What is Farm Cryptocurrency
in todays blog I'm going to cover a cryptocurrency called farm. Now many of you who read my blog know of this cryptocurrency through the publish0x blogging site. As you know it's a tipping token that's used on the site and is the main source of payment on the site next to the Amplforth stable coin. Of which I've covered in a previous blog post that you can read to learn more about AMPL. However back to farm this crypto is a great token to use to make passive income. Which makes it a great topic for my blog. So lets get into todays special cryptocurrency blog post folks.
Why Was Farm Created
Farm was created to give some sort of value and investment revenue to the DeFi automated yield farming website called harvest finance. This website makes DeFi yield farming easy and very profitable by making it all automated. Farm was created to also provide a good APY for a highly valuable cryptocurrency. As most cryptocurrencies that aren't Proof-of-stake don't often get high APY's when they get lent such cryptos like Bitcoin or Bitcoin cash. Farm was also created to act as a asset of value to be based off of for the Ifarm cryptocurrency which is earned through staking your Farm cryptocurrency.
How Does Farm Work
How farm works exactly isn't to complicated since it's just a DeFi automated yield farming tool. But to start with the basics the coin is based on the Ethereum blockchain. The main part of the crypto is it's automated collecting of your staking rewards. As you usually have to manually collect your staking rewards this system allows it to be automated so you don't have to manually collect your rewards. Your rewards are payed out in the Ifarm cryptocurrency. Farm is the governance token for Harvest as well so holders can vote on new proposals for Harvest.
How Is Farm Doing Right Now
As of now (10/4/2021) farm is down 4.20% for the first 24 hours with a price of $169.73. With no recent updates coming or proposals being made public I don't see any price explosion happening soon. Plus the fact that it seems the cryptocurrency market as a whole is down too we might see a price hike come within the week or the weekend. As we are seeing the price right now recover from hitting news heights since the September cycle and recovering from the the usual red weekends we see with cryptos. So far now don't expect to much of a price change within the coming weeks.
What Is The Future Of Farm
Now in terms of the actual farm cryptocurrency there aren't many plans to do much more with it or add any sorts of updates to it. However harvest has recently added MATIC network to its DeFi automated yield farming pools. So it's most likely trying to get other network and blockchains onto the site. It will most likely try to improve the interface of the site as well. As the site as of now would looking challenging to some one who has never used dapp or doesn't have much experience with them. So overall we can see the price of farm go up as the site improves and more marketing happens.
My Final Words
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