Harvest Finance LTIPP Council Recommended Proposal

Link to Application

https://forum.arbitrum.foundation/t/harvest-finance-ltipp-application-draft/21811

Council - 3/5 Yes Votes

Feedback

Wintermute Feedback) Harvest Finance presented a decent application that scored well in areas like composability, Arbitrum relationship, co-incentives, and track record. Their requested grant size lacked calculations and justification. Their Arbitrum traction is lacking for their age, however, they have decent TVL across other chains. Their application also mentioned that they would be using a portion of rewards to incentivize the yield of their native token without little justification. Their native token already benefits from protocol revenue that will be generated from other ARB rewards/activity on the platform. The iFARM vault at the time of marking has not been deployed on Arbitrum, however, the team has mentioned that they are in the process of deploying it. We would’ve also liked to have seen more of an emphasis on incentivizing current users from other chains to Arbitrum. Given the composability of the project and the fact that rewards will ultimately benefit other protocols, we will supporting this application so that the DAO can make the final decision.

404 DAO Feedback) Harvest Finance presented a solid proposal overall and we appreciated their collaborations with multiple other protocols which could lead to the grant having strong secondary effects. Unfortunately, due to the lack of justification around their ask, milestones composition and current usage relative to the high grant ask, we are unable to support this proposal.

Karel Feedback)

"Vote FOR Harvest Finance's proposal.

Strong proposal that scored well across the rubric. Happy to move this to the DAO but would have liked to see: (i) More thorough justification and calculation for requested grant size; (ii) Greater emphasis on building traction in Arbitrum; and (iii) Clearer explanation for incentivizing yield of native token, especially considering existing protocol revenue."

GMX Feedback) The proposal has comprehensive strategy outlined by Harvest Finance, their track record of successful deployments across multiple networks, and their collaborative efforts within the Arbitrum ecosystem, we recommend accepting their proposal. Harvest's commitment to diversifying strategies, incentivizing partner vaults, and driving user adoption aligns well with the goals of achieving growth in the Arbitrum ecosystem. Their proposed allocation of incentives, targeted towards high-value vaults and LP pools, demonstrates a strategic approach to maximize TVL and yield for users. Additionally, the provision for users to stake ARB tokens into Harvest vaults further promotes stickiness and long-term engagement within the ecosystem. Overall, Harvest's proposal presents a compelling case for supporting their initiatives on Arbitrum.

GFX Feedback) This grant suffered in two main areas. The milestones do not suitably hold the grantee accountable for increasing users or assets on Arbitrum, instead focusing on distribution of the grant itself. Secondly, it’s difficult to believe that Arbitrum governance funds need to subsidize vaults that are already yielding 30% or more. If that doesn’t attract users, then it doesn’t seem like a good use of governance resources.