Ongoing Vault Migration — Phase 3

Ongoing Vault Migration — Phase 3

By Chad Farmer | Harvest.finance | 22 Oct 2020


✅ During Week 6, Harvest introduced a new TUSD pool that had the new and updated vault with strategy splitter, time-lock, and proxy contracts. Since the launch of the new vault, $17.5M has been deposited into the new TUSD vault.

🆕 During Week 7, Harvest successfully continued the migration of the 4 UNI pools. Since the migration of the 4 new UNI pools, Harvest has seen over $295.7M in AUM locked within new UNI pools since last week. Following the success of last week’s migration, Harvest will complete the migration with the remaining pools:

  • WETH
  • DAI
  • USDC
  • USDT
  • RENBTC
  • WBTC
  • CRV:RENWBTC

⛽ We believe doing the Vault Migration in a phased approach allows for our community of farmers to familiarize themselves with the migration process. In doing so, we hope to continually improve the quality of life of farmers while also saving them gas fees and time.

Next steps for Migrating the Remaining 7 Vaults

Similar to Week 6 and Week 7, the Harvest team has set up new vaults that will be deployed on-chain before the migration begins. The code has been publicly available since our Week 6 announcements and can be viewed here.

The timing of the migration will begin on Tuesday at 5pm UTC. We anticipate that this week’s migration will be quicker than last weeks and aim to be finished by 7pm UTC. After this time, you will be able to migrate into new vaults. The new vaults will not start releasing until Harvest triggers emissions. We intend to start emissions at 9pm UTC. We recommend our fellow Chads to migrate at this time.

Beginning tomorrow, the remaining 7 vaults will be migrated to the newly deployed vaults. The old pools will be deprecated. If you have any assets in the old deprecated pools, you will not receive any FARM incentives.

🤑 How to continue earning FARM incentives

✅ Since it is our goal to make every farmer’s life easy, the Harvest UI will automatically detect if any humble farmer holds any assets in the old deprecated vaults. If the UI detects assets held in old vaults, there will be one approve-all button that will automatically update all the assets and move them into the new vault that includes a time lock before switching strategies.

Image for post Image for post The user interface for migrating pools will visualize the process of migration for the user. If the migration is interrupted by the farmer (e.g., by exiting the website), the UI will automatically detect the next necessary step for completing the process upon resuming.

💁 Because the ultimate goal of Harvest is to make farmer’s lives easier, we want to combine all three steps into one easy step for the farm. Below is the amount of gas that would have been used by farmers if they were to do it themselves #BreadForThePeople.

Unstake: 149,993 gas units ($3.52 at 64.32 gwei per gas as visible in this testing transaction https://etherscan.io/tx/0xc2d5941d4e346167ffd1d4fb092f7f94f8473bafa29dc2c1e0592fb28619d098)

Approve: 66,249 gas units ($0.89 at 55 gwei per gas as visible in this testing transaction https://etherscan.io/tx/0xf37233f2af776f128897fe5e422bcb42ecea1f8be59928e34d647e417b99e462)

Deposit: 174,199 gas unit ($1.36 at 37 gwei per gas as visible in this testing transaction https://etherscan.io/tx/0xc6c94816f324a30f85855e14fe9113123fab637bc49ee9af08d90e2805099dd3)

Welcome home to the new FARM

After successfully migrating our crops the last two weeks, this marks a new era for Harvest Finance. Similar to how hunter-gatherers migrated until they could develop technology to help them settle, Harvest aims to be the most accessible farm for any Chad to settle, 🌿 420, and ♋ 69.

As we complete our third audit, Harvest aims to be the safest and easiest place to farm for anyone across the DeFi lands. With Harvest’s new and upgraded contracts containing time-locks and proxy contracts, we hope to be the most inclusive and enjoyable Farm in the land.


Chad Farmer
Chad Farmer

Tilling the defi fields of Harvest.finance and reaping what I sow


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