“When tillage begins, other arts follow. The farmers, therefore, are the founders of human civilization.” — Daniel Webster
To All Humble Farmers,
Heading into Week 3??, we want to take a moment to thank all of our community and stakeholders for joining us on this journey ??. In just under two weeks, we’ve grown our community to over 8,500 members and reached over $500,000,000 in TVL on the Harvest platform. The Harvest Protocol is currently saving about $250,000 in gas fees per harvest, $500,000 per day and ?? ~$3.5 million a week. These numbers are unheard of and likely the start of something very special that has never been achieved before.
Safety and order ?? are critical pillars to help ensure that we keep humble farmers and their lands safe from bandits, highwaymen, looters and natural disasters ?. To solidify the security of our lands and create the Great Wall of Harvests which will protect us, we are currently undergoing three security audits ?? and have completed two initial security reviews (which you can read more about further in this post)
As we continue prioritizing FARM holders, we will be burning ?????? 14,580 $FARM tokens. Our previous campaigns were overwhelmingly successful and the bootstrapping phase is over. By making the farmland more scarce, we create less dilution for farmers and a more sustainable path forward ?.
In addition, we continue to pioneer new farming techniques and modernize farming infrastructure with our new unlevered WETH strategy.
Updates:
?? Burning 14,580 $FARM
?? WETH Strategy on the Farm Page
?? New DAI Strategy: 30% profit sharing and 2.5x SWRV boost
?? Incentivized lock-up mechanism with further incentives from the profit sharing pool
?? Uniswap pools moved to the UNI LP Stake page
?? Profit sharing pool now displays your instantaneous APY at current duration, and estimated APY for another week, month, 3 months
?? DeFi community ?? stakedrop (the tractor tab) has now ended. We would like to thank the various communities that participated in our ?? stakedrop for helping bootstrap the Harvest Finance protocol.
?? Audits:
We currently have three audits in progress?. Status and timelines are as follows:
???>?Peckshield
- Initial sanity check performed with no serious issues found
- Full audit underway. ETA: End of September
- https://twitter.com/peckshield/status/1303012731197382656?s=20
????>?Certik
- Full audit underway. ETA: End of September
???>?Haechi Labs
- Initial security review performed with no serious issues found
- Full audit underway. ETA: End of September
- https://medium.com/haechi-audit/harvest-finance-security-review-64782c98d2ae
???????User Requested UI Updates Pushed
?? Added WETH Vault
?? Added new Uniswap pools
?? Page is now the Stake page
?? Added “Stake All” Button: plant all your crops at once!
?? Further speed Optimizations
?? APYs updated with increased accuracy
?? All Uniswap LPs moved to stake page
??Governance shoutout:
The best ideas of the Farmer’s Co-Op has come through YOU ?????, the community. While the farmhands have been hard at work strengthening our strategies and systems, it is the cumulative braintrust ?? of all farmers that has allowed us to grow as bountiful as we have??.
If you would like to participate in our ongoing governance and ideas, please check out the #governance channel in our discord. Your voice is not only heard ??, but drives the development of what this future industrial farming cooperative looks like!
???>?Builders:
We have had an outpouring of support from community members who have been able to create dashboards, calculators, merchandise, articles, websites, and governance tools for us. We will continue to incentivize and reward farmers and builders from all walks of life to contribute to make the FARM as plentiful for all.
Some examples:
Convenient Harvesting Dashboard (https://harvestfi.github.io/dashboard/), now integrated as a tab in the homepage
Snapshot governance dashboard (https://snapshot.page/#/farm/)
Chad yieldfarming DIY APY dashboard screenshot (https://farmingreturns.com).
Profit sharing rewards calculator (https://david4neblio.github.io/harvestyield/)
Community wiki (https://farm.chainwiki.dev/en/stats)
Harvest Finance Merchandise Store
(https://www.teepublic.com/mug/13902278-farmer-chad)
YouTube Walkthroughs (https://www.youtube.com/watch?v=wmP2fGKUJG8)
Quality of life testimonials
??Great community authored Medium overviews
https://medium.com/@Redmption/a-bountiful-harvest-awaits-373cbc9cb7d4
https://medium.com/@bartysu/harvest-finance-a-beginners-perspective-to-farming-b03b9ab8e852
Meme contest
?? Last Thursday, we kicked off our first official meme contest!
?? Post dank memes with the hashtag #BreadForThePeople and tag our twitter account to participate.
?? Trophy Prizes: 3 to 10 FARM for winning submissions.
??? The contest ends on Saturday, 19 September at 1pm UTC.
?? More details in the Medium post below https://medium.com/@harvestfinance/the-breadforthepeople-meme-contest-3b035b0c2fc4
??????? Week 3 Farming Incentives
In week 1, 57569.1 $FARM were issued.
In week 2, 51676.2 $FARM were issued.
In week 3, 26400.1920 $FARM are issued.
$FARM emission in week 3 is reduced by 49% from emission in week 2. This also represents a 36% reduction in the originally planned emission for week 3 of 41250.3 $FARM, and it is only 12% above the long-term emission originally planned for weeks 5 and beyond. We made this decision in consultation with active community members who expressed concern about the impact of high inflation rates on the long-term prospects for $FARM. After ensuring sufficient emission to bootstrap critical liquidity and incentivize capital providers, additional emission provides diminishing returns to Harvest, so we have decided to burn this extraneous inflation.
Additionally, 36% of the emission to the team and dev funds will also be burned. We have stated before that the contracts allow for downward adjustments in the FARM emission rate and total supply. We are serious about doing what it takes to grow Harvest, and we are willing to take actions such as these emissions reductions when we are confident that they are in the best interests of the protocol.
18480.1344 $FARM (70% of week 3) will be distributed to capital and liquidity providers as follows:
4908.7857 $FARM (18.6% of week 3) to stablecoin deposits into Harvest yield farming:
- 1636.2619 $FARM for USDC pool (6.2%)
- 1636.2619 $FARM for USDT pool (6.2%)
- 1636.2619 $FARM for DAI pool (6.2%)
2887.5210 $FARM (10.9% of week 3) to BTC deposits into Harvest yield farming:
- 962.5070 $FARM for wBTC pool (3.6%)
- 962.5070 $FARM for renBTC pool (3.6%)
- 962.5070 $FARM for Vault_CRV_renwBTC pool (3.6%)
2887.5210 $FARM (10.9% of week 3) to ETH deposits into Harvest yield farming
577.5042 $FARM (2.2% of week 3) to $fASSET liquidity providers:
- 82.5006 $FARM for fUSDC:USDC Uniswap pool (0.31%)
- 82.5006 $FARM for fUSDT:USDT Uniswap pool (0.31%)
- 82.5006 $FARM for fDAI:DAI Uniswap pool (0.31%)
- 82.5006 $FARM for fWBTC:WBTC Uniswap pool (0.31%)
- 82.5006 $FARM for frenBTC:WBTC Uniswap pool (0.31%)
- 82.5006 $FARM for fcrvRenWBTC:WBTC Uniswap pool (0.31%)
- 82.5006 $FARM for fWETH:WETH Uniswap pool (0.31%)
7218.8025 $FARM (27.3% of week 3) to $FARM liquidity providers:
- 7218.8025 $FARM for Uniswap USDC/FARM pool (27.3%)
The DeFi Farmers’ Market has been discontinued (0% of week 3).
Operations Treasury Proof-of-Burn: https://etherscan.io/tx/0xcfd1378afdab6980a498edeeecccbf1aa6ff4822dc98eb9dcfe1caf47cc17390
Team Proof-of-Burn: https://etherscan.io/tx/0x455612eb4be5b32eb3662f9acb2b5cb59ad594d28851ad688bf10a8fd545bb30
Emissions Burn: https://etherscan.io/tx/0x8c291fe6a2e2f3c56c6df33f197f49bf3f363a4bb93ab050a1a71c85c32ededb
?? Harvest’s Industrial Epoch
$500 million in total value locked represents a major milestone for the Harvest Finance protocol. As we progress into the next weeks, we will be exploring new products, strategies and integrations that will help humble farmers receive early access to further automated and risk-adjusted farming strategies. We hope to save our humble farmers many more millions in fuel costs through our economies of scale.
Stay tuned for many pleasant surprises over the coming weeks as we progress to the Industrial era, during which the Harvest Protocol will utilize our growing farmlands and thriving collaborations to produce ever more bountiful yields for our cooperative.
Join 8500+ humble farmers via our Discord or follow us on Twitter for further updates.
- Discord
- Community Wiki
