Rethinking the Harvest Supersett (it's not working)

General Discussion
1

Am i missing something, or has the harvest superset become a bad deal for everyone?

crv apy on the crv ren pool is currently : 1.93%
Harvest takes 30% of that so we pay them. : 0.579%
The current FARM APY on the Ren vault is. : 0.54%

So in the end we’re paying harvest more than we are getting back (and that’s with harvest at local high)

Looking at it from a fees prospective:
Badger can either take 20% of the .579% from farm,
or
20% from the 1.93% from curve.

So as a Harvest Superset Staker, I personally I break even on the superset because I’m getting less APY and paying less fees, but badger seems to just be handing money to harvest. Both Badger and I are also taking on all the additional harvest risk.

I’m a huge harvest fan. I even sold a bit of Badger today to get back in (I sold a bunch of farm to get into badger), but they’re more focused on stable-coins and wild farming opportunities than low curve APY’s on bitcoin. The renBTC pool is clearly not on the top of the list of vaults to incentivize.

Another view:
Harvest has 131 million US in their REN pool
Badger has 121 million in our harvest super-sett
It kind of seems like we’ve also made that pool pretty undesirable for anyone else. This kind of means that harvest is also just giving us their FARM tokens without making much profit themselves, instead of using those emissions to bring new users to their platform on higher paying farms.

The supersetts are a great idea, (working well with sushiswap for example), and harvest is a cool project. But this particular combination seems to create a lot of confusion and loose a little money. Probs not on the top of the prio list, but maybe we should do something about that some day.

We could just start shifting some emissions from the harvest set to the ren sett, drop the withdraw fees on the harvest supersett, and let the money slowly move over. This would require minimal work.

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2

Good observation. I dumped my position in the super sett a while back because of the low APY.

Its tough though as clearly people are still invested in it. Its probably better to just develop new products rather than work on changing this one.

My main beef is that the FARM tokens are yet to be distributed…

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Thank you for pointing this out. The idea was generate more APY than the crvrenBTC sett. Most days the APY calculation you see in Badger app, in Sett.Vision or in vfat.tools is in fact a little bit higher for this Harvest SuperSett. So apparently, based on this data, it has not been a bad deal and it is doing what it intended: generate additional APY.

Do you have any elements that may lead to think that those APY calculations are not correct? Are the FARM rewards that have yet to be distributed considered in this APY? We cannot see the amount of FARM rewards we have accrued over this time and we cannot withdraw them.

I would like to have clarity about all of this, because I am holding this SuperSett. I could move to a different sett but this would reset my multiplier. Considering that BIP 24 is expected to be implemented soon, perhaps I’d be better off waiting for that to happen.

I understand that the accrued FARM rewards would be distributed to participants regardless.

I would love to hear from the team, especially the creator of this SuperSett, to clarify all this for us.

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