Week 8 Update: Welcome to the Good Life (Migration Complete)
Greetings Humble Farmers,
We are completing one of the largest on-chain migrations in history. With the movement of over $730M at the time of this post, the Harvest farmlands have reached a new era of prosperity. The Harvest vaults now include time-locks 🔒, proxy contracts 📜, and strategy splitters 🔬providing every humble farmer, Chad, and degen peace of mind while automatically harvesting the best yields in DeFi.
Apart from our technical updates, we’ve also supported the wider DeFi and Ethereum community by providing $50k in grants to builders and contributors, on top of our existing community driven programs like the Creativity Contest round 2.
Last week we began this migration process while introducing the WBTC-TBTC pool which utilizes the new vaults. In addition, the WBTC-TBTC pool is the first SushiSwap pool integrated into Harvest Finance’s liquidity pools. Since the launch of the WBTC-TBTC vault , over $6.1M 🥖 has been deposited.
With Week 8, we have finalized the migration of the remaining pools:
- WETH, WBTC, RENBTC, CRV:RENWBTC, DAI, USDC, USDT
The process for migration has not changed from last week, and its optimization ensures there is no slippage impacting farmers balances.
Note: With the migration to the new vaults, the old vaults will be deprecated and will no longer receive any FARM incentives.
🆕 New WETH strategy is live — DEGO
We are constantly working to provide the most fertile soils possible for yielding the freshest returns. To this end, we are happy to announce the deployment of the new WETH strategy that interacts with DEGO Finance. This upgrade will provide more liquidity for our Uniswap pools.
Harvest’s new WETH strategy will work symbiotically with FARM held in Harvest’s treasury. By combining both ETH and FARM, there will be bountiful liquidity in the Uniswap ETH-FARM pool. The WETH strategy will be repaid in a 1:1 ratio whenever strategies are completed. There will be no impermanent loss to farmers, Harvest treasury will always replace 100% of all borrowed WETH.
📮 Support the Harvest collective and Vote!
With bountiful yields comes great responsibility, and we ask all humble farmers to exercise their right to be heard across the farmlands by placing a vote for all things impacting Harvest Finance. Farmers can utilize Snapshot or Discord to cast their ballot.
Last week saw two different proposals go up for vote:
💸 Harvest Grants for ETH Ecosystem: The chad agriculturalists of governance put together a poll to provide $50k USD in grants to the ETH ecosystem. Harvest Finance integrates with, and is built on top of ecosystem infrastructures that have come before us and we see value in supporting projects and influencers that have positive ecosystem impact. Twenty eight different nominees were listed, and each recipient with more than 1% of the farm supply voted received a grant. You can follow them all in this Twitter list.
The 9 final grant recipients are as follows:
- $12500 USDC @LiquidityVision
- $8500 USDC @defipulse
- $5500 USDC @SnapshotLabs
- $5500 USDC @DefiantNews
- $5000 USDC @turbogeth
- $4500 USDC EIP-1559 Fund @TimBeiko, @danfinlay
- $3500 USDC @banklessFR
- $2500 USDC @DeFi_Dad
- $2500 USDC @banklessHQ
🧮 APR vs APY for USDC-FARM: Most farms in the crypto ecosystem utilize the APY metric when displaying potential yield returns. For context, APR is a linear/flat annual rate and APY is a rate that is compounded to some degree. Normally, when you go to a bank, the APR and APY are almost the same, because the rates are so low. However in DeFi, when the rates are high, the APR and APY can be very different. This is the case with the Uniswap pool. 250% APR equates to roughly 1,057% APY. This was an important poll because there is a social contract with displaying these numbers. People want numbers that feel right, and to check out based on their mental model. This vote helps to establish what the social contract is. A proposal was put forth asking what metric (APY or APR) must be manually compounded, with APY winning the vote. Because this vote was clearly such an evenly split opinion, we have decided to display both APR and APY on the pool.
📈 DeFi Pulse; Half a billion and beyond!
Just as last week kicked off our friends at DeFi Pulse officially listed Harvest Finance on its website, placing us 4th in its Assets rankings.
We want to thank DeFi Pulse for working with us to make this happen, in addition to the community members who constructed the needed information resources for DeFi Pulse to make the listing official. And not by coincidence, a few days after this listing, another major milestone was accomplished by Harvest — $734M in Total Value Locked!
👨🏽🎨 Creativity Contest — Round 2
The second round of the Creativity Contest is still ongoing and we are receiving amazing submissions every day! And creativity isn’t limited to just memes or artwork. We receive music, poetry, website UI mockups, how-to videos and more.
Pretty much anything that demonstrates the love and passion for Harvest Finance can be submitted. Don’t be shy, reach out on Twitter or our Official Discord to submit your entries.
Don’t forget, there are over $18,000 in FARM prizes to be awarded across multiple categories.
To learn more about Round 2 of our creativity contest, refer to the announcement article.
Here are some amazing entries we have received so far:
📰 Silo Sentinel Newsletter
Silage Pete, Director of Silos (a community member) has kindly put together a weekly newsletter called the Silo Sentinel. Silo Sentinel is a place for the community to report on the progress of the Harvest Finance project!
Silo Sentinel is durably stored in Github. Blogs come and go, but it won’t get lost.
Silo Sentinel is open source! Contribute to it, remix it, republish it anywhere!
Read Issue Two (October 19) here.
🏧 Emission Overview
💹 Week 8 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 will be issued.
📉 $FARM emission in week 8 is further reduced by 4.44% from last week’s emission of 21507.22. 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:
14,385.76 $FARM (70% of week 8) will be distributed to capital and liquidity providers as follows:
🎉 2388.03 $FARM (11.62% of week 8) to stablecoin deposits into Harvest yield farming:
- 1007 $FARM for USDC pool (4.90% of week 8 total)
- 1007 $FARM for USDT pool (4.90%)
- 71.93 $FARM for DAI pool (0.35%)
- 302.10 $FARM for TUSD pool (1.47%)
₿ 1369.52 $FARM (9.52% of week 8) to BTC deposits into Harvest yield farming:
- 601.32 $FARM for wBTC pool (2.93%)
- 322.24 $FARM for renBTC pool (1.57%)
- 371.15 $FARM for Vault_CRV_renwBTC pool (1.81%)
- 74.81 $FARM (0.36% of week 8) to Sushiswap WBTC/TBTC deposits into Harvest yield farming
🤑 143.86 $FARM (0.70% of week 8) to WETH deposits into Harvest yield farming
🦄 5377.39 $FARM (26.17% of week 8) to UNI deposits into Harvest yield farming
- 1294.72 $FARM for ETH-DAI pool (6.30%)
- 1471.66 $FARM for ETH-USDC pool (7.16%)
- 1244.37 $FARM for ETH-USDT pool (6.06%)
- 1366.65 $FARM for ETH-WBTC pool (6.65%)
🚜 3236.79 $FARM to $FARM liquidity providers in the Uniswap USDC/FARM pool (15.57%)
👨🌾 1870.14 $FARM (9.10% of week 8) to $FARM stakers in the profit share.
🌱 Planting the Seeds for an Abundant Future 🍚
🥖 Harvest was conceived with a singular goal in mind: #BreadForThePeople. We are mission focused and have driven all efforts to make life easy for farmers so they can ♋ 69 and 🌿 420 in peace.
🪒 Our farming collective’s razor sharp focus on creating bountiful yields will enable us all to embark on greater endeavors and contribute back to the ecosystem in the long run.
🤗 The first step in this journey is our community grants program, which successfully deployed $50,000 in grants to builders and communicators who are shaping the future of DeFi. Other important initiatives like our Creativity Contest enable a wider distribution of FARM to those who might not have ample farmland but plenty of creativity to contribute.
💹 $750m in total value locked is a major milestone for Harvest and helps validate the mission focused approach of our community. We will look to build upon this foundation in the coming weeks and make Harvest even more accessible to farmers of all shapes and sizes.
