Solfarm Blog Updates

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  • Solfarm Blog Updates

     solbot updated 3 days, 1 hour ago 1 Member · 15 Posts
  • solhack

    Organizer
    April 28, 2021 at 9:49 am

    Solfarm Blog Updates

  • solbot

    Member
    April 28, 2021 at 2:41 am

    SolFarm

    The efficient Solana yield aggregator

    Introducing SolFarm

    SolFarm is a decentralized yield aggregator on Solana built ground up, being the first of its kind in the Solana ecosystem.

    The strategies used in our vaults are designed in-house to maximize user’s profitability. Users will be able to deposit their funds into our vaults and sit back while the vaults do the hard work. Auto-compounding will generate the optimal yield with efficient time intervals between harvests.

    With Solana’s low transaction costs, our strategies are able to compound frequently, boosting users earnings.

    Why SolFarm?

    Our platform is designed to streamline the farming experience for our users. Solana can be confusing for new users and it is our goal to reduce friction and allow users to earn yield with ease.

    Our vaults will charge a small fee and in return, we will ensure depositors earn the optimal APY on their assets.

    Compounding (selling rewards and returning them to the LP pair) manually can be tedious . Utilizing our auto-compounding vaults, users are ensured of max-efficiency yield. With the SolFarm protocol, users can expect:

    • Convenience
    • Set and forget
    • Optimal APY due to auto-compound
    • Gas efficiency

    Vaults and Platforms

    To kick-off the launch of Solfarm, we will integrate with Raydium’s farms in order to start earning yield for our users. Our v1 launch will support the following Raydium vaults:

    • RAY-USDT
    • RAY-USDC
    • RAY-SRM
    • RAY-SOL
    • RAY-ETH
    • COPE-USDC
    • STEP-USDC

    Only single asset reward pairs are supported on the v1 launch, but double asset reward pairs are in development as well.

    Coming Soon

    As more projects build on Solana, we are confident that SolFarm will be able to meet the needs of our users with our team. There will be no native token at launch. However, we may reward early participation in our beta further down the road. Stay tuned to learn more about what we have in store for all farmers in the Solana ecosystem with SolFarm.

    About SolFarm

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    Author: SolFarm

  • solbot

    Member
    May 3, 2021 at 2:55 pm

    🧑‍🌾 Greetings to all Solana farmers, the wait is over and the farm is now open for harvest. SolFarm v1 vaults have launched and support Raydium LP token deposits for the following vaults:

    • RAY-USDT
    • RAY-USDC
    • RAY-SRM
    • RAY-SOL
    • RAY-ETH
    • STEP-USDC
    • MEDIA-USDC

    Unfortunately, the COPE-USDC vault has been put on hiatus. Due to the token not having decimals, there is an error with rounding that can lead to loss of funds. We have been informed that COPE may be relaunching the token to fix the decimal issue and our team will monitor that closely.

    Farmers only need to deposit LP tokens, and the rest of the work is done by the vault.

    Our compounder currently harvests at an hourly rate but we may adjust this based on vault performance and TVL.

    The fee structure at launch will consist of the following:

    • Controller fee: 0.01%
    • Platform Fee: 0.1%
    • Vault Fees: 0.0%
    • No deposit/withdrawal fees

    The fees are subject to change in the future based on the needs of the platform.

    WARNING: All code on SolFarm is in beta and experimental. Please exercise discretion when using the dApp. Our team is currently in talks with several auditing firms for audit requests.

    Transactions generally take 1 minute to confirm and propagate on the network, please do not spam click requests as it will increase unnecessary server load and cause unwanted transactions.

    What’s Next

    The team is already working on the next update to our vaults, including vaults for the double reward asset pools on Raydium and allowing users to zap in/out (provide/withdraw single asset on our UI).

    Early farmers may also be rewarded in the near future. 😉

    We are very excited to be launching and we look forward to seeing bountiful harvests in the fields of SolFarm!

    About SolFarm

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    Author: SolFarm

  • solbot

    Member
    May 3, 2021 at 9:39 pm

    A quick guide on how to add liquidity to SolFarm

    Hello new SolFarmers, this article will detail how to utilize our v1 vaults.

    Firstly, you would have to add liquidity for your desired pair on Raydium.

    Use the module to add the desired amount of liquidity and Raydium will give you LP tokens for that specific pair. You can then navigate to the vault page and click on your desired pair.

    If done correctly, the LP tokens will show up in the “Wallet Balance” column and you will be able to deposit. Once deposited, the funds will appear in the “Deposited” Column. Any rewards accrued will be added to your “Deposited” balance.

    To avoid users hopping in and out of vaults to game rewards, you will be required to keep your funds in the pool for at least 2 hours to avoid any penalties. If you withdraw before this period elapses, you will forfeit any rewards accrued during that time.

    Happy farming!

    About SolFarm

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    Author: SolFarm

  • solbot

    Member
    May 4, 2021 at 8:26 pm

    Hello SolFarmers, it’s been a bountiful harvest since our launch 24 hours ago. Our vaults are currently harvesting rewards for 95MM of TVL, thank you for your support!

    A farmer’s harvest.

    Our team has coordinated with Step Finance, Ape Board and Sonar Watch for integrating and you will be able to track your SolFarm harvest on these platforms very soon!

    Moving Forward

    • Our team is currently looking into adding vaults for the double asset reward pools on Raydium
    • Our team is continuing to optimize our code and preparing a backup RPC node
    • Our backend code is being peer reviewed as we wait for an audit

    Until our next update, happy farming SolFarmers!

    _

    About SolFarm

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    🐦Twitter

    💬Discord

    Go to Source
    Author: SolFarm

  • solbot

    Member
    May 10, 2021 at 10:22 pm

    Hello SolFarmers!

    We’re pleased to announce that new vaults are now available for deposit. The latest of our vaults are the Dual Yield Fusion pools on Raydium. The following pairs are now supported:

    • FIDA-RAY
    • OXY-RAY
    • MAPS-RAY
    • KIN-RAY

    Dual Yield pools will have a tooltip indicating their mechanics to avoid confusion. These pools will involve very small amount of asset exchanges to balance out LP amounts on compounding.

    __

    We’ll be looking to add RAY single asset staking vaults next. Stay tuned for our next update. As always, have a bountiful harvest SolFarmers!

    About SolFarm

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    Author: SolFarm

  • solbot

    Member
    May 18, 2021 at 9:16 pm

    Ready for Harvest — TULIP

    Introducing SolFarm’s native token

    Fellow SolFarmers, thank you for joining us for our public beta over the past 2 weeks. SolFarm has been a huge success, with TVL averaging over $100MM. We are thankful for all of your support!

    SolFarm launched without a token, as we wanted to ensure that we were focused on building and delivering our product during this period. With the beta phase coming to a close, we are proud to announce the launch of SolFarm’s native token — TULIP.

    A humble SolFarmer tending to his crops

    Token Utility

    The TULIP token is designed to transition into a governance token as the protocol moves towards full decentralization. The Solana Foundation has informed us that there are on-chain governance tools in development. We look forward to shifting the protocol governance to token holders once this becomes available. Governance will involve activities such as treasury administration and protocol improvement proposals.

    TULIP Tokenomics — 10,000,000 tokens

    • All team tokens are vested on-chain with a cliff of 6 months and 3 year linear vesting
    • Advisor/partnership tokens are subject to similar vesting periods
    • The treasury bootstrap will be used for future protocol upkeep and possible protocol incentives, ie. buy back and burn with future revenue
    • Liquidity provisioning will be reserved for AMM liquidity if necessary and possible Fusion pool rewards

    Retroactive Rewards

    SolFarmers are rewarded based on their participation of our public beta period (from launch to ending at May 16, 00:00 UTC). We have taken periodic snapshots of our vaults and users will be rewarded based on their TVL over the duration of the two weeks.

    Launch Pools will receive 0.9% split equally

    • RAY-USDT LP
    • RAY-USDC LP
    • RAY-SRM LP
    • RAY-SOL LP
    • RAY-ETH LP
    • STEP-USDC LP
    • MEDIA-USDC LP

    Dual Yield and Raydium pool will receive 0.1%

    • FIDA-RAY
    • OXY-RAY
    • MAPS-RAY
    • KIN-RAY
    • Raydium

    We had initially planned dual yield pools after the beta and the Raydium pool was not in our plans. However, the development of these vaults was accomplished faster than expected. By popular demand, the single asset Raydium pool has also been included in the calculation of retroactive rewards.

    There will be no further steps needed from users. Our team will airdrop the token into your wallet.

    Initial Liquidity Mining Program

    SolFarm will be introducing the first liquidity mining program which will last for a period of 90 days, from 00:00UTC May 19th to 11:59UTC August 17. A total of 10% of the total supply is scheduled to be emitted through this program, and is allocated as follows:

    Launch Pools will receive 7.5% split equally (approx. 1.0714% per pool)

    • RAY-USDT LP
    • RAY-USDC LP
    • RAY-SRM LP
    • RAY-SOL LP
    • RAY-ETH LP
    • STEP-USDC LP
    • MEDIA-USDC LP

    Dual Yield and Raydium pool will receive 2.5% split equally (0.5% per pool)

    • FIDA-RAY
    • OXY-RAY
    • MAPS-RAY
    • KIN-RAY
    • Raydium

    We will continue to take periodic snapshots and rewards will be distributed daily as a stopgap measure as our automated on-chain reward distribution system has not yet completed testing. Our dev team is working hard for our latest major upgrade, which is also being entered into the Solana Hackathon. The distribution system will be completed after we push our next feature.

    Thank you for the continued support, the team is looking forward to the next major update that is sure to elevate your farming experience on Solana. Until then, happy farming SolFarmers!

    __

    About SolFarm

    🌐Website

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    Author: SolFarm

  • solbot

    Member
    May 29, 2021 at 2:36 pm

    And a short update on our development progress

    Hello SolFarmers, hope you have been enjoying the TULIP harvest! We have a small announcement to make this week as we onboard a strategic advisor: Hedgedhog7 of Fisher8 Capital.

    Hedgedhog is a veteran farmer, starting with carrots and potatoes at his agricultural high school and then as a genesis YFI whale farmer and a early whale farmer in projects during their genesis like COMP, BAL, MTA. As a venture capitalist, he has also been involved in notable DeFi projects such as Alchemix, The Graph, Pendle and Bonfida. With his involvement in the angel collective Egirl Capital and MEV platform KeeperDAO, he brings forth a veritable trove of experience in both the farming space and the DeFi space. We are delighted to have him on board and take our farming experience to new heights.

    Development Update

    Our team is currently working on the UI portion of our Hackathon entry and we will be looking to release this feature at the end of the Hackathon along with some special updates to our Raydium pool.

    We are currently testing the onchain distribution for TULIP rewards and will give an update/instructions once this has been completed.

    Thank you for your continued support and as always, happy farming!

    About SolFarm

    🌐Website

    🐦Twitter

    💬Discord

    📧contact@solfarm.io

    Go to Source
    Author: SolFarm

  • solbot

    Member
    June 7, 2021 at 3:45 am

    Hello SolFarmers, we’re pleased to announce that TULIP-USDC will have its own Fusion pool. The pool will open at 12:00 UTC on June 7th. Raydium has informed us that the existing permissionless pool will be upgraded to an official listed pool so there will be no requirement for users that are already LP-ing to migrate. We will be providing more details once the pool has launched.

    This pool will emit approximately 150,000 $TULIP (1.5%) over 6 months with an exponential decay curve. This means early farmers will be rewarded with higher APR. Happy Farming!

    Decay Curve

    On the development side, we are looking to start testing our new farming feature closer to the end of this week. Ideally, we can open the feature to the public by the weekend. Look out for possible sneak peeks!

    About SolFarm

    🌐Website

    🐦Twitter

    💬Discord

    📧contact@solfarm.io

    Go to Source
    Author: SolFarm

  • solbot

    Member
    July 23, 2021 at 8:15 pm

    Hello SolFarmers, with this post we bring you several development updates.

    We have launched our new Saber.so LP farming pools. The USDT-USDC and PAI-USDC pools are now live on our site. You can find them at the bottom of the list.

    Due to the low liquidity for SBR markets, we have decided to only launch 2 vaults in the beginning and monitor the compounding strategy closely in order to minimize compounding impact.

    Users of USDT-USDC vault, do note that Saber does charge a 0.5% withdrawal fee for LPs.

    Leveraged Farming

    For our leveraged farming feature, we are currently internally testing and ironing out bugs and will be launching publicly very soon. Stay tuned for more details. If you have any questions, feel free to drop by our Telegram or Discord.

    As always, happy farming!

    About SolFarm

    🌐Website

    🐦Twitter

    💬Discord

    📧contact@solfarm.io

    Go to Source
    Author: SolFarm

  • solbot

    Member
    July 27, 2021 at 5:57 pm

    Hello SolFarmers. In this post, we will be going through the steps to utilize our new leveraged farming and interest reserves.

    Interest Reserve Deposit

    Depositing into the Interest Reserve is similar to our vaults. First, select the Reserve you would like to deposit and select the amount. After, press “Deposit” and you will be prompted to sign 1 tx.

    Once the tx has confirmed, you will see the funds in “Deposited” and the total supply would be increased. You will start earning interest based on pool utilization. As you can see in the two screenshots, the APY of the pool changes based on supply and utilization.

    To withdraw, you can do the same actions as deposit but in the withdrawal module.

    Opening a Position

    To start, please ENSURE you have token accounts created for all relevant tokens in the pair you wish to trade on (ie. RAY + USDC) and also a token account for $TULIP.(TuLipcqtGVXP9XR62wM8WWCm6a9vhLs7T1uoWBk6FDs).

    To open a position, navigate to the leverage farming tab and review the pool you would like to open a position in. For our example, we will be opening a position in RAY-USDC.

    Press “Farm 2x” button and you will be given a position prompt. Note you can adjust leverage in 0.1x increments, you can do so either in the farming page or in the pop up. In the pop up, select the asset you would like to supply. For this example, I will be supplying RAY and borrowing USDC.

    You would need to change the asset to USDC in order to borrow. Once changed, it will show the supplied and borrowed asset amounts. After confirming the details, press “Farm” and you will be prompted to sign. Note if you are using a Ledger via Sollet/Phantom, you will need to sign 5 times on the Ledger. Otherwise, it is just 1 prompt on Sollet/Phantom. There will be 5 transactions broadcasted.

    Unfortunately, sometimes transactions may fail to broadcast due to network issues but our dApp has a catch for these errors, you can simply reopen the pop up and you will be prompted to retry and the dApp will rebroadcast the failed transactions.

    Once the transactions confirm, you can find your position in the positions tab and manage it there.

    To close the position, you can press “Close” and sign the transactions and once confirmed the position will unwind and return any funds into your account.

    If you have any questions, please join the Discord and a team member will assist.

    About SolFarm

    🌐Website

    🐦Twitter

    💬Discord

    📧contact@solfarm.io

    Go to Source
    Author: SolFarm

  • solbot

    Member
    July 27, 2021 at 5:57 pm

    Hello SolFarmers. In this post, we will be going through the steps to utilize our new leveraged farming and interest reserves.

    Interest Reserve Deposit

    Depositing into the Interest Reserve is similar to our vaults. First, select the Reserve you would like to deposit and select the amount. After, press “Deposit” and you will be prompted to sign 1 tx.

    Once the tx has confirmed, you will see the funds in “Deposited” and the total supply would be increased. You will start earning interest based on pool utilization. As you can see in the two screenshots, the APY of the pool changes based on supply and utilization.

    To withdraw, you can do the same actions as deposit but in the withdrawal module.

    Opening a Position

    To start, please ENSURE you have token accounts created for all relevant tokens in the pair you wish to trade on (ie. RAY + USDC) and also a token account for $TULIP.(TuLipcqtGVXP9XR62wM8WWCm6a9vhLs7T1uoWBk6FDs).

    To open a position, navigate to the leverage farming tab and review the pool you would like to open a position in. For our example, we will be opening a position in RAY-USDC.

    Press “Farm 2x” button and you will be given a position prompt. Note you can adjust leverage in 0.1x increments, you can do so either in the farming page or in the pop up. In the pop up, select the asset you would like to supply. For this example, I will be supplying RAY and borrowing USDC.

    You would need to change the asset to USDC in order to borrow. Once changed, it will show the supplied and borrowed asset amounts. After confirming the details, press “Farm” and you will be prompted to sign. Note if you are using a Ledger via Sollet/Phantom, you will need to sign 5 times on the Ledger. Otherwise, it is just 1 prompt on Sollet/Phantom. There will be 5 transactions broadcasted.

    Unfortunately, sometimes transactions may fail to broadcast due to network issues but our dApp has a catch for these errors, you can simply reopen the pop up and you will be prompted to retry and the dApp will rebroadcast the failed transactions.

    Once the transactions confirm, you can find your position in the positions tab and manage it there.

    To close the position, you can press “Close” and sign the transactions and once confirmed the position will unwind and return any funds into your account.

    If you have any questions, please join the Discord and a team member will assist.

    About SolFarm

    🌐Website

    🐦Twitter

    💬Discord

    📧contact@solfarm.io

    Go to Source
    Author: SolFarm

  • solbot

    Member
    July 28, 2021 at 12:03 am
    SolChad dreams of leveraged Tulip farming

    Hello SolFarmers, a lot of you have been waiting for this release. Our team has been tirelessly working to improve the product since the Hackathon and today we are excited to launch SolFarm’s leveraged farming function on main-net.

    The function consists of two parts: SolFarm Interest Reserves & Leveraged LP Positions.

    Interest Reserves

    SolFarm Interest Reserves allow users to deposit and earn an interest on their single asset deposit based on the usage of the platform. The higher the utilization rate, the higher the interest rate. We utilize a 3 slope interest curve to calculate lending interest. SolFarm takes 10% from any interest charges and the rest is distributed back to lenders. You can find more details here.

    SolFarm Interest Reserves
    Interest Rate Curve

    Leveraged LP Farming

    SolFarmers will be able to open leveraged positions at 2x leverage at launch. Positions are capped with a lower bound of $100 notional ($50 notional deposit) and an upper bound of $100k notional ($50k notional deposit). The position limits are to ensure an orderly market and we will look to scale this along with leverage as reserves and liquidity on Solana grows.

    On launch, we will have the following pairs available: RAY-USDT/RAY-USDC/RAY-SRM. We will be looking to add more pairs as we scale based on stability and load. For more details on the function, please review our Gitbook here.

    Protocol Update

    As the platform scales, costs associated do increase as well. Platform fees will be increased to 1.5% in total to compensate for this. Note that this fee is a performance fee and is charged on any compounding profit and not on principle/deposit/withdrawal.

    __

    We are extremely proud of our progress and we invite all users to join us on the next evolution of SolFarm. Happy farming!

    A guide to using the new functions can be found here.

    About SolFarm

    🌐Website

    🐦Twitter

    💬Discord

    📧contact@solfarm.io

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    Author: SolFarm

  • solbot

    Member
    August 14, 2021 at 3:02 pm

    SolFarmer’s Education — Leveraged Yield Farming

    Hello SolFarmers! Since the launch of leveraged yield farming (LYF), there has been a lot of interest in the product, with over $11 million lent out and over $8.5 million borrowed concurrently in more than 1600 unique positions.

    We at SolFarm decided to launch some articles to help SolFarmers better understand the functions behind leveraged yield farm and how to minimize your risk.

    A SolFarmer studying the art of yield

    The Basics

    Leveraged Yield Farm is made up of 2 main participants, the borrower and the lender.

    The Lender deposits their assets into SolFarm’s lending pool to earn a variable deposit rate based on pool utilization and the interest rate curve. Accrued interest is automatically compounded and there is no management required from the lender’s side.

    As with any yield farming, there are well defined pros and cons when it comes to lending. For the pros, you get a low risk yield with virtually no active management required. On the other hand, the annualized yield is unpredictable due to constantly varying interest rates based on utilization, and high utilization where you cannot withdraw your funds until loans are repaid.

    Common risks for lending are smart contract (platform/counterparty risk) and untimely liquidations. Smart contract risk could result in an exploit leading to partial or full funds being drained. Liquidation risk would involve a loan not being liquidated in a timely matter, causing a shortfall in the loan. Note that SolFarm liquidates at a 85% LTV ratio, which leaves about a 15% buffer to liquidate. Current profits from liquidation go to an insurance fund.

    At the moment, SolFarm only supports lending for leveraged yield farms and the funds do not leave the platform.

    The power of leverage yield farming

    The Borrower supplies and borrows against their collateral. They are required to maintain a set loan to value ratio, otherwise collateral will be liquidated to clear the loan. This is done to maintain an orderly market and retain Lender’s confidence in the lending market.

    While leverage offers the potential for increased gains, the risks grow too and become more multifaceted.

    There are two primary risks to leveraged yield farming: liquidation risk and directional risk. Liquidation risk is when you are not able to maintain the required LTV, resulting in a forced closure of your position to repay the loan. Any remaining collateral will be returned to you once the loan has been satisfied and the liquidation bounty has been taken out.

    Directional risk is based on the asset you have borrowed. For example, when Pepe supplies USDC and borrows RAY to farm in RAY-USDC LP, he is effectively short on RAY. This is because in token lending the borrower is required to return the exact amount of tokens to the lender. If RAY’s price rises, then some of the RAY in the LP will be sold for USDC; resulting in impermanent loss. This means the borrower will have less RAY than borrowed, and will therefore have to buy back at a higher price. This will affect the LTV ratio and can end up causing a liquidation if left unmanaged.

    We have adapted some modeling from Alpaca Finance to suit SolFarm users. You can browse the sheets here and find any relevant modeling to apply to your needs. You can also use impermanent loss calculators like these.

    We will be writing more educational material. If you have any suggestions on topics, let us know. Happy farming!

    __

    About SolFarm

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    📧contact@solfarm.io

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    Author: SolFarm

  • solbot

    Member
    August 31, 2021 at 7:38 am

    A SolFarmer’s work can be difficult, but that doesn’t mean you have to do it alone! In this post, we are introducing our first community initiative, the People’s Farmer award.

    Looking for Frens

    Behind every successful yield aggregator is a group of dedicated users that devote their time to understanding the mechanics of yielding, and to brainstorm new creative ways to further their yield potential. These users can often be found in community Discords or Telegrams; sharing their wisdom and guiding inexperienced farmers. We would like to reward these exemplary users with this initiative.

    Every month, we will select up to 5 SolFarmers from the community to be awarded the People’s Farmer award, which is $500 in $TULIPs (approx. 50 $TULIPs at time of writing) for each recipient! The selection criteria will generally be based on activity, helpfulness, and also unique insights. These users will also be given a unique role to honor their achievement.

    For August, we have selected the following three members to be awarded as the People’s Farmer. (Note, they are not listed in any particular order.)

    1. bmd08a1#7190 (Discord)
    2. @imlct (Telegram)
    3. kyH#9919 (Discord)

    We would like to thank all our users for creating a vibrant community around SolFarm and we hope you’re as excited as us for our next vault product. As always, happy farming!

    __

    About SolFarm

    🌐Website

    🐦Twitter

    💬Discord

    📧contact@solfarm.io

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    Author: SolFarm

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