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Harvest FinanceHarvest Financeby0x252E7E8B9863f81798B1fEF8CfD9741A46De653C0x252E…653C

Introducing iFARM (improved proposal)

Voting ended almost 5 years agoSucceeded

πŸ‘©β€πŸŒΎ Calling all farmers, we are introducing a proper vault for FARM staking that works alongside the existing autostaking FARM pool.

The vault will follow the same design as the other vaults. Users will deposit FARM, and receive receipts for it. Those have the form of an ERC20 token called iFARM. The vault itself will have a strategy which will perform doHardWork and stake their FARM into the existing autostaking pool. All profit sharing incentives work exactly the same as currently.

The gas fee of the new vault is about half of the existing autostaking FARM pool. People can decide to use the current one or the new one. There is no need for users to migrate at all.

Compounding in the new FARM vault existing alongside the current pool will be done by Harvest's doHardWork.

Benefits:

  1. iFARM will be created, and the PS pool gets a substantial technical upgrade, so that it can be maintained easier in the future
  2. iFARM will enable staked FARM to be used as collateral on lending services without hitting the max portion of the interest rate curves due to high FARM staking rates
  3. iFARM will be a transferable asset. It can be passed from one address to another without the necessity of withdrawing FARM from the vault.
  4. iFARM opens the way to more innovation down the line

TDLR: Gas savings, no migration needed, autostaking FARM pool and the new pool exist alongside eachother, technical functionality is added enabling more innovation

πŸ“Yes, deploy iFARM πŸ’ No, don't deploy iFARM

Polls are open until Feb 12, 11pm UTC ~48 hours from now, giving ample time for everyone to vote.

Off-Chain Vote

πŸ“Yes, deploy iFARM
52.45K 97.3%
πŸ’ No, don't deploy iFARM
1.47K 2.7%
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Timeline

Feb 10, 2021Proposal created
Feb 10, 2021Proposal vote started
Feb 12, 2021Proposal vote ended
Oct 26, 2023Proposal updated