I know I'm about six months late on this meme but it doesn't really matter. What does matter is you're about six months early for one of the next big Crypto Things™. Or maybe right on time with the recent explosion of BNB coin. Here's what I do know, if you've gotten this far into my post - past the terrible thumbnail and meme-y title and to the content of the article - you're either a judge for the contest or you are very bored. Either way I'm happy to have you here.
Not Your Parent's DeFi Farm
I would be lying if I told you I never ventured to Harvest.Finance's door before. Several months ago I got a wild hair in my butt to venture away from the safe halls of UniSwap and stumbled upon Harvest.FInance. I was honestly a little intimidated by the unfamiliar terminology. Instead of diving in and learning what it was all about, I did what any other reasonable person would do...I ran to PancakeSwap and SushiSwap and their flashy colors and familiar design. At the time I was completely content with my decent returns on money I would have had lying around anyway. Boy was that a mistake, as I would swap my assets from one pool to another the profits I'd seen go up quickly evaporated due to the incredible gas fees on the ETH mainnet and general poor decision making.
Today being forced to learn about Harvest for the potential of some sweet sweet Publish0x cash I see just how stupid I was. How Harvest works is instead of you switching over your crypto manually from one pool to another to ensure the highest yields, Harvest automatically farms the highest yield for you. Harvest started back in September of 2020 with just ETH based farming and as of April 6 2021 launched their first Binance Chain based farms.
Picking the Most Chad Farm™
If you're a Chad DeFi Farmer, much like the author of this post likes to think he is, you can only pick the most Chad of farms on Harvest.Finance. Now what's the most Chad Farm on Harvest you may ask? There's only one simple answer to this question, highest number good. Now you may be saying, Absolute Unit, you have NO IDEA what bDollar (bDO) is or how it works. Now what I might say back to that is...That's a fair point. I should probably learn what something is before just throwing money at it.
After doing some learning [googling] from what I understand, bDollar is supposed to be a "multi-pegged stablecoin" and from the price chart on Coingecko it has not been at the $1 mark since the 23rd of March. Now it hasn't been just a little short or a little over, a full $0.2-$0.4 away from $1. This is...Just a little concerning. Maybe highest number best isn't always the best investment strategy. I didn't just do this to bash on bDollar, I really initially planned on checking it out but the more I looked into it the more I got some strange vibes from it. For all I know bDollar could be a great investment opportunity and I'm just an idiot but I will not be investing at this time.
Picking the Real Most Chad Farm™
Let's try something a little more tried and true, PancakeSwap. Not quite the same returns but a tested exchange with some pretty good rewards.
Now if you're unfamiliar with PancakeSwap there's some pretty good info about it here. It's essentially the Binance version of UniSwap or SushiSwap but with some extra features like a lottery, NFTs and other fun things. As of writing this post, over the last 24H it's had over 510,000 transactions and $1,278,099 in fees collected. Needless to say it's a fairly large exchange with a pretty solid base. Now any of the farms would likely be viable but we'll be focusing in on CAKE, which is PancakeSwap's native governance token, as it offers a fairly high yield - 164% APY - and some good stability being backed by the stats I outlined above.
Luckily I happened to have a small amount of CAKE in my Binance Chain Wallet as it were. Connecting it to Harvest was extremely easy with the browser extension, all I had to do was select "Connect Wallet" while ensuring I was on the "Binance Smart Chain Farms" section of the website.
Once there all I had to do was select "Pancake", then my chosen asset to farm which was "CAKE", then deposit the full amount and accept about 210 confirmations and signing requests.
This was surprisingly easier than I thought it would be. I don't know why but I just assumed it would be harder than just clicking a button. I checked back in after about 1.2 seconds and found out I had already earned a total of 0.000002852 bFARM - or about $0.0007.
I did check in about 12 hours later and found my earnings to have increased to 0.000382226 bFARM - or about $0.09. If we extrapolate that out, ~$0.18/day or $65.7/year of accumulated interest on roughly $266.70 of CAKE. Not too bad for a token I was planning to HODL long term as it were!
Harvest appears to be a great way to earn quality DeFi rewards with minimal effort. While I don't think it's the second coming of Jesus Christ I do think it can be another tool to add to the average DeFi farmer's tool bag to help achieve what every Millennial today wants, financial independence.
One big issue, and I think the reason I walked away initially was the less than flashy website and seemingly confusing rewards system. But the more I read up on Harvest, the more I dove into how it works and why it works the more intrigued I became and the more I realized it's way simpler than I thought. I started to see it wasn't just another fly by night "DeFi program" and saw the immense auditing they had chosen to go through and passed with flying colors. There's quite a few different farms to participate in on Harvest, especially on the ETH side, while they all offer varying rewards I think it's still best to exercise extreme caution when choosing a place to have your money sit. Please be careful and happy farming! #BreadToThePeople
Thanks for reading, liking and following if you enjoyed it. If you liked this, you might enjoy reading about Simple Ledger Protocol, BCH's Strange Token Protocol.
VERY INFORMATIVE AND KNOWLEDGEABLE ARTICLE. THANKS FOR SHARING……
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