Harvest Finance
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Harvest Finance

Week 7 Update: Ongoing Vault Migration Phase 2

Over $300m TVL, $20m annualized profits for farmers, $6m in gas fees saved weekly. ♋🌿 Bountiful yields while we 69 and 420.

To All Humble Farmers,

🛳️ Last week, we started the migration of Harvest assets into new pools the Harvest cooperative voted on.

The OG Council of 69. Plato and Socrates demonstrating the power of the philosophy of #BreadForThePeople

🆕 During Week 6, Harvest introduced a new TUSD pool that had the new and updated vault with strategy splitter, time-lock, and proxy contracts. Since the launch of the new vault, $8,869,677.49 has been deposited into the new TUSD vault.

📦 As we start Week 7, we will focus this week on migrating the 4 UNI pools:

  • ETH-DAI
  • ETH-USDC
  • ETH-USDT
  • ETH-WBTC

⛽ We believe doing the Vault Migration in a phased approach allows for our community of farmers to familiarize themselves with the migration process. In doing so, we hope to continually improve the quality of life of farmers while also saving them gas fees and time.

Next steps for Migrating Vault Assets

🏦 Prior to migration, the Harvest team has set up new vaults that will be deployed on-chain before the migration begins. The code has been publicly available since our Week 6 announcements and can be viewed here.

⌛ Beginning today, the 4 current UNI pools will be migrated to newly deployed vaults. The old pools will be deprecated. If you have any assets in the old deprecated pools, you will not receive any FARM incentives.

🤑 How to continue earning FARM incentives

✅ Since it is our goal to make every farmer’s life easy, the Harvest UI will automatically detect if any humble farmer holds any assets in the OLD deprecated vaults. If the UI detects assets held in old vaults, there will be one approve-all button that will automatically update all the assets and move them into the new vault that includes a time lock before switching strategies.

The user interface for migrating pools will visualize the process of migration for the user. If the migration is interrupted by the farmer (e.g., by exiting the website), the UI will automatically detect the next necessary step for completing the process upon resuming.

💁 Because the ultimate goal of Harvest is to make farmer’s lives easier, we want to combine all three steps into one easy step for the farm. Below is the amount of gas that would have been used by farmers if they were to do it themselves.

💡 The Harvest Council of 69 Updates

🤝 The Council of 69 is delighted to announce our first deal with Perpetual Protocol (https://perp.fi).

🗳️ Our first Council of 69 deal has successfully been passed through a Snapshot vote where 10.52k FARM (67.5% of the vote) voted ‘Yes’ to the proposal.

💸 The Harvest Council of 69 has invested in Perpetual Protocol.

We would like to thank Yenwen, CEO of Perpetual, and tongnk, for helping to bring the two protocols closer together.

👇 Deal terms can be found further on the snapshot page:

https://snapshot.page/#/farm/proposal/QmNf42fVYj1jnbFxrp1hQQRZH6mynH9tddBtSjY9bkpxDo

These are the 6 month vesting streams for PERP tokens to harvest

https://app.sablier.finance/stream/761
https://pay.sablier.finance/stream/762

🔗 Harvest is willing to invest our treasury to build mutually-beneficial relationships with projects. We have agreed to integrate Perpetual Protocol in the future, on a best-efforts basis to implement strategies using perp.fi to hedge and potentially taking advantage of Perpetual Protocol’s fee rebate program. The strategic importance of building these closer collaborations outweigh any monetary gain or loss.

We would like to thank Paul Berg of Sablier, for co-creating a wonderful tool for the Ethereum ecosystem, which Perpetual and Harvest are using for this investment stream.

🛡 Completed Audits

At Harvest, the security of our farmers is consistently top of mind. We plan on setting the gold standard for all projects by getting routine audits and contracting with audit firms on a consistent basis.

We have completed two full audits with a third one near completion.

👮‍♂️ Peckshield

💂‍♂️ Haechi Labs

🕵️‍♂️ Certik

  • Initial audit report received
  • Awaiting final audit report

Emission Overview

💹 Week 7 Farming Incentives:

1️⃣ In week 1, 57569.1 $FARM were issued (mint 1, 2, 3).

2️⃣ In week 2, 51676.2 $FARM were issued.

3️⃣ In week 3, 26400.2 $FARM were issued (mint, burns 1, 2, 3).

4️⃣ In week 4, 24997.5 $FARM were issued.

5️⃣ In week 5, 23555.0 $FARM were issued.

6️⃣ In week 6, 22507.83 $FARM were issued.

7️⃣ In week 7, 21507.22 $FARM will be issued.

📉 $FARM emission in week 7 is further reduced by 4.44% from last week’s emission of 22507.83. This is part of the emissions cut community vote where 99.12% of the votes approved this decreasing emissions plan. After ensuring sufficient emission to bootstrap critical liquidity and incentivize capital providers, additional emission provides diminishing returns to Harvest.

This week:

💵 15055.054 $FARM (70% of week 7) will be distributed to capital and liquidity providers as follows:

💱 2785.1850 $FARM (12.95% of week 7) to stablecoin deposits into Harvest yield farming:

  • 1144.1841 $FARM for USDC pool (5.32% of week 7 total)
  • 1204.4043 $FARM for USDT pool (5.6%)
  • 120.4404 $FARM for DAI pool (0.56%)
  • 316.1561 $FARM for TUSD pool (1.47%)

₿ 1505.5054 $FARM (7% of week 7) to BTC deposits into Harvest yield farming:

  • 692.5324 $FARM for wBTC pool (3.22%)
  • 421.5415 $FARM for renBTC pool (1.96%)
  • 391.4314 $FARM for Vault_CRV_renwBTC pool (1.82%)

🔷 150.5504 $FARM (0.7% of week 7) to ETH deposits into Harvest yield farming

🍣 75.2753 $FARM (0.35% of week 7) to Sushiswap WBTC/TBTC deposits into Harvest yield farming

🦄 4064.8646 $FARM (18.9% of week 7) to UNI deposits into Harvest yield farming

  • 1016.2161 $FARM for ETH-DAI pool (4.73%)
  • 1016.2161 $FARM for ETH-USDC pool (4.73%)
  • 1016.2161 $FARM for ETH-USDT pool (4.73%)
  • 1016.2161 $FARM for ETH-WBTC pool (4.73%)

🚜 4817.6173 $FARM (22.4% of week 7) to $FARM liquidity providers:

  • 4817.6173 $FARM for Uniswap USDC/FARM pool (22.4%)

🤑 1656.0559 $FARM (7.7% of week 7) to $FARM stakers in the profit share.

🎉 Creativity Contest Round 2

🏆 Our first creativity contest concluded with a high number of creative entries, and resulted in the propagation of farming memes, artwork and other creative pieces throughout the farmiverse.

👇 More info on our first contest here: https://www.publish0x.com/harvestfinance/harvestfinance-farm-arts-contest-winners-xxoxxed

🎁 We have been distributing FARM rewards to our creativity contest winners, and given the success of the first contest, we’re delighted to announce the second one.

🥳 Announcing the Harvest Finance Creativity Contest Round 2 — Join us in creating something awesome to share with the community. Farmers that show the most effort and creativity will be rewarded handsomely.

🧧 Over $18,500 in FARM prizes will be distributed to 60 winners. In round 3 we are including a contest within a contest…

🧑‍🎨 Entries of all kinds welcome, get creative ! Share your songs, NFTs, videos, memes, writing, artwork, poetry, merchandise, or even better, think of something we haven’t listed here

🎃 Since it’s the Harvest season we decided to add a theme for round 3 — do something Halloween/Fall/Harvest season related. Get yourself a pumpkin spice latte and get busy creating!

⌛ Contest ends 1pm UTC on Wednesday, October 28th — 2 weeks to come up with something awesome.

https://www.publish0x.com/harvestfinance/announcing-harvestfinance-creativity-contest-round-2-plus-bo-xnldqpx

🌻 Life on the upgraded FARM

🧑‍🌾 Once farmers have gone through the one-click process, the UI will return to its normal state and farmers can once again resume farming their favorite assets. There is no time window to complete the one-click migration HOWEVER, old deprecated assets will no longer receive FARM rewards. Only new migrated assets will be incentivized.

✌️ With so much going on in DeFi and crypto in general, we want to be the one-stop solution for farmers to live a peaceful and wealthy life. Our vault migration process is now validated with a best-in-class user experience that minimizes confusion and the need for multiple transactions, and brings us closer to our goal of making humble farmer’s lives easy and frictionless.

🤠 Our deal with Perpetual validates the Council of 69 to act as a strong incubator for future strategic integrations, partnerships and ultimately more bountiful yields and access for our cooperative. We look forward to working on more strategic opportunities over the next weeks through tapping into this beautiful hive mind of adventurous farmers.

👋 Until next week! Happy farming!

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Harvest Finance

Harvest Finance

Harvest automatically farms the highest yield available from the latest DeFi protocols.