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Beginner's Guide: Farming at Venus using Harvest Finance for 29.12% APY!
I tried using different DeFi platforms before to stake my assets including beefyfinance, Pancakeswap, Bakeryswap, etc. as they are using the Binance Smart Chain Network that really helpful to mitigate the transaction fee. I haven't tried the Harvest Finance before because it is using the Ethereum Mainnet which cost more fees compared to BSC network. Then recently, they announced that they will have an integration with Binance Smart Chain Network that makes the farmer more excited.
According to Coingecko, Harvest Finance is an automatic yield farming protocol that helps traders take advantage of the latest DeFi platforms with the highest yield.
Using this automatic yield farming protocol, we can look on different DeFi platforms that is offering highest yield.
I don't want to lose the opportunity to be one of the FARMers so I tried to farm my few amount of USDT in my wallet. As what we all know, USDT is considered as a stable coin as it is fluctuating slowly and steadily compared to other coin and token. Instead of stuck it on my wallet, I decided to grab the opportunity offered by Harvest Finance together with the Venus Protocol.
I used Safepal wallet in farming at Venus using Harvest Finance. Take note that you can use the wallet that you prefer such as Trustwallet and Metamask.
Disclaimer: This is not a financial advice, always Do Your Own Research and Invest at your own risk.
Open the wallet that you are using and look on the Dapps section, after that, search the https://harvest.finance make sure that you are using the Binance Smart Chain Network.
After that, you will be redirected on their homepage, click the Binance Smart Chain (Red) beside the Ethereum mainnet and don't forget to Connect your wallet (Green).
The notification will pop up once your wallet is connected, you can see it on the lower right corner of your screen (Yellow). Now, you should choose the platform that you want to use, I used Venus and choose USDT because it is the available token that I have, also, it has 29.12% APY which can be considered as high APY.
Once you choose the asset that you want to use in farming, you need to click on the Max button (Green) if you want to use it all then Click Deposit(Red) and wait for the confirmation.
Once you deposit your asset, you will see the fVenus-USDT it indicates that you already deposit it. After that, you need to click the Approve button. It will cost few amount of your BNB for the gas fee, remember that we are using the Binance Smart Chain Network to minimize the expenses of fee.
Once it is signed, you are already farming fVenus-USDT with a high APY which is 29.12% APY.
As what you can see on the Earning section, it says that you are currently earning bFarm by your staked fVenus-USDT.
According to Harvest Finance,bFARM is the equivalent of FARM on Binance Smart Chain. bFARM can be swapped to FARM and back using Anyswap bridge.
In total, I only spent more or less $1.50 for the gas fee for the whole tutorial. This shows that it is helpful to save more BNB and earn more APY.
The integration of Binance Smart Chain and Harvest Finance is a great move especially that there are more users becoming a farmer and wanted to have a low cost of fees, now the farmer's dream come true.
As the moderator of the team said;
“Binance is one of the biggest brands in centralized exchanges and has expertly used it to incubate their own blockchain and DEX which have become fertile ground for productive farming and projects you want to lure away from Ethereum. At Harvest Finance, we see this as an opportunity to demonstrate that “cross-chain” high-yield farming is not only possible, but will be one of the next major milestones for the high-yield farming ecosystem.”
It's hard to find a DeFi platform that offering a high yield but the Harvest Finance team makes the farmer works easier as they are providing the high-yield on different DeFi platform. Now we can use most of them and provide a low gas fees as it was integrated on the Binance Smart Chain network.