Week 5: The Power of 69
Harvest has become one of the largest on-chain autonomous hedge funds
Dear Humble Farmers,
Us farmers are a humble, reciprocal, and relaxed bunch. What’s better than a good 69 and a little 420 after a long day of hard work?
In the first 4 weeks, we grew from a seedling into endless acres of crops spanning across valleys and mountains. This was made possible by the love, time and effort that all our farmers contributed in terms of resources, community growth, and educating their fellow farmers.
Harvest now has $157M in assets under management, bringing it above the median hedge fund size in the regular world. Instead of concentrating access and ownership to a small elite group of privileged, wealthy individuals, anyone can take part in Harvest.
Our Week 5 highlight include the 🏰 Council of 69 Investment Syndicate, tons of 💆♂️ User-requested UI updates, 💰 Time-lock upgradability contracts, 💡 Profit sharing autostaking and the 🌟 Creativity contest.
This week, we are cutting 86.1% of the total 4 year supply by incorporating a new emission schedule which was voted in by the cooperative over the last week. The community put forth a vote to reduce the original 4 year supply of 5,000,000 FARM to either 1M, or 690,420.
21.74% of all FARM voted for the proposal, with 99.12% of votes backing the 690,420 plan and 0.88% of votes backing the 1M plan. The 690,420 emission proposal has passed, bringing in an era of weekly decreasing emissions.
The new total supply of FARM will be set at a total of 690,420 FARM, with decreasing emissions weekly over a period of 4 years.
In combination with the current 30% profit sharing incentives, the reduced total supply and emissions will make the joys of farmland ownership more rewarding.
Updates:
🏰 Harvest Council of 69 Investment Syndicate
💡 Autostaking, auto-compounding for the profit sharing pool (your personal stake keeps compounding whenever anyone stakes or unstakes)
💰 Time-lock upgradability contracts published
🦄 Tons of listings
🌟 Creativity contest
💆♂️ User-requested UI updates
💰 Updated emissions
🏰 The Power of the Harvest Council of 69 🏰
🤑 As farmers continue to till the land for additional yield-bearing opportunities, Harvest is excited to announce the launch of the Council of 69 ♋. As Harvest continues to provide yield opportunities to farmers, farmers and 69ers believe in reciprocating gains by providing bread for the people at every stage of a project’s life. Our community has some unusually smart and savvy farmers who can find the best strategic deals for Harvest.
💰 To that end, we would like to tap into you, the humble 69er who sources early-stage investments that Harvest will invest in. We are seeking chads, humble farmers, and all who want to unleash the power of 69 and reciprocate gains for all the Harvest farmers out there.
How it works:
6️⃣ Talented chads suggest strategic deals in the #Council-of-69 channel
9️⃣ Chads create a snapshot proposal to gather 1000 FARM votes to move deal forward
6️⃣ The Harvest Council of 69 performs due diligence and makes a decision
9️⃣ Chad helps to close the deal with the selected project
6️⃣ Harvest treasury funds the investment
9️⃣ On a liquidity event, 10% of the gains are rewarded to the chad who brought in and closed the deal
6️⃣ 90% of gains are distributed to humble farmers in the profit sharing pool
🤗 We believe in equitable and accessible opportunities of all sorts. If you have additional ideas or investment strategies that can bring wealth and peace and harmony to Harvest, please suggest!
Listings
🔟 Top 10 on Dapp.com!
🥇 #1 on OKlink.com!
7️⃣ CoinMarketCap Farm Listing at #7 overall!
- 1inch tokenlist (also available on Uniswap), trading, and limit orders
- Paraswap dex
- Coingecko tokenlist
- Defiprime DeFi list
- Lbank exchange
- Probit exchange
🛡 Audits:
We currently have three audits in progress with one finishing up this week⏳. Status and timelines are as follows:
👮♂️Peckshield
- Initial sanity check performed with no major issues found
- Full audit complete, final report received with no major issues found.
- https://twitter.com/peckshield/status/1303012731197382656?s=20
💂♂️Haechi Labs
- Initial security review performed with no serious issues found
- Full audit underway. Awaiting initial audit report. ETA for final audit report: early October.
- https://medium.com/haechi-audit/harvest-finance-security-review-64782c98d2ae
🕵️♂️Certik
- Full audit underway. Awaiting initial audit report. ETA for final audit report: early to mid October.
Emission Overview
💹 Week 5 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.
📉 $FARM emission in week 5 is further reduced by 5.6% from last week’s emission of 24977.5. 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:
💵 16488.5 $FARM (70% of week 5) will be distributed to capital and liquidity providers as follows:
💱 3792.355 $FARM (16.1% of week 5) to stablecoin deposits into Harvest yield farming:
- 1533.4305 $FARM for USDC pool (6.51% of week 5 total)
- 1615.873 $FARM for USDT pool (6.86%)
- 643.0515 $FARM for DAI pool (2.73%)
₿ 2638.16 $FARM (11.2% of week 5) to BTC deposits into Harvest yield farming:
- 1121.218 $FARM for wBTC pool (4.76%)
- 807.93655 $FARM for renBTC pool (3.43%)
- 709.0055 $FARM for Vault_CRV_renwBTC pool (3.01%)
🔷 659.54 $FARM (2.8% of week 5) to ETH deposits into Harvest yield farming
🦄 1154.195 $FARM (4.9% of week 4) to UNI deposits into Harvest yield farming
- 288.54875 $FARM for ETH-DAI pool (1.22%)
- 288.54875 $FARM for ETH-USDC pool (1.22%)
- 288.54875 $FARM for ETH-USDT pool (1.22%)
- 288.54875 $FARM for ETH-WBTC pool (1.22%)
🚜 7419.825 $FARM (31.5% of week 5) to $FARM liquidity providers:
- 7419.825 $FARM for Uniswap USDC/FARM pool (31.5%)
🤑 824.425 $FARM (3.5% of week 5) to $FARM stakers in the profit share.
UI User Requested Requested Updates
🥩 Earn page is now the Stake page to avoid possible confusion
🚫 Inactive pool page (Tractor Emoji) removed (you can still access them via the link in the FAQ)
🤖 Auto-staking profit sharing pool enabled— Automatically migrate using the migrate button on the old pool
💆♂️ Major performance improvements in pool data loading
💰 Autostaking migration now includes earned FARM
🌟 Displaying the pool contract address as well for the autostaking pool
🥛 Bullish FARM pool moved to bottom of Stake page
📙 FAQ update
🎉 Creativity Contest
📢 Announcing the Harvest Finance Creativity Contest — A competition where one and all can show their love for Harvest Finance and the community!
🏆 Over $13,000 in FARM prizes will be distributed to 50 winners.
📨 Entries of all kinds welcome — including videos, memes, writing, artwork, poetry, music and merch. 🎵 📹 🖼️ 👕 📓
⏳ The contest runs through 1pm UTC on Wednesday, October 7th
👇 Find out more in our blog post: https://medium.com/@harvestfinance/launching-the-harvest-finance-creativity-contest-d04d9f0a9a38
Some members of the community are very funny and witty.
This video caption by @Jack93689918 is outstanding:
https://www.captiongenerator.com/1977902/When-the-competitor-finds-out-about-Harvest
This video caption by @TheTumor1 is quite witty:
https://www.captiongenerator.com/1982172/investing-in-random-food-tokens
Strategy Timelock Pushed to Github
We published a VaultProxy.sol smart contract in the Harvest GitHub repository. Prior to deploying it, we want to give security experts the time to perform their reviews. The motivation for the proxy design of vaults is the need for performing vault upgrades, without requiring our farmers to spend their precious gas and re-deposit their funds. The proxy design will allow us to do that. The upgrades will allow us to release features that were requested by the community such as time locks on strategy switching and eliminating socialized slippage. It will also provide the flexibility we need for the future, so that our bread is delivered fresh and warm, in a timely manner directly to your hands.
The contracts in our repository concerned with this change are VaultProxy.sol, Vault.sol, VaultStorage.sol, and ControllableInit.sol with GovernableInit.sol. Pending a general agreement on community feedback, we will begin the migration in the upcoming week. There is no automagic way to do the migration without the user needing to click a button, so we are testing the migration process this week with our autostaking profit sharing pools to make the process as seamless as possible
Reciprocal Relaxation
As the Harvest cooperative moves into a 690,420 future, we are constantly thinking of new ways to provide value to our humble farmers.
Two key principles that guide our thoughts around this are reciprocation (69) and relaxation (420) — we will continue providing returns for all humble farmers who in turn will use their bountiful yields and newfound knowledge to contribute back to the protocol and make future yields even more bountiful. Through discovery processes like the Council of 69, we will enable stronger reward opportunities for those who contribute to the protocol.
We look forward to enabling an even more collaborative future with our new emissions, Council of 69 and creativity contest.
Farmers can now relax more and sit back while the protocol does the hard work for them while enjoying their quality of life.
The future is 690,420, and it belongs to all of us.
🏰 🐷 🌾 👨🌾 👩🌾 🌺 🌴 🎑 🏰
