Week 14 Updates — Building Today, Funding the Builders of Tomorrow
Greetings Humble Farmers!
💹 As we celebrate all time highs in the cryptosphere, it is only a matter of time before DeFi reaches escape velocity. We’re seeing an explosion of new types of crops that make for plentiful yields and tasty meals.
🔨 To make the most out of the upcoming period of explosive growth, our cooperative is constantly ideating and building. We’re not only investing in the present, but also supporting the ideas of the future. A growing ecosystem would be mutually beneficial for DeFi users as well as the humble farmers of Harvest Finance who are always looking for new crops and yields.
🚀 In that regard, we are excited to be the first aggregator to provide access to Idle Finance’s Best Yield strategies through several new vaults. We’re also extremely honored to partner with Gitcoin to kick off a $500k grant matching pool which will help enable the builders of tomorrow.
👇 We also have various other community initiatives and updates for you. Read on to stay informed on what’s happening at Harvest Finance this week!
🚨 New Stablecoin Strategies
💵 In another first for Harvest, our platform now allows for auto harvesting on our stablecoin strategies! For USDC, USDT, TUSD, and DAI deposits, farmers will earn three separate assets (IDLE, COMP, and FARM). Harvest is the only platform that allows farmers to easily earn multiple assets while also automatically autoharvesting them. Being a farmer that enjoys 69 and 420 never felt better.
⚙️ We want to lower the amount of gas and reduce the number of steps it takes to earn yields on assets of all kinds. This is just another example of how you can earn 3 different assets at once with just one asset.
🧠 We’d love to hear more strategies from the Harvest Brain. In addition to proposing the strategies in #farming-strategies, we are actively also rewarding farmers who can code these strategies and also review them. For more information about how you can be rewarded and take part in our strategy development check out our Github post.
🌊 WETH/FARM Liquidity Self-Provisioning is Live!
🔷 Our innovative WETH synthetic liquidity strategy is live! It allows the operations treasury to combine WETH from the pool, along with its FARM holdings to add liquidity on Uniswap, and eats all the synthetic profit and loss from IL on the whole WETH/FARM position.
♾️ This innovative synthetic liquidity allows the operations treasury to provide longterm liquidity in Uniswap for the benefit of users. Incentivizing liquidity is a major cost for the protocol, and this method greatly reduces the cost by over 100x from around 232% APY to 1.78% APY, because it removes the need to pay for others to take on IL risk.
⚒️ Initial transaction to provide around 93k USD of liquidity to WETH/FARM: https://etherscan.io/tx/0x17a56c9c0c6cb560eae738841e129d9d7925e7fe5b39cd0b7724816dba3b3671
🚜 IDLE x FARM Integration
🤝 With the inclusion of our new stablecoin strategies, Harvest is proud to announce our deeper integration with IDLE Finance. The IDLE team shares similar values to Harvest and enables humble farmers to automatically earn yields. Together, the new integration will continue Harvest’s pursuit in automatically earning the highest yields for our farmers. We are consistently on the lookout for new protocols we can integrate with. If you know of any, please send us a shout out in our Discord.
🖌️ Creativity Contest Round 4
🧑🎨 As we approach the festive season and the end of the year, we are kicking off the 4th round of the Creativity Contest and thought it was fitting for the contest theme to be centred around “Christmas, New Years and The Holiday Season.” This is the time for farmers to take a break from all the #HardWork, relax with their loved ones and enjoy the fruits of their labor.
🎄 In the spirit of Christmas and giving, we have added an extra 25 prizes to the prize pool for Round 4! We also realise that this is a very busy time of the year for most farmers, so this contest will run for a little bit longer so all have a chance to participate. You can click here for the official contest announcement and details.
👮♀️ Stay Safe — Fake Harvest Website
⚠️ We have received reports of an impersonator website which attempts to mimic the look of the official website but with a slight misspelling in the web address.
🔍 Always check your browser to verify you are on the correct URL — https://harvest.finance/
💸 Stay wary of false URLs and phishing sites that will steal your funds!
📺 In the Media
💭 One of the most effective ways to tell the story of Harvest is through community content and third party commentary. That’s why we love it when farmers digitize their thoughts and share their love, ideas and critiques with us. Recently a user came across Harvest and its creativity contest, and was so impressed by the community, they put together this write up about our humble collective.
💬 Twitter group @Top7ICO also recently recognized $FARM as one of the most undervalued assets in DeFi when considering TVL to MCAP. Also consider with a current price of $100, the P/E ratio for $FARM is incredibly low at 3.66!
🏧 Emission Overview
💹 Week 14 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 were issued.
In Week 14, 15,643.66 $FARM will be issued.
📉 $FARM emission in week 14 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:
10,950.56 $FARM (70% of week 14) will be distributed to capital and liquidity providers as follows:
🎉 328.52 $FARM (2.1% of week 14) to stablecoin deposits into Harvest yield farming:
- 152.58 $FARM for USDC pool (.98% of week 14 total)
- 104.32 $FARM for USDT pool (.67%)
- 46.71 $FARM for DAI pool (.3%)
- 24.91 $FARM for TUSD pool (.16%)
🚀 2025.83 $FARM (12.95% of week 14) to Curve deposits into Harvest yield farming:
- 547.53 $FARM for YCRV pool (3.5%)
- 492.78 $FARM for 3CRV pool (3.15%)
- 328.52 $FARM for CRV-USDN pool (2.1%)
- 328.52 $FARM for CRV-BUSD pool (2.1%)
- 328.52 $FARM for CRV-COMPOUND pool (2.1%)
₿ 1040.3 $FARM (6.65% of week 14) to BTC deposits into Harvest yield farming:
- 61.32 $FARM for renBTC pool (.39%)
- 51.47 $FARM for wBTC pool (.33%)
- 708.5 $FARM for Vault_CRV_renwBTC pool (4.53%)
- 219.010 $FARM for CRV:TBTC pool (1.4%)
🤑 109.51 $FARM (.7% of week 14) to WETH deposits into Harvest yield farming
🍣 1505.70 $FARM (9.63% of week 14) to SUSHI deposits into Harvest yield farming
- 328.52 $FARM for ETH-DAI pool (2.10%)
- 492.78 $FARM for ETH-WBTC pool (3.15%)
- 301.14 $FARM for ETH-USDT pool (1.93%)
- 383.27 $FARM for ETH-USDC pool (2.45%)
👨🌾 1642.58 $FARM (10.5% of week 14) to $FARM stakers in the profit share.
🚜 3832.70 (24.5% of week 14) $FARM to $FARM liquidity providers in the Uniswap USDC/FARM pool
🏦 465.40 (2.98% of week 14) $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.
Building and Giving Back
🛳️ As we start to head into 2021, we look forward to even more lucrative farming opportunities thanks to the amazing pace of growth and building that is happening right now. Our goal is to not only anticipate but to actively help build this future through the aforementioned initiatives like new strategies and supporting open source funds.
👷 If you’re a talented builder and craftsperson, reach out to us and help us ideate new strategies in our Discord. The door is always open for those who can execute, and the cooperative needs more hands on deck to help solidify our farming citadel. Our mission is to continue being the most compelling destination to automatically reap the rewards of magic internet money farming. For more information about you can be rewarded and take part in our strategy development check out our Github post.
👋 Until next week!
