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Beginner's Guide: Farming at Venus using Harvest Finance for 29.12% APY!

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Avatar for Laurenceuuu
Written by   248
1 month ago

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.

What is Harvest Finance?

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. 

Farming my USDT at Venus using Harvest Finance with 29.12% APY

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.

Dapps
Search for their website, make sure to change the 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.

What is bFarm?

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.”

—Red

Conclusion

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.

Sources:

  • https://www.publish0x.com/cryptocurrency-topics/i-farmed-at-venus-using-harvest-finance-for-2912-percent-apy-xzwvpzm

  • https://www.coingecko.com/en/coins/harvest-finance

  • https://harvest.finance/faq

  • https://newstten.news/yield-farming-aggregator-harvest-to-integrate-with-binance-smart-chain-cryptoninjas/

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Avatar for Laurenceuuu
Written by   248
1 month ago
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Comments

you can find how to plant elsewhere in great detail and well

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1 month ago

Harvest soon!

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1 month ago

dami ko natutunan dito, di ko pa kasi na try DEFI sa trust wallet ih.

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1 month ago

Ano ba ginagamit mo?

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1 month ago

Wahhh, sayang nag visit ako dun ang liit na ng apy nya or baka naduling lang sko. Should I try it too?

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1 month ago

Nagbabago po talaga yung APY hahaha ikaw po bahala, nagtry lang ako dito for the contest's sake😆

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1 month ago

I know i know. Saka pag pair daw malako daw makukuham

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1 month ago

May impermanent loss naman😆 diko nga po alam kung may impermanent loss yang sakin hahahaha pero parang wala naman

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1 month ago

Malaki parn fee. .pra sa pox contest b to?

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1 month ago

Halos lahat naman po ng Dapps ganun kalaki nagagastos na fee more or less $1.50 opo hehe trying hard baka sakaling makasali ulit sa consolation prize😆

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1 month ago

Hello.Your guide is excellent written.I am newbie in such things but I perfectly understand now all steps and what is Harvest Finance.

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1 month ago

Thank you for the appreciation:)

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1 month ago

Pwede pa ba mag entry nito sa p0x?

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1 month ago

Bawal na yata haha end na yata entry eh April 25 na din kasi dun

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1 month ago

Sayang, nawala sa isip ko sumali jan haha

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1 month ago

May $150 ka naman na😆

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1 month ago

Hahaha wala pa, di pa dumating 😂

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1 month ago

Hahaha baka sa P0x ilalagay not sa wallet.

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1 month ago

Woiiii may usdt din ako pede ba yan sa trust wallet? Hangang what time yung pasahan ng entry?

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1 month ago

Pwede sa Trustwallet. Kaso end na yata entry, April 25 na din don eh UTC time.

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1 month ago

Ayyy haha 🤣😅

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1 month ago

Nakalagay next emission 2 days 😅

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1 month ago

Sa coinspro po marunong po ba kayo ?

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1 month ago

Di po ako nagamit ng coinspro

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1 month ago

Ano lang po ginagamit niyo ?

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1 month ago

Na alin po?

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1 month ago

Ito lang po ginagamit niyo pag farming ?

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1 month ago
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1 month ago

Sige po salamat

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1 month ago