Harvest Finance keeps updating and upgrading! Chad leads the blockchain revolution from his tractor and just got a new Binance tattoo on his arm! AmpliFarm is another feature that was added recently and turned up to be a successful gizmo for the humble farmers.
On the 13th of August, yes that's right ... Friday 13th, $FARM was listed on Binance. The listing fee was zero Binance Coin (BNB) as $FARM met the criteria to be listed without charges. The available trading pairs are Tether (USDT), Binance USD (BUSD), Binance Coin (BNB) and Bitcoin (BTC). This huge milestone comes just 2 weeks after $FARM was listen on Coinbase.com and Coinbase Pro.
Humble farmers can now use so many services to buy, swap or sell the fruits of their honest work.
The Binance Smart Chain side of the FARM swapped the bFARM rewards on selected vaults with ampliFARM. The new token can be redeemed anytime for bFARM in a 1:1 exchange rate or better, depending on the available boost. Check your stats: harvest.finance/amplifarm
The page says that I can get 3.18 bFARM bonus for my ampliFARM if exchanged. To get this I have to stake 3.18 bFARM for 2 years or stake more to earn the reward faster. The beauty of this experiment is that I can unstake at any time, with no lock up period.
The ampliFARM contract address is 0x8cf3f692cad5bfa94817fb425a2871ba11fe883d and this can be added as a custom token in Metamask. Every ampliFARM can be redeemed instantly for $bFARM in a 1:1 ratio or boost it by staking bFARM for better exchange ratio.
Humble farmers must select the amount of ampliFARM in the wallet and confirm the transaction to redeem the token for bFARM. However, the boost will generate even more profit if bFARM is staked. I followed the instructions and staked my bFARM for only $0.10 transaction fee.
The staking of bFARM will boost the ampliFARM reward in a linear rate, with a penalty for the first staking month. The bFARM wil generate earnings at full capacity after the 30 days, leading to a maximum boost of 4.18x for each ampliFARM.
For 10 ampliFARM I could get 41.9 bFARM but my earnings will be 0 bFARM if I keep the current rate of staking for the 1.279 bFARM for the next two years. Do you know why? The explanation is simple and no bug or error was affecting the calculation. I don't have any ampliFARM to amplify, as the pools I use are still rewarding bFARM.
If I don't earn from ampliFARM, doesn't mean you can't get a nice profit. If you are a humble farmer I strongly recommend the tool and the staking of bFARM to boost the ampliFARM stash.
I think that the long term effect of the boosting and the constant grow of $FARM will generate some nice earnings as the farmers will have a double benefit from HODL mode. Earning more bFARM while the value keeps growing is the best way to fill the barn and get ready for the harsh winter!
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