Bancor To Extend LM Rewards for the $FARM Pool
Benefits & what that means for both Harvest & Bancor Ecosystems
Dear Farmers & Bancorians,
Harvest has been collaborating with Bancor for more than 3 months on improvements that benefit our ecosystems.
Today, as of 8th September 2021, the proposal to extend Liquidity Mining Rewards for the $FARM / $BNT Pool by another 100 days has met the quorum with 89% votes in favor.
To better understand the importance of this deal, we need to get back in time to late June of 2021, where it all began.
It all started on June 24th when a proposal to whitelist FARM has met the quorum with the majority of the votes in favor.
This proposal allowed for joint initial liquidity provision by Harvest and Bancor totaling $500K in each $FARM & BNT tokens.
One of the points in the proposal states that: “Once the liquidity depth at Bancor exceeds the depth at Uniswap, the platforms profit share mechanism can be pointed at Bancor instead.”
Bancor community took that very seriously and less than 4 weeks later voted on the new proposal that pertains targeted Liquidity Mining for FARM to capture Harvest’s BuyBack Mechanism.
The proposal saw 99.95% votes in favor which underlines the commitment of Bancor towards beneficial opportunities.
On August 18, Harvest pointed its $FARM Buyback mechanism over to Bancor and announced it to the world the very next day.
Stats & what that means for Harvest
In under 3 months since the launch of the $FARM/$BNT pool, this collaboration has become one of the most beneficial ones for Bancor.
The $FARM pool is the second-biggest earner for liquidity providers so far in Q3 2021:
For Harvest, this results in far better prices when executing $FARM buybacks on the open market.
What’s more, at Bancor, $FARM LPs are protected from impermanent loss with their novel insurance mechanism.
Harvest expects the result of the latest proposal to go into motion in the upcoming days and is excited to explore more opportunities with Bancor.