Week 6 Update: Security Rules Everything Around Me
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The Humble Farmers’ Fort Knox
🔒 In order for our humble farmers to feel comfortable delegating their crops to the cooperative, we must ensure that their lands are safe from attackers, highwaymen, natural disasters, enemy tribes, rug merchants and other such adversaries.
📝 Over the last weeks, we have undergone 3 rigorous security audits, with no serious issues found. We are currently awaiting finalized reports from Peckshield and Haechi Labs which will be published later this week. We are also in the final stages with CertiK, and will likely be able to publish that next week.
🎉 After rigorous review, the 12 hour strategy timelock contracts have been deployed to our TUSD vault, which prevents any quick changes to the underlying pool of assets. Anti-Rug() has been installed and will be rolled out to more vaults.
🤝 This will allow us to move into the next phase of Harvest — one where we can work more freely and safely with exchanges, projects, and other collaborators beyond DeFi without fear of security issues.
🚢 As we continue integrating new strategies and yield opportunities for our farmers, our priority is to keep pursuing further security audits of any additional updates. This will help ensure that we mitigate risk and will allow us to iterate safely along the same pace as the DeFi ecosystem.
💡 The Harvest Council of 69’s First Deal is Live
🤑 After an overwhelming show of support in the #Council-of-69 Channel, the community has spoken and we have our very first deal to consider as a farming community. We are actively seeking early stage deals (pre-seed and seed) that will be beneficial for the cooperative.
🤔 In the immediate term, we consider deals that are situated up and down the stack from where Harvest is located as well as adjacent deals that make the lives of humble farmers easier. Ideas include projects that improve liquidity, increases AUM, introduce new ways to edge, or can be a new strategy Harvest uses.
🤠 Our community of farmers, chads, and 69ers are adventurous and seek new ways to do the 69. Additionally, our community is beneficial to many of these projects. Just like how we have been able to garner the support of over 9,300 farmers for Harvest, imagine the value and AUM we can bring to other projects. This is the power of the Council of 69 — we have the ability to be the Miracle-Gro to any project across the farmland.
🗳️ Harvest Governance Begins to Take Shape
🌱 As Harvest continues to grow to be one of the largest autonomous hedge funds in the world, we believe the future of coordination and human wealth capture will take place on the internet. We are an internet corporation and have taken steps to continue to involve all farmers in our governance and discourse. From protocol upgrades and UI improvements to Alpha discussions and votes, a healthy and vibrant discussion is valuable to the future success and sustainability of the Harvest.
👉 We will continually add more content and discussion points from the team and Mods. Please feel free to come visit and have your voice heard.
Emission Overview
💹 Week 6 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 will be issued.
📉 $FARM emission in week 6 is further reduced by 4.4% from last week’s emission of 23555. 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:
💵 15755.481 $FARM (70% of week 6) will be distributed to capital and liquidity providers as follows:
💱 3781.315 $FARM (16.8% of week 6) to stablecoin deposits into Harvest yield farming:
- 1591.303 $FARM for USDC pool (7.07% of week 6 total)
- 1544.037 $FARM for USDT pool (6.86%)
- 488.419 $FARM for DAI pool (2.17%)
- 157.555 $FARM for TUSD pool (0.7%)
₿ 2048.21 $FARM (9.1% of week 6) to BTC deposits into Harvest yield farming:
- 976.840 $FARM for wBTC pool (4.34%)
- 598.708 $FARM for renBTC pool (2.66%)
- 472.664 $FARM for Vault_CRV_renwBTC pool (2.1%)
🔷 630.219 $FARM (2.8% of week 6) to ETH deposits into Harvest yield farming
🦄 1154.195 $FARM (6.3% of week 6) to UNI deposits into Harvest yield farming
- 354.498 $FARM for ETH-DAI pool (1.58%)
- 354.498 $FARM for ETH-USDC pool (1.58%)
- 354.498 $FARM for ETH-USDT pool (1.58%)
- 354.498 $FARM for ETH-WBTC pool (1.58%)
🚜 7089.966 $FARM (31.5% of week 6) to $FARM liquidity providers:
- 7089.966 $FARM for Uniswap USDC/FARM pool (31.5%)
🤑 787.774 $FARM (3.5% of week 6) to $FARM stakers in the profit share.
🖥️ UI Updates
🚅 Major loading speed + CPU optimizations under the hood
🏦 Farm page now has a separate withdraw, and deposit mode to streamline use
🔀 Use the toggle at the bottom of the vaults to switch between the two
💹 Market cap added to Farm page stats
🔑 TUSD Vault Added WITH phased Timelock Strategy
🎉 Creativity Contest
📨 Over the last weeks, we’ve seen an incredible number of great entries submitted to our Creativity Contest by our extremely creative community.
⏳ The Creativity Contest ends tomorrow — Wednesday, October 7th at 1pm UTC, so get your entries in if you haven’t already.
🏆 Over $13,000 in FARM prizes are still up for grabs!
👇 Find out more in our blog post: https://medium.com/@harvestfinance/launching-the-harvest-finance-creativity-contest-d04d9f0a9a38
A New Paradigm of Safety
🥖 Marcus Aurelius had to ensure Rome was safe so that barbarians would not be able to get in the way of delivering bread to the people.
🔒 As we approach the completion of 3 full audits and add the final touches to our farmer fortress, more humble farmers can feel comfortable strolling around their lands while Harvest does the hard work for them. Adventurous farmers will also be able to look for deals for the Council of 69 much more freely without worrying about what is happening on their farm.
🏯 There will be no highwaymen, bandits, tribes or anyone that will be able to climb these walls, and behind these walls we shall reap bountiful yields with no fear of theft from our silos.
🗒️ With the release of our public audit reports over the next 2 weeks, farmers will be able to sleep at night while crops are being rotated and new opportunities are being realized.
🙌 Upwards and Onwards!
