Week 13 — A Season of Many Thanks to our Amazing Community
👋 Greetings, fellow humble FARMers!
🙏 For many farmers and Chads in North America, this week marks a time to give thanks and reflect on the wonderful community we have. From the Developer Creativity Contest winners to the Writing Contest winners, it’s the wit and passion our community contributes that make Harvest succeed and most importantly, fun!
🏦 New Vault Design
We recently performed a re-design of the vault and would like to call all security researchers and enthusiasts in the community to review the code and provide their comments. The main intention of the update is to prevent attacks that use the flashloan mechanism.
In the new design, the vault records its own virtual price per share whenever doHardWork() is called by the Harvest team. As the calls to doHardWork() are performed in a trusted manner under regular market conditions, the recorded virtual price represents the true value of the vault’s shares at the moment. The other share price that the vault has is the real-time price that is dynamically calculated at the moment when it is queried by taking the sum of the underlying assets in the strategy (which are invested) and the assets in the vault (forming the withdrawal buffer) over the total number of vault’s shares.
The migration of the vaults will not happen until community feedback for the new vault design is received. The contracts involved in the redesign are Vault.sol with a reference strategy for renBTC/WBTC. You can read more about our updated design and provide feedback through this repository, or via our community discord.
🌑 Moonswap Moonbase
🌕 🚀 “When Moon?” Now! That’s right MoonSwap now supports cFARM-cETH deposits on their exchange with 2x liquidity provider incentives. What is MoonSwap? MoonSwap is an exchange that runs on the Conflux Network. It uses Conflux as the Ethereum Layer 2 by providing users with high-speeds and 0 GAS fee AMM transaction experience. Moonswap recently hosted an Ask Me Anything (AMA) session so all of their users could learn about Harvest Finance, we reciprocated this week by hosting ‘Harvie’, a MoonSwap community manager, in our Discord server to learn everything about our new Moon-based farmlands.
🥖#BreadforthePeople in practice
🙏 Every day we see helpful hands in the community, whether it’s answering questions in Discord chat or a new tool developed by some crafty horticulturist, but the recent display of humility and outreach by one of our fellow farmers and community members really demonstrates the power of what humble farmers can accomplish. While Typhoon Vamco recently swept through the Philippines causing widespread destruction, community member ‘Encrypto’ took #BreadforthePeople into their hearts and gave back to those in their community who were impacted by the storm. We cannot express enough how thankful and appreciative we are of this kind of humanitarian work.
🚨 Updated UI — Collapsible Layout
🖥️ As Harvest continues to be the easiest and best place to automatically earn the highest yields in DeFi, our farms will continue to grow. As we list more strategies and additional farms, we’ve introduced a new collapsible layout.
🧑🌾 This new collapsible layout not only helps to categorize the different types of strategies Harvest offers, but will also allow farmers an easier way to navigate the different crops available to farm. As we continue to add new strategies in the future, this layout will only become a more integral part of how we bring delight all across the farmlands.
🥒 Pickle Fund Rescue
On 21 November, Pickle Finance was exploited for over $20 million.
🔐 As a precaution, we pulled all funds in NoFoldCompound strategies to the vaults without losses.
👇 The following transactions were made to pull strategy funds back to our vault:
- https://etherscan.io/tx/0xcf3fc033688e15030be39f7555c15571b27d54e362605a0c10c5a153418d44b8
- https://etherscan.io/tx/0x9d3fb6abdb7727cd7c8d017d77410fa3bcc85ef5d8d7f37e52adbcd2084a51c9
- https://etherscan.io/tx/0xffbbd75d9148ee8f2fc7093d46f605896d7382eba327e046d5167a9150e59174
👷♀️ Community Construction — Developer Contest
🛠️ The craftsmanship of our community continues. Some highly motivated agriculturalists have delivered several amazing tools for all farmers to utilize and properly monitor their valuable harvests. All of these amazing tools (and many more!) were built with love and not just in self interest, but the collective success of everyone who joins Harvest Finance. Without further ado, we are proud to announce the winners of our first Developers contest with the top three listed here:
🥇 1st Place — FarmDashboard is built by user ‘belbix’ and provides information on every active strategy, large trades, TVL and $FARM pricing.
🥈 Second Place — Harvest Charts built by community member ‘LB’ is an excellent resource for visualizing the historical growth of fAssets, and a great tool for helping you gauge the most fertile farms over time.
🥉 Third Place — Cultivator.Finance is a calculator tool with a very intuitive and slick interface where you can choose your investment amount, strategy and time deposited, to easily see what your projected returns will be.
✍️ Writing Contest
Publish0x recently ran a community contest to find the best writers from across the farmiverse.
🏆 The list of winners is as follows:
🥇 1st Place: SamBTC’s moving and entertaining tale about Chad the First, a humble and brave extraordinaire who redistributes power to the farmers by taking down the whale nobility using FARM
🥈 2nd Place: SciFiZephyr’s eloquent fictional tale about a striking lass called Emma indirectly elaborates on the workings of the Harvest Finance cooperatives using various metaphors. Emma illustrates how farmers can now even more affordably own more land and a larger portion of the cooperative.
🥉 3rd Place: SkinnerCrypto uses his/her no-nonsense, pep talk style to explains the merits of the Harvest Finance platform.
🏧 Week 13 Emissions Overview
💹 Week 13 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 were issued.
8️⃣ In week 8, 20,551.42 $FARM were issued.
9️⃣ Week 9, 19637.46 $FARM were issued.
🔟In Week 10, 18764.46 $FARM were issued.
In Week 11, 17,930.26 $FARM were issued.
In Week 12, 17,133.15 $FARM were issued.
In Week 13, 16,371.47 $FARM will be issued.
📉 $FARM emission in week 13 is further reduced by 4.44% from last week’s emission of 16,371.47. 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:
11,460.03 $FARM (70% of week 13) will be distributed to capital and liquidity providers as follows:
🎉 229.20 $FARM (1.4% of week 13) to stablecoin deposits into Harvest yield farming:
- 115.49 $FARM for USDC pool (.71% of week 13 total)
- 78.18 $FARM for USDT pool (.48%)
- 12.44 $FARM for DAI pool (.08%)
- 23.10 $FARM for TUSD pool (.14%)
₿ 1088.70 $FARM (6.65% of week 13) to BTC deposits into Harvest yield farming:
- 64.18 $FARM for renBTC pool (.39%)
- 53.86 $FARM for wBTC pool (.33%)
- 741.46 $FARM for Vault_CRV_renwBTC pool (4.53%)
- 229.20 $FARM for CRV:TBTC pool (1.4%)
🚀 2062.81 $FARM (12.60% of week 13) to Curve deposits into Harvest yield farming:
- 573.00 $FARM for YCRV pool (3.5%)
- 515.70 $FARM for 3CRV pool (3.15%)
- 343.80 $FARM for CRV-USDN pool (2.1%)
- 315.15 $FARM for CRV-BUSD pool (1.93%)
- 315.15 $FARM for CRV-COMPOUND pool (1.93%)
🤑 114.60 $FARM (.7% of week 13) to WETH deposits into Harvest yield farming
🍣 1575.75 $FARM (9.63% of week 13) to SUSHI deposits into Harvest yield farming
- 343.80 $FARM for ETH-DAI pool (2.10%)
- 515.70 $FARM for ETH-WBTC pool (3.15%)
- 429.75 $FARM for ETH-USDT pool (2.63%)
- 286.50 $FARM for ETH-USDC pool (1.75%)
- 0 $FARM for WBTC-TBTC pool (0%)
👨🌾 1719.00 $FARM (10.5% of week 13) to $FARM stakers in the profit share.
🚜 4011.01 (24.5% of week 13) $FARM to $FARM liquidity providers in the Uniswap USDC/FARM pool
🏦 658.95 (4.03% of week 13) $FARM is set aside for the GRAIN Silo. As we prepare for the GRAIN launch, we have allocated a part of this week’s emissions to the silo. These reserves can be used to systematically bootstrap GRAIN and ensure that its future will be beneficial for GRAIN holders.
🎄 Preparing ahead for the festive season
☮️ In November, we restored stability, peace and harmony to the farmlands. As we continue to rebuild and thrive, we are actively working on new collaborations, community initiatives and grants.
🙏 Today, we would like to thank the entire Harvest community and the wider Ethereum community for believing in and supporting the project. We would also like to congratulate everyone in the Ethereum community for the successful launch of ETH 2.0.
🎅 In the spirit of the festive season, we will continue to build upon our strong foundation and give back to the community through various initiatives that we will speak about in the next weeks.
🌱 A beautiful spring will come soon out of this harsh winter.
👋 Until next week!
