Garden Finance in July: An Overview for Those Who Missed
Garden Finance is where your $SEED grows.
Garden Finance serves as a bridge for Bitcoin and offers innovative solutions for trading, staking, and yield farming, all enabled with $SEED, its native token.
This protocol is dedicated to improving the accessibility of BTC to diverse DeFi opportunities, and its ecosystem continually expands through strategic partnerships and tech advancements.
In July, Garden Finance achieved several notable updates and milestones, marking a period of significant growth and innovation.
I will be laying them down on the table in a whiff, my picks for the month.
1. DODO x Garden Quest
In collaboration with DODO, a decentralized trading protocol for web3, Garden Finance introduced an initiative that allowed users to earn rewards through liquidity provision.
This quest required depositing liquidity into the solvBTC/WBTC pool on DODO, with participants earning 20 $SEED tokens and receiving a refund for BTC bridge transaction fees.
Steps to complete the quest include:
i. Bridge WBTC to Arbitrum: Users commence by bridging Wrapped Bitcoin (WBTC) to the Arbitrum network with Garden. If WBTC is already connected to your Arbitrum, you can skip this step. Solv’s decentralized application (dApp) is used to acquire SolvBTC.
ii. Deposit into DODO Pool: When you visit the DODO platform, connect your wallet, select the Arbitrum chain, and navigate to the “Pools” tab. Choose the solvBTC/WBTC pool, which has a fee tier of 0.03% and an annual percentage yield (APY) of 30%, and add liquidity.
iii. Confirm Transaction: Confirm the transaction in your wallet after selecting the amount of liquidity to provide.
iv. Stake LP Tokens: After providing liquidity, you can stake LP tokens for more DODO rewards and the transaction completion status will be updated within a minute, reflecting the SEED rewards.
2. More Integrations on Arbitrum
Moving on, Garden Finance achieved one more milestone by being listed on the Arbitrum Ecosystem Portal. This improves the Garden’s visibility and accessibility within the Arbitrum network.
3. Technical Updates
The development team also focused on enhancing the platform’s functionality with updates like the Garden SDK, which is nearing its final review. Upon completion, this software development kit will support multi-chain interactions and enhance user experience on different blockchain networks.
The SDK allows the smooth connection of Bitcoin and EVM wallets.
4. First Act of Community Governance & Votes
Community involvement remained a central theme all through the month.
Because Season 3 failed to reach the same heights as previous seasons, which would make it run through the year, significantly longer than prior seasons, a proposal was made to conclude Season 3 and reallocate the remaining 4.3 million $SEED to funding more growth-oriented community initiatives.
This proposal, which aimed at concluding Season 3 on August 13 at 12:00 pm UTC, was accepted by the community reaching its quorum in votes with 97.74% of voters in favor of the proposal. Check here.
5. Community Enlightenment & Engagement
Informational content about Garden Finance was also featured in the five AMAs and media appearances that included insights from web3 experts, offering perspectives on DeFi and the role of community in driving innovation.
The garden community’s creativity was shown via the weekly meme segment. Garden Finance encouraged users to share and create memes, a move made to create an engaging atmosphere.
Reflecting on the past six months, Garden Finance has achieved significant milestones, including reaching nearly $800 million in total volume across ETH, BTC, and ARB. As Garden Finance continues to evolve, its focus remains on community and innovation.
The platform’s SEED ethos emphasizes long-term community participation and strong partnerships, with 65% of SEED tokens allocated to community members.
And, as John from the AMA with Aark Digital noted, “In Web3 marketing, the community is key, and the support we get from the community expands to different crypto communities. We can’t forget the long-term stability of the community while understanding the hype is built on the foundation of crypto culture.”
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