the duration of a strategy, as well as allowing them to reinvest those reward tokens. If you have an idea for a feature or product you want to use, feel free to submit a product request here: https://babylonfinance.canny.io/beta-feedback
Community Calls & Twitter Spaces
BIP-11 Bonding Coming Next Week
Be on the lookout for new functionality in the Heart of Babylon that will allow for bonding WETH/BABL UNIv3 LP tokens and cTokens from Babylon’s Gold Lender pool on Rari. A full summary of BIP-11 can be found here. Users will need to use Gamma in order to add actively managed liquidity, which you will then bond into the Heart for discounted hBABL.
BIP-13 Enable Transfer of Garden Tokens
A simple, but powerful proposal has passed governance which will allow garden tokens to become transferable, allowing them to be composable as a new DeFi lego piece. Gardens could potentially borrow against the NAV in their fund, sell ownership interests in their fund, create Curve and Uniswap LP pools and stake garden tokens in other DeFi protocols. A summary of the proposal can be found here.
BIP-14 Increase BABL Liquidity
After the MEV bot Doom Loop event, a new governance proposal has passed that involves increasing liquidity for BABL. In addition to BIP-14, BIP-11 Heart Bonding will allow Babylon to own it’s own liquidity going forward and actively manage that liquidity. A summary of the proposal can be found here.
TVL & Users
Babylon Finance currently has $19.23M in TVL and has created over $325.64K in wealth within 91 different Gardens for their 1,380 users.
Babylon’s Treasury is currently holding $5.5M in assets.
🧑🌾 Garden of The Week
The Aave Oasis
This weeks garden of the week is the Aave Oasis garden from our friends at Paladin.vote. Paladin.vote is a platform where users can lend or borrow voting rights to different DeFi protocols. Unlike Aave or Compound where you borrow the actual governance tokens, Paladin lets you borrow the voting power.
The Aave Oasis is an official partner garden between Paladin & Babylon. The Oasis gives users access to Paladin’s multiple Aave yield strategies without using leverage, or being exposed to impermanent loss.
The Aave Oasis garden deposits half of the available Aave into Paladin as stkAave, then pairs it with the other half of Aave in their curve pool. This allows members to benefit from the safety module fees on Aave, Paladin fees, PAL liquidity mining, BABL liquidity mining, Curve swap fees, and soon CRV via the gauge. A true “Penta Yield Oasis.”
The PAL token isn’t transferable until March 21st, so yield is difficult to calculate but the team estimates a conservative figure of > 10% on Aave without $PAL rewards.
A link to the Aave Oasis can be found here.
🌴 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 which is currently earning rewards, 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.