💂 Every humble farmer on Harvest is a Chadiator.
Our farmers have proven that they are capable of immense courage and resilience in the face of great adversity, and are therefore fighters. The great gladiator Maximus himself was a farmer turned commander. At the end of every great battle, there are vast fields of grain.
🔟 In week 10, we released new crop yielding strategies such as our YCRV and 3CRV vaults. We also launched multiple new collaborations and announced the crafty winners of our 2nd creativity contest.
💡 As per usual, we are continuing to innovate by releasing a new CRV: tBTC strategy, Creativity Contest round 3, Developer Contest, Benchmark Protocol collaboration and TokenPocket listing.
🗳️ While we were busy building, we also wanted to make sure that all users who were affected by the loss incident would get the opportunity to help decide how reparations should happen.
👥 Over the last week, our cooperative came together to vote on our new IOU token, GRAIN and how it should be paired.
👇 Scroll down to discover our exciting new updates for week 11!
🌾 Golden GRAINs
The Snapshot poll to decide on the base pair of GRAIN
🗳️ As we continue normal operations on the farmlands, restoration efforts towards the $31.34M lost in Week 9’s attack have been proposed, reviewed, and voted on by the community. A new IOU token called GRAIN will be generated at a 1:1 ratio for every dollar lost by affected humble farmers.
💹 A new GRAIN/FARM market will be created on Uniswap where future emissions and profits generated by the platform can continuously buy and burn GRAIN from the market until all $31.34M has been repaid to the community.
🌾 A claims website is being built to return $2.48M and also give GRAIN to affected farmers.
🙏🏽 We want to thank all of the humble farmers who participated in these conversations, and for being patient these past few weeks while maximum productivity has been restored to the farmlands.
📈 500 Million Seedlings
👩🌾 While Harvest recently reached a landmark achievement of over $1B in TVL (Total Value Locked), we are even more excited to have broken $500M in TVL again. This is a testament to our work of continually adding new strategies and being absolutely focused on being the easiest place to automatically earn the highest yields. We’d like to thank our humble farmers for the continuous support and trust you’ve put in us.
The Harvest farmlands have shown resilience toward its continued push back to $1 billion. Our increase in TVL comes through hard work and the dedication of our amazing community.
🚨 New Strategy Alert for tBTC
The community has spoken and we’re happy to announce a new strategy for the week. We are adding a new CRV:tBTC strategy and providing a home for all BTC farmers. This will allow us to welcome humble BTC farmers from all across the farmlands to the Harvest platform. Farmers will earn CRV and KEEP which then are sold for more CRV: tBTC. We will also turn on the FARM cannon and spray emissions at this pool.
To take part in the new strategy:
- Deposit BTC assets into Curve’s tBTC strategy here
- Deposit the CRV:tBTC token on to the Harvest Farm page
- Deposit the fAsset of CRV:tBTC on the stake page here
Here at Harvest, 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 you can be rewarded and take part in our strategy development check out our Github post.
👨🏻🔬 Creativity Contest Round 3 and Developer Contest — Phase 1
Have we mentioned we love our community? Not just for their support and mutual affection, but also for their amazing talents!
🎭 Through Week 10 we have hosted multiple creativity contests which has featured everything from music and poetry to full website redesigns. We have just announced the 3rd round of our creativity contest, which is open for entries now! For further details on how to participate in the creativity contest, refer to this post.
🖥️ Now we want to put those technical skills to work with our first phase of the newly announced Developer Contest. For further details on the developer contest, refer to this post.
🚜 This first round is simple and open to everyone with a great idea for improving Harvest Finance farming technology. Just stop by the contest page on our subreddit and post your idea, one idea per post. Each post will be reviewed by the community, and the ideas with the most upvotes will be reviewed by the devs for final selection and potential implementation for Phase 2 of the contest, which will be announced at a later date.
🙋 Want to help out more around the farmlands? Harvest thrives on collaboration and organic growth, and nothing helps crops better than loving hands in the dirt. Producing a walkthrough video, helping with Wiki content, or even supporting other farmers in Discord chat is vital to day to day operations, so much in fact we installed a Discord tip bot which has given out hundreds in FARM thank you tips and acknowledgements to all of you who support us on a daily basis. So please feel free to grab your shovels and pitchforks and lend us a hand anytime and we will be sure to return the favor.
☯️ Council of 69 and Harvest Worldwide 🌏
TL;DR: We’ve completed our second Council of 69 investment. Our thesis is to invest in complementary projects that will greatly benefit FARM holders and improve Harvest farming technology. Benchmark makes software that allows farmers to split fAssets into yield bearing and non-yield bearing components.
Supporting the Ethereum ecosystem is a key theme we strongly believe in at Harvest Finance, and one of the methods we strongly believe in is developer collaboration, support, and investment. Whether it’s providing a grant or engaging through Council of 69, ensuring a healthy ecosystem through cooperation and synergy is what will break DeFi into the mainstream.
This week, we are happy to announce our second Council of 69 investment into Benchmark. Benchmark enables the tokenizing and trading of yield-bearing assets. Effectively, Benchmark creates software that splits the yield bearing component of an asset from its non-yield bearing component. Harvest was particularly interested in Benchmark because of its potential for our humble Harvest farmers.
For example, Harvest members will now be able to split their fAssets on the Benchmark platform into an ownership token and a future yield token. The ownership token is non-transferrable and will remain in a user’s wallet. The future yield token is tradable to speculators who believe the future yield token will appreciate. This is similar to interest rate swaps and allows for more efficient markets as DeFi continues to evolve.
In addition to the investment, Benchmark will also provide liquidity mining rewards to Harvest users who deposit fAssets onto their platform once it is launched later this quarter. Harvest will be one of the first launch partners on the Benchmark platform to codify the deep relationship we have. We constantly are looking for more investment opportunities for the #Council-of-69. Please come by the channel to connect other promising projects or investments.
🌏 Moreover, we wanted to take the opportunity to recognize one of our friends around the globe in TokenPocket, a smart contract wallet on your mobile phone which recently added FARM to its listings. TokenPocket is the second most popular wallet in China, and it’s easy to see why with an elegant UX and streamlined approach to putting users in full control of their assets. Give them a follow on Twitter, and visit their website for more information on mobilizing your FARM produce and storing it securely.
🏧 Emission Overview
💹 Week 10 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 will be issued.
📉 $FARM emission in week 11 is further reduced by 4.44% from last week’s emission of 18764.46. 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.
12551.18 $FARM (70% of week 11) will be distributed to capital and liquidity providers as follows:
🎉 251.02 $FARM (1.4% of week 11) to stablecoin deposits into Harvest yield farming:
- 141.28 $FARM for USDC pool (.79% of week 11 total)
- 71.48 $FARM for USDT pool (.40%)
- 8.41 $FARM for DAI pool (0.05%)
- 29.85 $FARM for TUSD pool (0.17%)
₿ 941.34 $FARM (5.25% of week 11) to BTC deposits into Harvest yield farming:
- 58.69 $FARM for wBTC pool (0.33%)
- 70.31 $FARM for renBTC pool (0.39%)
- 812.34 $FARM for Vault_CRV_renwBTC pool (4.53%)
🚀 627.56 $FARM (3.5% of week 11) to Curve deposits into Harvest yield farming:
- 282.40 $FARM forYCRV pool (1.58%)
- 282.40 $FARM for 3CRV pool (1.58%)
- 62.76 $FARM for TBTC pool (.35%)
🍣 62.75 $FARM (0.35% of week 11) to Sushiswap WBTC/TBTC deposits into Harvest yield farming
🤑 131.35 $FARM (0.70% of week 11) to WETH deposits into Harvest yield farming
🦄 4991.35 $FARM (26.6% of week 11) to UNI deposits into Harvest yield farming
- 713.87 $FARM for ETH-DAI pool (3.8%)
- 1359.2 $FARM for ETH-USDC pool (7.24%)
- 945.16 $FARM for ETH-USDT pool (5.04%)
- 1973.12 $FARM for ETH-WBTC pool (10.51%)
🚜 3940.53 $FARM to $FARM liquidity providers in the Uniswap USDC/FARM pool (21%)
👨🌾 1970.26 $FARM (10.5% of week 11) to $FARM stakers in the profit share.
Gains and Golden GRAINs
The last two weeks have proven that our cooperative is unified and resilient in the face of any incoming obstacle. The way in which the community came together to rebuild and thrive is beautiful and powerful. The sincere efforts of many dedicated humble farmers has resulted in an upward trajectory for the Harvest Farmlands once again. With the introduction of GRAINs, we hope our farmers can once again continue to focus on the gains while enjoying their ♋ 69 and 🌿 420.
As the farmlands continue flourishing with $500 million in Total Value Locked, we look to build further on this growth through initiatives such as security, new collaborations, community contests and new strategies that lead to bountiful yields.
With that, we will proceed into an abundant future with gains and golden GRAINs.
“Love cultivates hope; hope fertilizes resilience, and we can all be farmers of dreams” ― George E. Miller