Jan 6, 2021
Week 19 — Running with the 🐂 Bulls
🎉 Welcome to 2021 Humble Farmers!
🤗 As we start the new year, we are welcomed by strong tailwinds and what appears to be the start of a glorious DeFi spring. The farming cooperative is now back after a joy filled festive period, with energetic spirit and optimism for the year ahead.
💰 Cryptocurrencies have once again taken the world by storm and are capturing the imagination of the public. As we go into what is really beginning to look like the 🐂 Year of the Bull, we are reminded of who we are all building for.
🙋 Every day, we see new true believers enter the DeFi space, looking to participate in and learn about this new digital economy. These are the people who greatly benefit from Harvest and all the tools we are building.
🚜 We are helping new entrants get access to the best yielding strategies while reducing the barriers to entry to DeFi in terms of both knowledge and gas costs. Our mission grows ever more important as DeFi becomes larger and more complex.
⛽ Navigating the Gas Crisis with doHardWork
📈 Ethereum gas fees are skyrocketing and the individual farmers’ profits are taking a big hit anytime they access the network to collect their rewards. Without collecting rewards, not only do farmers not realize their profits, they are also missing out on true APY by not selling and compounding the underlying balance.
📉⛽ But with the power and automation of ‘doHardWork’, users in the Harvest Finance collective have saved over $14.69M in gas fees through the pooling of assets and transactions, which reduces and communalizes costs across all users. Saving time and money, while earning the best APYs for farmers is our core philosophy, and we welcome everyone seeking refuge in these high gas cost times at Harvest Finance. Click here to visit the Harvest Live Dashboard for up to date information on gas savings and various Harvest statistics.
👁️ APY.Vision Week 3
🏆 APY.Vision has announced the round 3 winners of their Special Limited Edition “HarvestXAPY.Vision Chad Pro” collectibles giveaway, that entitles the NFT holder PRO access on https://apy.vision for 3 months (valued at 1 ETH). Only 80 of these Limited Edition NFTs exist. Stake your FARM/ETH LP tokens in the farming pool to be eligible!
❓What is APY.Vision?
APY.vision is a platform that helps liquidity providers (LPs) track their liquidity pool holdings so they can maximize their gains (and minimize their losses) when providing liquidity. They provide research tools so that farmers can easily match their risk tolerance to the right pools in an easy to use, clean user interface.
💹 Exchange Expansion
💱 It’s a new year so how about a new exchange?
🌏 This week, we are excited to announce FARM being added to BiKi exchange! BiKi exchange is based in Singapore and serves over 100 countries with over 3 million registered users. Du Jun, the former co-founder of Huobi and the founder of Golden Finance, has jointly participated in the establishment of BiKi, and personally invested 5 million US dollars and served as the co-CEO of BiKi.com. We are very excited for this listing and the increased opportunity for all users to own FARM.
🎨 Creativity Contest Winners — Round 4
Down on the farmlands we’ve been celebrating Christmas and the New Year, and looking forward to what 2021 will bring for crypto, DeFi and especially our community of humble farmers. But despite the holidays being upon us, so many of you from all over the world rolled up their sleeves and got to work creating some more fantastic stuff for the fourth round of the Creativity Contest.
We’ve been inundated with all sorts of things — music, art, handicrafts, carving, games, metal work and even a real life Chad Santa handing out tractors to good boys and girls. And because it was Christmas, there were more prizes than ever, so lets start handing them out! For a full list of winners, click here!
Below are the top three entries:
🏆 First Place — $1500 in FARM:
Bryan Divisions — Harvest’s resident rapper back on the mic, this time dropping some jingly messages of seasonal cheer and goodwill to all farmers
🥈Second Place — $1200 in FARM:
Andy ZhNing — masterful carving skills reveal a contented looking Chad sitting down to a feast of bread, basking in the warming glow of a Christmas crypto bull-market and high APYs from his yield farming. Check out the video to see how it was done!
🥉 Third Place — $800 in FARM:
Paul Mihalache — sticking firmly to Harvest Finance’s belief that bread should be given to the people, Paul donned his Santa suit, and went around his local town handing out sweets and tractors, putting a smile on many children’s faces. Moreover, he wrote an inspiring piece documenting his Santa act and digging into the psychology of giving — well worth a read, and hopefully convinces a few others to follow his charitable act.
🏧 Emission Overview
💹 Week 19 Farming Incentives:
In Week 19, 12,461.1 $FARM will be issued.
📉 $FARM emission in week 19 is further reduced by 4.44% from last week’s emission of 13,041.89. 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:
8742.16 $FARM (70.15% of week 19) will be distributed to capital and liquidity providers as follows:
🎉 347.19 $FARM (2.79% of week 19) to stablecoin deposits into Harvest yield farming:
- 200.97 $FARM for USDC pool (1.61% of week 18 total)
- 62.62 $FARM for USDT pool (0.50%)
- 81.26 $FARM for DAI pool (0.65%)
- 2.34 $FARM for TUSD pool (0.02%)
🚀 1735.97 $FARM (13.93% of week 19) to Curve deposits into Harvest yield farming:
- 377.57 $FARM for YCRV pool (3.03%)
- 303.79 $FARM for 3CRV pool (2.44%)
- 347.19 $FARM for CRV-USDN pool (2.79%)
- 347.19 $FARM for CRV-BUSD pool (2.79%)
- 347.19 $FARM for CRV-COMPOUND pool (2.79%)
- 13.02 $FARM for CRV-HUSD pool (0.10%)
₿ 711.75 $FARM (5.71% of week 19) to BTC deposits into Harvest yield farming:
- 17.36 $FARM for renBTC pool (0.14%)
- 43.40 $FARM for wBTC pool (.35%)
- 347.19 $FARM for Vault_CRV_renwBTC pool (2.79%)
- 130.20 $FARM for CRV:TBTC pool (1.05%)
- 173.60 $FARM for CRV:HBTC pool (1.39%)
🤑 151.90 $FARM (1.22% of week 19) to WETH deposits into Harvest yield farming
🍣 1388.78 $FARM (11.14% of week 19 to SUSHI) deposits into Harvest yield farming
- 347.19 $FARM for ETH-DAI pool (2.79%)
- 347.19 $FARM for ETH-WBTC pool (2.79%)
- 347.19 $FARM for ETH-USDT pool (2.79%)
- 347.19 $FARM for ETH-USDC pool (2.79%)
📈 65.10 $FARM (0.52% of week 19) to ETH-DPI UNI stakers into Harvest yield farming
👨🌾 2343.56 $FARM (18.81% of week 19) to $FARM stakers in the profit share.
🚜 130.20 (1.05% of week 19) $FARM to $FARM liquidity providers in the Uniswap USDC/FARM pool
🚜 260.40 (2.09% of week 19) $FARM to $FARM liquidity providers in the Uniswap WETH/FARM pool
🚜 18.69 (0.15% of week 19) $FARM to $FARM liquidity providers in the Uniswap GRAIN/FARM pool
🏦 1545.01 (12.40% of week 19) $FARM is set aside as a strategic reserve for future usage. It can be used for further incentivization opportunities e.g. market-making GRAIN, for incentivizing LPs, for combining into FARM/X LP positions later, or burning.
The strategic reserve address is: 0x19762b3b0Fe9b4d4Bd16eFA242CD1f3bCD5fa57C
🏦 43.62 (0.35% of week 19) $FARM is set aside for GRAIN buybacks. As part of the community vote, 0.5% of total emissions will be used to support GRAIN and GRAIN initiatives. The GRAIN silo address is: 0x6D0d02Ab03b4409628D147Af1a3de70F49da570e
Helping Humble Farmers Run with the 🐂 Bulls
Our prediction for 2021 is that humble farmers will have more options to earn bountiful yields than ever. There are going to be dozens of great launches, new governance tokens and primitives as builders worldwide continue redefining finance.
More options are always great, but they bring the stress of having to choose and pick the best strategies. As on-chain activity expands further and the price of ETH increases, gas costs also tend to climb far higher.
Our original mission of enabling farmers easy and cost optimized access to the best yields is growing ever more important. Our goal for this year is to help both new and old farmers continue to get access to the highest yielding farming techniques, without the hassle of wading through the stratospheric gas costs and complexities of DeFi.
