update 19 August 2021

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.

price change

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.

More posts

Never Miss a Crypto Event Again – Coinmarketcal

Coinmarketcal supplies valuable information about crypto-related events to the market. The network was born out of a desire to provide an organized location where investors could find vital data about the ever-expanding crypto market. Today, the platform provides a variety of features that make it easy for investors to monitor for potential catalysts across the entire industry. History of the Coinmarketcal Coinmarketcal entered the market in 2017 with the goal to create one place to find all helpful crypto-related events.…

The Beginner’s Guide to The Graph (GRT)

The Graph (GRT) is a decentralized, open-source indexing protocol for blockchain data. Starting with Bitcoin’s inception, blockchain technology has become a playground for developers, investors, and organizations. All these entities look to develop new financial instruments and help everyone profit from them. However, navigating around a distributed ledger has turned into a tricky endeavor for newcomers. Fortunately, innovative projects, such as The Graph, look to simplify things for everyone. This indexing protocol aims to enable developers to build various APIs…

Alto City – Location Inspired NFT Collectibles and More

The Alto City developers want to combine depictions of the world's top cities with the excitement surrounding the NFT market. The platform combines luck with a collection of rare artwork to create a fun user experience unlike anything else in the market. Users unlock new cities and artwork with every minting. Best of all, each NFT collectible is 100% unique. Your freshly-minted NFTs reach the OpenSea market automatically. This way, you can save time and effort when looking to resell…

CoinxPad – Centralized/Decentralized Multi-Chain IDO Launchpad

CoinxPad provides a platform where upcoming projects can conveniently and securely distribute their tokens and raise liquidity. Early-bird investors will soon have a safe place to access projects via the CoinxPad CEX-DEX Multi-chain IDO Launchpad. The pioneering Launchpad is set to go live this September with multiple innovations. Above all, it will offer investors access to secure, trustworthy, and innovative blockchain projects. The LaunchPad platform now allows small, medium, and big investors to find high-quality projects. Also, it gives them…

The Soccer Doge Club – An NFT Project with Interplanetary Goals

The Soccer Doge Club is a new NFT project that combines cryptocurrencies and soccer. The platform aims to expand NFT use and value by appealing to sports fans. Above all, it proposes a fun and light version of the Dogecoin project.  Its developers plan to capitalize on the Doge meme’s popularity. Also, they believe that the exponential growth potential of the non-fungible token market will help. After all, both sectors have seen considerable growth over the last two years.  How…

Open Sea – A Pioneer in the NFT World

Open Sea is one of the most reputable NFT marketplaces in existence. The network enables users to buy, sell, and explore collectibles, game items, Art NFTs, and various other digital goods. Notably, Open Sea was the first NFT marketplace to enter the market. This pioneering spirit enabled the platform to establish and maintain a dominant position in the market.   Today, Open Sea still operates as the largest NFT marketplace in terms of the daily trading volume. The network has +4 million…

ArtVerse The First Decentralized Trading Protocol for Artists

Despite being lucrative, (currently valued at over 50 billion dollars) the art sector has continually faced a myriad of problems. Exaggerated prices, lack of trust and transparency, counterfeits and piracy issues are some of the major challenges facing the art industry. 2020 was exceptionally a difficult year for the art sector thanks to the pandemic which greatly affected sale of art pieces with the closure of exhibitions, museums and art galleries across the globe. As such, the industry witnessed a…

Vortex Defi: The Pioneer One-Stop Shop For Defi and NFT

The growth of Defi has been impeccable since its launch. Today, the ecosystem consists of several classes of Defi smart contracts. Among them are platforms for lending and payments, DEXs, derivatives, insurance, staking, and NFTs. However, one problem that the DeFi space has to counter is complexity. To enjoy different Defi services, you must register accounts on several applications. This comes with numerous inconveniences. What if there was a platform that integrates the many Defi services in one dashboard? Vortex…

What is aelf (ELF)? – A Review of the Self-Evolving Blockchain of the Future

aelf blockchain is, by all means, one of the most interesting blockchain projects right now. It is a decentralized cloud computing platform that enables businesses to build their DApps on proprietary side chains. Besides being bulletproof safe, it is self-evolving, scalable, and lightning-fast. Above all, it incentivizes users to participate in a unique and rewarding form of governance. In this guide to aelf, we take a closer look at what may be the next breakthrough in blockchain technology. Read on…

Meet Sealanas: Seal Art NFTs on Solana Blockchain

If you haven't heard of NFTs, you must not have been following the latest crypto trends. These unique tokens are quickly gaining attention even beyond the crypto sphere. As more NFT projects emerge, we'll see the impact they will have on the global economy. Now, we are going to talk about Sealana NFTs. The newest contenders in the game are Sealana NFTs. These tokens are built on the Solana blockchain and are just making their way onto the scene with an upcoming initial…