BancorDao Whitelist Proposal: FARM - Harvest Finance

DAO Archive (SUBMITTED)
1

This proposal is expected to appear on Snapshot for voting on 2021-06-21T12:00:00Z

BancorDAO Whitelist Proposal - FARM - Harvest Finance

TL;DR

  • Proposal to whitelist FARM.
  • Harvest will add initial liquidity of $500,000 USD FARM
  • Harvest is seeking a co-investment of 500,000 BNT - this number was chosen to enable Bancor to be the deepest liquidity pool for FARM.
  • Harvest Finance continues to innovate and deploy new strategies, further driving value through the platform and the $FARM profit share token
  • Once the liquidity depth at Bancor exceeds the depth at Uniswap, the platforms profit share mechanism can be pointed at Bancor instead

FARM token address: 0xa0246c9032bC3A600820415aE600c6388619A14D

Project Website: https://Harvest.Finance/

Benefits for Bancor:

Harvest Finance is a leader in cutting edge strategies, and as it continues to upgrade the protocol and increase profit to FARM holders, demand for the token will continue to rise while emissions taper off to zero. The buy pressure from the profit share mechanism which continuously buys FARM from the open market with profits derived from the protocol, also helps to ensure constant volume and price support for the token. This buyback mechanism can be pointed at the Bancor FARM pool once it exceeds the liquidity size currently placed at Uniswap. This would become a very consistent and sizable fee source for Bancor LPs.

Project

Launched in August 2020, Harvest Finance is an automatic yield farming protocol that helps depositors take advantage of the latest DeFi platforms with the highest yield. With over 100+ strategies deployed, the protocol offers one of the most cutting edge and competitive portfolios of yield in DeFi while still making it simple for any user to participate. Harvest is also very ecosystem focused, regularly contributing to Gitcoin grants and collaborating with various projects such as PerpFi, Pendle, Babylon Finance, APWine Finance, CompliFi and Convex.

Tokenomics

Harvest Finances native token, FARM (ERC20), is a governance and revenue sharing token that affords the holder voting rights on the protocol, and when staked, collects a prorated share of the 30% performance fee charged to protocol users. Over the past 90 days the protocol was generating $8M per month in yield farming profits, with $2.4M monthly flowing to FARM stakers.

The FARM token supply is set at 690,420, of which 554,354 are in current circulation. This was reduced by governance vote from the initial, contract-enforced hard cap of 5M tokens. The contracts and addresses with the highest concentration of FARM tokens are predominantly the profit share vault and the UniSwap liquidity pools. The team wallets and vesting contracts are discussed here. And the supply reduction here.

1168×525 23.4 KB

Community and Communication

Harvest is active on Reddit, Telegram, WeChat, Weibo, Discord, and Twitter. Activity on GitHub is frequent, with new updates appearing weekly. The core development team is anonymous, preferring to focus on code and product security, while allowing its community members to help develop tools, strategies, and guide the day to day social operations of the protocol. Discord chat is the main hub for communicating directly with the core developers, and with 20+ channels and various languages, the Harvest community is very diverse and active. The protocol is also actively seeking talented developers and contributors, which can be seen on the Work page here. A multiSig run by key community members helps to perform various tasks such as builder payroll, and select execution of protocol functions. As Harvest continues to mature, more functions are handed off to the community, adding to its decentralization and cooperative style of management.

Available Audits

Harvest has been audited multiple times, with all results posted on the Github here. The most recent was published by Least Authority in Feb 2021 and can be found here.

Market and Trading Data

  • FARM’s price at the time of writing is $60.90 (Coingecko, CMC)
  • All-time low: $54.30 (23rd May, 2021)
  • All-time high: $458 (12th February, 2021)
  • Price 90 days ago: $245.55 (9th March, 2021)
  • 554,354 tokens in circulation (80% max supply)
  • 690,420 planned maximum supply
  • The current market capitalization is $34,343,000.
  • The FARM token is available on Uniswap, Hoo, Gate, BiKi
  • The 24-hour spot volumes $2.4M
6 Likes
2

All for this one. Harvest was the first to release Uniswap V3 vaults and have some of the safest, highest yield aggregating products out there.

6 Likes
3

Just recently discovered the project, and to be honest, the inherent value it has - from providing decentralized work to developers, to generating constant revenue raising its own token’s price - I think is pretty unbeatable.

It has now expanded into Binance Smart Chain, it’s clear it will only be gaining more resilience over time.

Anyone with a chance to join the project has an amazing opportunity at their hands.

5 Likes
4

Thank you! Harvest is constantly deploying cutting edge strategies, being the first to deploy UniV3 vaults as a yield aggregator. There are currently plans to expand to additional chains like Polygon, and wherever other profitable farms are. Every time a harvest is performed by the platform, 30% of profits are used to market buy FARM. That is a lot of buy pressure on the token, and also a lot of trading fees to that liquidity pool

4 Likes
5

Cool to see Harvest wanting to make bancor it’s liquidity home. Looking forward to it and whatever strategies it can intergrate.

5 Likes
6

“Once the liquidity depth at Bancor exceeds the depth at Uniswap, the platforms profit share mechanism can be pointed at Bancor instead”

  • I’m sold
2 Likes
7

Great proposal. Let’s make it work!!

Harvest is one of the best project in Defi

2 Likes
8

The link to the harvest finance website was chain.link (probably a force of habit). I have edited the hyperlink to go to the correct place.