This week, we’re excited to announce seven new strategies for all of your farming needs. Here at Harvest, it’s our goal to not only automatically farm the highest yields in DeFi, but to also help farmers discover the best farming options across the farmland. You will always find a place to put your hard earned assets to work here at Harvest.
?? This week, we’d like to bring our Chads an omakase special with four new Sushiswap strategies that not only provide liquidity to Sushiswap, but also provide rewards in SUSHI and FARM. As rewards dry up for UNI LPs both at Harvest and in the wild, we want to welcome new members to Harvest who want to continue earning yields from their favorite foods, crops, and memes.
FARM rewards for Sushi LP deposits have begun. Native APYs are conservatively calculated as the immediately unlocked portion of Sushi rewards.
Read on to see what else is in store for this week!
???>? Security at Harvest
In the last couple of weeks, we’ve seen the rise of further flash loan attacks on several notable projects in the DeFi ecosystem.
- Value DeFi: https://www.theblockcrypto.com/linked/84653/value-defi-exploit-dai-attack-protocol
- Cheese Bank: https://cointelegraph.com/news/cheese-bank-s-multi-million-dollar-hack-explained-by-security-firm
- Origin OUSD: https://medium.com/originprotocol/urgent-ousd-has-hacked-and-there-has-been-a-loss-of-funds-7b8c4a7d534c
As more sophisticated attackers try their hand at exploiting DeFi protocols for gain, projects must continue to build assuming the most adversarial environment. To follow up to our commitment to security, we have incorporated flash loan checks and security reviews into our development and testing cycles to keep Harvest’s farmlands protected from attackers.
In addition, we have commissioned Least Authority, a leading security firm to perform a security review and full audit of the entire Harvest code base. The review will commence the end of November and conclude in January.
Our security strategy has been revised to be much more robust with this blended approach of formal audits by security companies as well as continuous informal reviews from various developers and community members. We welcome competent builders and smart contract developers to approach us for security review services.
?? Strategies go BRRRRRR
With Jay Powell as inspiration, Harvest has created several ripe strategies adding to our collection of fruitful ways to earn yield. Regardless of seasonal crop rotations or yield farming strategy, Harvest will always be on the lookout for the freshest opportunities for all of our humble farmers.
?? Uni for Sushi
We’ve added four new Sushi strategies that help hungry farmers rotate their Uniswap LP crops into Sushi LP crops. With the deposit of Sushi LP tokens, farmers will now be able to earn the equivalent of two assets. Harvest supports ambitious projects looking to bootstrap their communities with creative and novel rewards and incentives. Deposit now before we begin spraying emissions at the pools!
?? Moar Stablecoin Strategies
Our mission is to become the world’s largest farming cooperative. To do so, we strongly believe stablecoin strategies will be a long-term bet to onramp farmers of all levels without the worry of volatility. We will continue adding the most liquid and attractive stablecoin strategies in order to aggregate all of DeFi’s stablecoin AUM. Next stop, real world assets!
CRV:Compound
- Deposit DAI and USDC assets into Curve’s Compound strategy here
- Deposit the CRV:Compound token on to the Harvest Farm page
- Deposit the fAsset of CRV:Compound on the stake page here
CRV:BUSD
- Deposit DAI, USDC, USDT, and BUSD assets into Curve’s BUSD strategy here
- Deposit the CRV:BUSD token on to the Harvest Farm page
- Deposit the fAsset of CRV:Compound on the stake page here
CRV:USDN
- Deposit DAI, USDC, USDT, and USDN assets into Curve’s USDN strategy here
- Deposit the CRV:USDN token on to the Harvest Farm page
- Deposit the fAsset of CRV:Compound 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 2 different Assets at once with just one asset.
To date, we have introduced 24 strategies for the Harvest. They come in all shapes and sizes and have been designed to bring farmers from every corner of DeFi and blockchain. In doing so, we’ve created some of the most robust strategies for Stablecoins, BTC, Sushi, Uniswap, ETH, and FARM.
As we continue expanding the farm, we encourage all our brainy agriculturalists to proposed and code up new strategies in #farming-strategies. We will continue to spray FARM to the most enterprising strategies!
?? Status of GRAIN
The affected USDC/USDT users from the hack who experienced the 15% drawdown will get GRAIN tokens in a pro-rata manner based on their deposits, as well as their pro rata share of the 2.5M.
For example, If you are an affected user and you had a 100 USDC drawdown from the hack, you would get approximately 7.39 USDC or USDT, and approximately 92.61 GRAIN.
We’re still testing the implementation. As more implementation details are finalized and the MerkelDistributor website goes live, we will publish a guide so it becomes crystal clear how the process works for users.
The distribution is based on a total affected value of ~33.8M (not 24M)
?? WalletConnect Integration Complete
We are pleased to have completed the integration with WalletConnect, an open source protocol for connecting decentralised applications to mobile wallets with QR code scanning or deep linking. A user can interact securely with any Dapp from their mobile phone, making WalletConnect wallets a safer choice compared to desktop or browser extension wallets.
You can now use WalletConnect and scan a QR code (desktop) or a deep link (mobile). With the integration of WalletConnect, we now allow farmers from all over the world to access Harvest’s platform. WalletConnect supports over 40 different wallet applications. You can now use any of these wallets to interact with the Harvest Finance platform.
?? Help Wanted — Inquire Within
Humble farmers all over the world — we need your skills, brains and all-around talents to help us deliver to market this trifecta of contests currently running across the farmlands.
Whether it’s just an idea, or a fully completed spec of a new tractor for Chad, we need talented thinkers and developers alike to help us stay on the cutting edge of farming technologies.
To contribute, visit the Ideas contest page on Reddit to submit one idea per post on what best technical improvements could be brought to the farmlands.The most upvoted ideas + developer selection will be awarded prizes and moved on to phase 2 for possible implementation.
?? Have some developer skills in your tool belt? The proverbial barn could use a new coat of paint, and we need your help with some other upgrades around the farmlands. Visit the Developer Contest page here to see all the details on how you can get paid to put your tool set to work.
??? To all of our amazing artists out there, the third iteration of the Creativity Contest continues with all the details here, but everyone must hurry as there is less than a week left (Nov 23) to submit your entries to any of these three competitions!
?? 100% Organically Grown
We love humble farmers who spend their time and resources for the betterment of the farming collective, and on a daily basis we receive new requests or submissions from helpful community members who want to pitch in. We prefer organic and fresh produce here at Harvest, and not the commercially grown stuff that lacks flavor or conviction. Some great organic examples come from Discord member ‘insidetrader’ who wrote this excellent explainer of yield farming and how Harvest operates. We also have farmhands like ‘CryptoUF’ who continue to assist with the French translations of our weekly updates.
??????? Are you fluent in a language other than English? We are looking for translators in various languages for our weekly updates so we can ensure farmers all over the world are kept up to date on the progress here at Harvest. If you are interested, please stop by the Discord chat and let us know how you can help.
???Recently one of our community members and Discord moderators ‘Redmption’ joined the Chain Reaction segment of the Delphi Digital Podcast to talk about all things Harvest Finance. We really appreciate the invitation and opportunity to utilize this podcast to discuss the benefits of yield farming, FARM ownership and our love of community which includes content creators like Delphi Digital who help give insights into the often complicated world of crypto and DeFi.
?? Emission Overview
?? Week 12 Farming Incentives:
1?? In week 1, 57569.1 $FARM were issued (mint 1, 2, 3).
2?? In week 2, 51676.2 $FARM were issued.
3?? In week 3, 26400.2 $FARM were issued (mint, burns 1, 2, 3).
4?? In week 4, 24997.5 $FARM were issued.
5?? In week 5, 23555.0 $FARM were issued.
6?? In week 6, 22507.83 $FARM were issued.
7?? In week 7, 21507.22 $FARM were issued.
8?? In week 8, 20,551.42 $FARM were issued.
9?? 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 will be issued.
?? $FARM emission in week 12 is further reduced by 4.44% from last week’s emission of 17,930.26. 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:
11993.205 $FARM (70% of week 12) will be distributed to capital and liquidity providers as follows:
?? 239.8641 $FARM (1.4% of week 12) to stablecoin deposits into Harvest yield farming:
- 146.86 $FARM for USDC pool (.86% of week 12 total)
- 64.86 $FARM for USDT pool (.38%)
- 9.79 $FARM for DAI pool (.06%)
- 18.36 $FARM for TUSD pool (.11%)
? 1139.35 $FARM (6.65% of week 12) to BTC deposits into Harvest yield farming:
- 67.16 $FARM for renBTC pool (.39%)
- 56.37 $FARM for wBTC pool (.33%)
- 775.96 $FARM for Vault_CRV_renwBTC pool (4.53%)
- 239.86 $FARM for CRV:TBTC pool (1.4%)
?? 2638.5051 $FARM (11.55% of week 12) to Curve deposits into Harvest yield farming:
- 599.66 $FARM for YCRV pool (3.5%)
- 539.69 $FARM for 3CRV pool (3.15%)
- 359.80 $FARM for CRV-USDN pool (2.1%)
- 239.86 $FARM for CRV-BUSD pool (1.4%)
- 239.86 $FARM for CRV-COMPOUND pool (1.4%)
?? 119.93 $FARM (.7% of week 12) to WETH deposits into Harvest yield farming
?? 719.5923 $FARM (4.20% of week 12) to SUSHI deposits into Harvest yield farming
- 179.90 $FARM for ETH-DAI pool (1.05%)
- 179.90 $FARM for ETH-WBTC pool (1.05%)
- 179.90 $FARM for ETH-USDT pool (1.05%)
- 179.90 $FARM for ETH-USDC pool (1.05%)
- 0 $FARM for WBTC-TBTC pool (0%)
????? 1798.98 $FARM (10.5% of week 12) to $FARM stakers in the profit share.
?? 4197.62 (24.5% of week 12) $FARM to $FARM liquidity providers in the Uniswap USDC/FARM pool
?? 1798.98 $FARM is set aside as a strategic reserve for future usage. It can be used for further incentivization opportunities e.g. market-making GRAIN, for incentivizing LPs, for combining into FARM/X LP positions later, or burning.
?? Preparing for the DeFi spring
With the addition of several new strategies and successful crop rotation, we look forward to more bountiful yields for all humble farmers during this holiday season.
Knowing that the farmlands are continually kept safe will also help farmers pursue leisure activities such as hitting the ice skating rinks followed by a cup of creamy hot chocolate.
Thanks to the new and comprehensive wallet integrations, community tooling and other accessibility initiatives, we will be able to onboard more farmers of all shapes and sizes. With the addition of several new strategies and successful crop rotation, we look forward to more bountiful yields for all humble farmers during this holiday season.
We invite you to join us on this journey of compounding our silos this winter and productively preparing for yet another DeFi spring and summer. Our hard work now will position Harvest to reap the rewards during DeFi’s next meteoric rise.
