Farmers
Yesterday I wrote about the recent Harvest drama.
Since then Chris Blec has written a more detailed report, available here.
Tl;dr: Harvest’s $1.1b assets under management are controlled by one anonymous user, they did not respond well.
The information he brought to the wider DeFi community’s attention wasn’t new - it came directly from two audits available on Harvest’s website that explicitly identify the flaw.
You can find the audits here and here.
Chris claims he has since been banned from the Harvest discord channel, and their official response has been less than satisfactory.
While they point to a 12 hour timelock that may reassure investors, their argument seems to be that having a multisig to protect users’ funds would slow them down? Eek:
There were over a 1000 messages in the community’s discord channel overnight, and I read them all. While some members voiced concerns, the majority message was if you don’t like our fields, plant your seeds elsewhere.
After all, as one user pointed out, less total value locked just means more yield for the rest of us.
Picklers
While Harvest’s community were in uproar that their project was receiving some frankly fair criticism, there was also drama over at Pickle.
A disgruntled community member was deeply unhappy with the project’s withdrawal fees and recent change of direction, and was causing quite a scene. For anyone who hasn’t been following, after changes at Maker to the Dai stablecoin Pickle has adapted from being a ‘maintain the peg’ project to much more, including yield farming strategies with Curve.
Pickle has been going through a surprising decline in value, as the project has been going from strength to strength in every other metric. One pickle cost $28 a week ago, but dropped to just $14.50 last night.
It was refreshing to see the community work through the incident, with cool-headed moderation presiding. Some Picklers expressed agreement with elements of the opinion being voiced, but all members came together as a community to shut down the abusive attitude.
One final thought: Pickle developers use a public multisig, and have been reacting to the ever-shifting DeFi markets with agility.
Harvest, are you taking notes?