591
views

Harvest Finance (FARM) – The Young Farmer’s Gateway to DeFi

Harvest Finance is a DeFi protocol that aims to help yield farmers obtain the highest APY possible by doing nearly all the farming for them.

The DeFi space is expanding like greased lightning and spewing new, leading-edge protocols every day. It isn’t easy to keep pace with the progress, even for those in it since the early days of decentralized finance. So, it is understandable why newcomers are scratching their heads about yield farming, harvesting, gas costs, and APY tracking.

Fortunately, there is one platform where they can learn the ropes of DeFi while their assets’ value enhances, and its name is Harvest Finance. This asset protocol is among the top-10 DeFi platforms at the moment, with no less than $693 million in locked value as of December 2020.

Harvest is all about maximizing yields with minimal effort on your side. If you are the passive investor type, you may find this protocol the most approachable entry into the promising world of decentralized finance.

What is Harvest Finance?

Harvest Finance Project is a DeFi protocol that helps users capitalize on their yield farming without keeping an eye on the market 24/7. The protocol takes the deposits and automatically puts them to work on the best yielding platforms in the decentralized finance sector.

Harvest’s goal is to optimize yields by using up-to-date farming techniques and allow its users to maximize their annual percentage yields (APYs).

Harvest Finance uses a governance token called FARM, which enables holders to vote on community proposals and the FARM treasury’s functionality. In return, they receive up to 5% of the fees in FARM that come from Harvest operations.

Harvest is a convenient gateway for beginner crypto enthusiasts who don’t have the experience or know-how to track DeFi protocols for the lowest gas costs and highest potential yields.

Who is behind the Project?

There isn’t much information on who the Harvest Finance developers are. The only hint about the mastermind behind Harvest comes from the project’s GitHub page, which acknowledges Andre Cronje’s contribution, a leading Yearn Finance developer and a prominent name in the DeFi space. Nevertheless, the protocol was audited by Haechi Audit and PeckShield, and it benefits from their backing.

The Harvest Finance Token (FARM)

FARM is an ERC-20 token built on the Ethereum blockchain, and it is the native currency on the Harvest Finance platform.

Harvest launched FARM without an Initial Coin Offering (ICO) or support from venture capital firms. On the date of its release, September 3, 2020, the token began from 0 units in supply and trading at nearly $420.

The developers predict that in the next four years, there will be almost 700,000 FARM in circulation. However, there is already 327,246 FARM in circulation out of a total supply of roughly 369,000 FARM at the time of this writing. A good deal of tokens end up burning to control inflation, but still, its rapid ascent is impressive in less than three months after the official launch. One FARM is currently trading for nearly $90.

If you want to purchase FARM, you can do so at various exchanges like Uniswap, Paraswap, and DeBank. Once you buy it, you can store FARM in crypto wallets like Trust Wallet and Ledger Nano S.

Once you become a FARM holder, you can profit share in the yield farming revenue and increase your FARM holdings by providing liquidity in Uniswap.

How Harvest Finance works

Harvest enables you to deposit tokens from a wide selection of supported cryptocurrencies and make them work in potentially high-yield DeFi pools. You can put in DAI, USDC, WBTC, and other supported assets, and in return, you receive an fAsset (fDAI, fUSDC, fWBTC), which gains a proportional share of the farming revenue

. The ones who benefit the most from using Harvest are the first-time crypto farmers who get a pass on calculating transaction fees or moving assets between DeFi protocols independently. Instead, Harvest performs these tasks together through audited smart contracts and saves users from the trouble of doing them manually.

On Harvest Finance, farmers can lay back and watch as the protocol handles APY tracking and transaction costs without risking their deposits’ safety.

The protocol also enables users to stake their assets on various farms by using any of its supported cryptocurrencies, including Sushi, Compound, and REN.

FARM Pools

Harvest users have a broad range of tokens they can choose from when depositing in the protocol’s pools. Among them are both DeFi tokens like Curve, WBTC, RENBTC, and Uniswap and traditional cryptos like USDT, USDC, DAI, WETH, and TUSD. The users receive rewards for providing liquidity, which differ depending on the pools they choose.

Harvest Finance Governance

All the Harvest platform participants have the right to vote on decisions and proposals that might affect the entire Harvest community. As FARM holders, they can vote on core changes to the Harvest Finance protocol or upgrades to the user interface.

The Bottom Line – A Guide to Harvest Finance

At first sight, Harvest Finance looks like an overnight DeFi success bound to vanish just as quickly as it emerged. However, once you start peeking under its hood, you realize that it is a developers’ endowment for first-time farmers who have just learned how to spell “cryptocurrency” correctly.

The platform offers to do most of the work in yield farming while providing top-notch security for the users’ deposits. The high level of protection results from the expert backing from two industry-leading audit firms like Haechi Audit and PeckShield.

Harvest is also on the lookout for fruitful investments and partnerships through its Council of 69, a department whose sole mission is to enhance the benefits for Harvest farmers from future projects.

Bitcoin live price
Btc
Bitcoin
$16.520,21
price
0.1978%
price change
BUY NOW

Countless scams disguised in DeFi protocols appear on the market every month. Having a protocol that does its best to teach new users about yield farming safely and in a friendly way is exactly what the cryptocurrency industry needs to increase its relevance and credibility.

Stay up to date with our latest articles

More posts

Risebit – A New Generation of Decentralized Platforms

Risebit is a blockchain-based investment platform enabling users to generate returns safely and reliably. Users can choose from different investment plans according to their portfolios and strategies. Moreover, they can be part of an entirely community-centered platform where all members have a say in project decisions. Some of the Risebit services include a decentralized crypto exchange, a lending platform, launchpads, staking, and BUSD investment pools. Risebit has reached its token presales in just half an hour and scheduled the official…

Voiders – A Free-to-Play Game Revolutionizing Web3 Gaming

Online gaming has come a long way in the past few years. As time goes by, more and more people enjoy playing games online. Web3 gaming is a growing category of internet games. With the upcoming release of Voiders, gamers now enjoy an even more immersive experience. We decided to explore this new game and see what all the hype was about. Voiders - A Closer Look "Voiders" is close to entering the market as one of the first mobile…

Affiliate Me Token – A New Marketing Philosophy In the Crypto World

It's no secret that good marketing can make or break a business. Effective marketing is more important than ever in the online world, where competition is fierce. Here, customers have plenty of choices, and companies may need a high budget to launch effective marketing campaigns. Therefore, it's not surprising that startups are turning to cryptocurrencies and blockchain technology to get an edge on the competition. One such project is Affiliate Me Token, which aims to provide a new marketing paradigm…

Boui – A Voyage Across the Latest Innovative Platform Joining the NFT Market

NFTs have been around for a while, but the industry is still in its early stages. Many projects are popping up, and it can be difficult to tell which ones are worth investing in. This is because the NFT market is still very new, and there is a lot of speculation. Today, we’ll look more closely into Boui, a project that caught our attention and will soon launch on the market. Understanding Boui's Approach to the NFT Industry Boui is…

Ushi – Exploring Crypto Data in a New Way

A new player in the crypto world is looking to change how data is processed and shared. Ushi, a project audited by SolidProof, has a roadmap that promises big things for the future of data sharing.  So let us look more closely at what Ushi has to offer. A Quick Overview of Ushi Ushi (the Japanese term for "bull") is a new and unique way to look at the crypto market. By analyzing data and looking for patterns, Ushi can…

Is Planet IX a Scam? – A Look into Polygon’s Biggest Play-to-Earn (P2E) Game

Planet IX is a new gaming experience using blockchain and web3 gaming to create a fair and secure ecosystem. Through IXT tokens, players can compete on an even playing field regardless of their starting point in the game. Tokenomics ensures that everyone has a chance to earn rewards based on their participation and contribution to the game. Nibiru Software, the company behind the project, will use the proceeds from IXT sales to develop and improve Planet IX. The community and…

indu4.0 – The Digital Marketplace for the Manufacturing Industry

indu4.0 is a digital B2B marketplace for the manufacturing industry, aiming to make the bridge between supply and demand faster, more efficient, and cost-effective. The company behind it, Indu4.0 AG, operates from Lucerne, Switzerland. It has already succeeded in integrating numerous complex industrial products and services with a sophisticated filter system in a user-friendly platform. This indu4.0 review looks closely at one of the most ambitious projects seeking to establish a blockchain presence for the behemoth-sized manufacturing industry. Read on…

SpurDex – A Cross-Chain DEX Platform for Hassle-Free Trading

SpurDex is a cross-chain DEX platform that supports the hassle-free trading of digital assets. The platform aims to provide a decentralized, secure, and user-friendly experience for all its users. SpurDex aspires to establish a safe and secure environment for digital asset trading. What Is SpurDex? SpurDex is an easy-to-use cross-chain DEX platform allowing you to trade digital assets in a new manner. It utilizes smart contracts to facilitate the exchange of tokens between different chains. SpurDex wants to provide the…

Hami Network – The Next Level Launchpad for Investors and Project Owners

Hami Network, an all-in-one cryptocurrency platform, revealed its new investor-friendly launchpad helping projects gain more traction from their first day in the cryptosphere. Additionally, the project started the Seeding Round A for its HAMI token on August 19, ending on September 8. Investors can board the initiative or join the Seeding Round B on PinkSale from September 1 to September 14. This short Hami Network review looks closely at the project's new launchpad and features. Read on to learn more…

BC.Game – A Complete Casino and Sportsbook Experience

BC.Game is a crypto casino offering the widest variety of crypto deposits and withdrawals. The website features over 6,000 games, including BC Originals and house games. Most importantly, it operates as a casino and a sports book allowing users to play with crypto and fiat currencies. This BC.Game review dives deep into one of the most popular cryptocurrency casinos. Read more about its features, games, supported currencies, and payment methods! BC.Game in a Nutshell BC.Game launched in 2017 as a…