Token Review: Harvest Finance (FARM)

This Sunday we are going to introduce Harvest Finance (FARM)!

OVERVIEW

Have you ever heard of this cryptocurrency?

Well, probably yes, because that it is one of the currencies that Publish0x uses to reward readers and authors.

Harvest Finance is a new DeFi project, essentially a passive fund. Harvest was created by an anonymous team in August 2020, and it is not a fork of any large platform. Like Yearn, it is an income aggregator, but it does not have a star founder. As a yield aggregator, Harvest's service is arduous. Obtaining stablecoins and LP tokens from investors and putting them into the smart contracts of the leading DeFi platform can reduce the rate of return, but investors can be compensated with FARM tokens.

Unlike other yield farming protocols, Harvest has an add-on for token FARM. In summary, 30% of the profits made by companies is used to buy FARM, which means that the currency fundamentally provides “dividends” to the owners.

Today, there are already more than 41 billion dollars locked up in DeFi protocols like Maker, Aave, Synthetix, and Uniswap. If you ask me, this shows the huge potential of DeFi and Yield Farming.

Harvest lowers the barrier to entry for people who don’t want to track DeFi 24/7, pay gas costs to harvest regularly and move funds between opportunities, etc. Harvest handles the APY tracking, strategy development and auditing, gas costs, and regular harvesting to ensure that returns compound. Holders of the FARM token can profit share in the yield farming revenue, receive incentives for providing liquidity in Uniswap, and vote to help decide the direction of the cooperative.

How to use Harvest Finance?

Navigate to harvest.finance and deposit stablecoins, tokenized bitcoin, Uniswap LP tokens, and other supported assets to start earning interest and FARM. Deposit FARM in Profit Sharing to share in the farming revenue.

Let’s see how the Harvest Finance homepage look like:

In this screenshot we can see that there are almost 500 million dollars deposited in Harvest with a monthly profits to Farmers around 6 million dollars.

FARM, in these recent months, entered in the portfolio of staking lovers also for its interesting annualized yield, currently around 35%. But, as you know well, we must not only focus on yield.

Here there is my FARM SONG: Harvest Finance Easy Defy for all!

Harvest Finance is a great project with interesting opportunities of passive incomes, but what about a simple song that explains main features of Harvest Finance?

That’s why I invite you to listen my song to learn, in an easy way, some main features of FARM!

DEEPENING

In one week, deposits in Harvest are increased up to 550 millions USD with a monthly profits to farmers of 6,6 millions USD. Around 10% of growth in a week!

These are some assets that you can deposit on Harvest Finance with their relative Harvest APY.

A few month ago, Publish0x decided to replace FARM with iFARM, for the rewards to readers and authors of the website. All of reward FARM tokens are swapped to iFARM tokens.

Both FARM and iFARM are ERC-20 tokens on Ethereum. FARM is a cashflow token for Harvest. It is available on Uniswap. iFARM is a yield-bearing token for Harvest. It can be acquired by depositing into FARM on the front page of Harvest Finance website, with “Use iFARM” checkbox.

We can consider iFARM like a new updated “tractor” of Harvest Finance!

This new token, announced at the beginning of February, represents your profit share stake and can be used in DeFi protocols without losing your profit share APY.

Let’s see some benefits of iFARM.

First of all let’s talk about gas fees. iFARM costs nearly 50% less in gas fees to interact with services of Harvest Finance when using iFARM compared to FARM.

Then it can be transferred like any other ERC-20 token and continue to earn yield.

Another important advantage is that iFARM tokens will enable staked FARM to be used as collateral on lending services while continuing to earn yield in the profit sharing pool.

Besides, the iFARM vault is safe. It has all of the same audits and protections as other vaults.

Where can I hold my iFARM tokens?

Well, it’s important to own our tokens in ETH ERC20 wallets, where we control the keys to. Some good wallets are: MyEtherWallet, Trust Wallet and Metamask.

Besides, there are two exchange where I can trade my iFARM: Quickswap and Uniswap.

Harvest Finance with its updates and developments, despite being a young project, is making its way in the cryptocurrency world. Its growth, since its launch at the end of last year, is really interesting. We are still waiting for an official roadmap to understand with more certainty which direction Harvest Finance wants to go in the coming months and years.

Suggest me with a comment some crypto you would like to see analyzed!