Harvest Rewards Week 2 Launch #TheGreenRevolution 🎉
Harvest automatically farms the highest yields in DeFi
First of all, we would like to thank our community and contributors for participating in an extremely successful launch which saw over $50 million in assets deposited onto the Harvest Platform. 📈
The Harvest Finance network and community are still in its infancy 🐣. The Green Revolution took more than a decade to put into motion, but it ensured an exponential increase in yields per acre farmed. That resulted in 🥖 for more than a billion people.
💡 Our priority in this phase is to work closely with the community and our contributors 👨🌾 so that we can reap plentiful harvests from the seeds we sow and set the stage for long-term network growth.
Over the last week, we made a lot of progress both on the technical and community fronts.
💻 All systems are stable and running smoothly for the duration of the week
🤖 We sent our code base to multiple audit firms (Peckshield and Certik) for thorough security audits. Peckshield have performed an initial sanity check and found no serious business logic issues
👨🌾 We had over 6,800 people join our Discord and collaborated with several communities through our $FARM reward pools
👷♂️ We have a thriving community of builders and contributors who have created useful ecosystem tools such as wikis and calculators, as well as a team of rockstar moderators who have helped onboard new community members
📊 Through community feedback and voting, we have made a few changes to $FARM distribution and created an upgraded incentivization model with the goal of bringing more long term value to $FARM holders.
Many changes are afoot in collective horticulture — read on for details!
Farmer’s Market Community Polls 🏛
We hosted another community poll to help determine the list of assets to be included in the 🥖 pools.
This week’s 🥖DeFi Community Stakedrop Asset mix:
🌶️ PYLON 🆕
🥨 LINK
🥑 BASED-SUSD LP
🍙 SUSHI
🌽 YFV
🌾 SWRV 🆕
🍝 PASTA-ETH Uniswap LP
🍇 AMPL-ETH Uniswap LP 🆕
🍓 CRV 🆕
Instead of depositing these assets on their own, participants will deposit them to provide liquidity on Balancer in a 90/10 proportion with FARM.
Delivering long term value to 🚜 FARM holders
🤑 Protocol profit sharing updated from 5% to 30%. This will further incentivize $FARM holders through using 30% of protocol profits to purchase $FARM and distribute those $FARM amongst depositors who have obtained a stake in the profit sharing pool.
‼️ 2x Uniswap incentives, increasing incentivizes to reward risk takers and LPs
🥖 Moving bread pools from 100% community asset to community/$FARM 90/10 balancer pools
💹 Incentivizing fASSET:ASSET liquidity to make deposits and withdrawals cheaper. This will enable smaller depositors to directly obtain fASSETs (fUSDC, fUSDT, fDAI) without paying high gas fees on the ‘Farm’ page. Smaller depositors will be able to stake their directly obtained fASSETs into the ‘Earn’ page and start earning $FARM right away.
Farmer Rewards Weighting 📊
In week 1, the first 57569.1 $FARM were issued.
In week 2, the next 51676.2 $FARM will be issued.
36173.34 $FARM (70% of week 2) will be distributed to capital and liquidity providers as follows:
6149.4678 $FARM (11.9% of week 2) to stablecoin deposits into Harvest yield farming:
- 2049.8226 $FARM for USDC pool (11.9%)
- 2049.8226 $FARM for USDT pool (11.9%)
- 2049.8226 $FARM for DAI pool (11.9%)
3617.334 $FARM (7% of week 2) to BTC deposits into Harvest yield farming:
- 1205.778 $FARM for wBTC pool (2.3%)
- 1205.778 $FARM for renBTC pool (2.3%)
- 1205.778 $FARM for Vault_CRV_renwBTC pool (2.3%)
1085.2002 $FARM (2.1% of week 2) to $fASSET liquidity providers:
- 361.7334 $FARM for fUSDC:USDC Uniswap pool (0.7%)
- 361.7334 $FARM for fUSDT:USDT Uniswap pool (0.7%)
- 361.7334 $FARM for fDAI:DAI Uniswap pool (0.7%)
21704.004 $FARM (42% of week 2) to $FARM liquidity providers:
- 18086.67 $FARM for Uniswap USDC/FARM pool (35%)
- 3617.334 $FARM for Balancer 80% USDC 20% FARM (7%)
3617.334 $FARM (7% of week 2) to the DeFi Community Stakedrop
- 401.926 $FARM for each of 9 Balancer pools (0.77% each)
New Community Wiki and Resources
- English Wiki:
- Chinese Wiki
https://farm.chainwiki.dev/zh/%E7%AD%96%E7%95%A5
- Big thanks to Silage Pete, Brandon and others for setting it up and for the Chinese mods, in particular BIBI CAT, that helped with translations
- A community built dashboard with TVL and other info is starting to come together here: https://farmingreturn.com/#/.
Big thanks to toto for making rapid contributions.
An ecosystem overview and resource list has been put together thanks to @sumgame. Take a look here: https://harvesters.farm
Contributors receive variable FARM builder rewards based on the usefulness and quality of contributions.
Contract Audits🛡
Current status of Smart Contract audits:
- Peckshield have performed an initial sanity check and have found no serious business logic issues. A thorough audit is underway.
- An audit from Certik has also been commissioned. Certik is expected to begin work around September 15–16.
- We are currently awaiting confirmation from a third audit firm.
Reference:
https://farm.chainwiki.dev/en/security
UI User Requested Features Pushed 👩💻
💰 APRs displaying for all pools
💱 Dollar sign removed from inputs to avoid possible currency confusion
🍓 Token labels added to farm page token icons
🧧 Profit sharing pool rewards display
🍓 SELECT button label replaced with the pool APY
🥑 Updated the MAX buttons
🥭 Front page stablecoin yields (200–500% APY)
🦄 Uniswap.info USDC/FARM link
🖥️ Swerve UI updates
🔒 DAI slippage protection UI updates
📊 New logos, updated wiki in header, fixed social links
CRV switched to Swerve Strategy
Late on Friday night, a Curve fork called Swerve launched without warning. While most farmers were sleeping, Harvest evaluated the Swerve contracts for safety, assessed the profitability of farming it, and deployed a new yield farming strategy to put Harvest funds to work on the best APY available. Swerve farming is one of many new strategies to come, bringing higher yields and support for more assets to Harvest and driving value back to capital providers and $FARM holders.
https://farm.chainwiki.dev/en/strategy
Bad Weather Insurance Deployed to Protect fDAI Sharecroppers 👩🌾
🔒 We’ve used the insurance capacity of the operations treasury to bring fDAI NAV back to parity. We’ve validated that the insurance capacity of the operations treasury can protect users in this manner.
👉 Due to how Swerve handles parameters around DAI, this has resulted in the more slippage and a slight loss against users’ initial deposits in the beginning of a strategy switch. Further deposits on DAI are disabled in the UI for now to protect users from large slippage on swerve. Existing deposits that are in there are earning a high interest rate, just don’t move it around too much.
✍️ To prevent this from happening again in the future, we will re-assess the parameters in external protocols and make sure they don’t result in excess slippage on entry and exit.
🌾 Thank you for your patience as we ensure that our crops stay healthy and we take necessary measures to help all humble farmers stay protected from bad weather!
#TheGreenRevolution 🚜
Source: https://weburbanist.com/2016/05/22/off-grid-self-sufficient-regen-villages-with-vertical-farms/
In less than one hour ⏱, we will together embark on the journey to launch the Harvest Farming Cooperative Week 2. This is just the beginning, where seeds are sown. Come join us in building the future of farming for farmers of all levels.
Over the next few weeks, we will continue to add support for new strategies and assets in order to make your hard work a lot easier. Honest work is hard, but it doesn’t have to be as hard anymore. Welcome to the FARM.
We look forward to collaborating with all of you to build an amazing cooperative of humble farmers and follow in the footsteps of Marcus Aurelius and Norman Borlaug to provide #BreadForThePeople and usher in 🚜 #TheGreenRevolution 🚜
Join 6800+ humble farmers via our Discord or follow us on Twitter for further updates.
