As the festive season started, and Christmas is fast approaching, I have to send my best wishes to the Harvest Finance team and community, for all the hard work and positivity shared throughout this doom and gloom period. This project stayed strong even after the hack attack, and December is the time when those affected started to receive their payback. The community support amazed me and this is another reason why I love Harvest Finance.
Let it Grain! Let it Grain! as the GRAIN claims portal was launched and the farmers can get their fair share of GRAIN. If you don't know already, GRAIN is the buyback token for USDC/USDT users that lost assets during the cyber attack, which will feed a percentage of total weekly emissions into the reparation pool.
More festive joy and reasons to be jolly for Harvest Finance and the Farmers Guild, as FARM was listed on Poloniex, the mobile version website went live as the desktop version website was also upgraded with new features and Cyborg Chad, coming straight from 2077.
As for me, the holiday spirit made me add more and more into the pools, aiming to get more and more #BreadForThePeople, which as you will see soon, I will share with those in need! The GYSR dind't provided a bucket of rewards as I was expecting, so the unlocked DAI and some extra FARM where heading towards the BARN. Harvest Finance will do the hard job for me. 59.36 DAI and 0.24 FARM will be added in the staking pools on this occasion.
As the DAI is already in the Metamask wallet, the first step was to allow Harvest Finance to spend them. I had to pay $0.49 ETH fee on Metamask for this transaction, but hopefully, the APY will cover the cost in a short time.
I was charged $3.39 ETH fee to stake FARM but no fee for spending FARM, because Harvest Finance has already my unlimited approval to spend $FARM, to make orders from Pizza Hut, to recommend me Netflix series and what kind of clothes I am buying.
After the approval given to spend DAI, another $1.92 was required for staking. With the approval fee, now $2.31 were spent until this point.
The transformation from DAI to fDAI is made automatically, but $0.48 fee is required so Harvest Finance can spend my fDAI. I added the fee to the total.
As normal, the approval fee was followed by $1.30 ETH fee to stake fDAI into the pool. Adding this fee to the previous $2.79, therefore $4.09 where spent in total to approve, stake and transfer of 59 DAI. The APY when staking was 7.99% but soon after the deposit, then APY rate grew bigger as IDLE was added to the Compound rewards. To cover the fees, the fDAI must generate about 0.04 FARM before getting profit.
After 2 weeks, the DAI pool already generated 0.00276 FARM, which is 10% of the fees I paid, The generated income will accelerate as the APY is staying between 30% and 50% after IDLE was added to Balancer as native APY. At this rate, in February I will start to earn profits from stablecoins.
I can feel it is festive season, as at one point, the FARM APY was 520%. Happy Holidays my dear farmers!
Don't forget to join the festive glee, and submit an entry to the Creativity Contest, with “Celebrating the Festive Season" as the theme. As the magic of Christmas touched the Harvest team, they decided to add 25 more prizes in Santa's bag, as it follows:
🏆 1st Place — $1,500 in FARM tokens
🥈 2nd Place — $1,200 in FARM tokens
🥉 3rd Place — $800 in FARM tokens
🏅 4th and 5th place — $600 in FARM tokens
🏅 6th through 10th — $450 in FARM tokens
🏅 11th through 20th — $300 in FARM tokens
🏅 21st through 50th - $100 in FARM tokens.
🏅 51st through 75th- $50 in FARM tokens
The farmers must submit their entry on Twitter, with the following tags: #BreadForThePeople, #Defi & @harvest_finance, before the 26th of December. The winners will be announced in January! May 2021 be a better year than 2020!
If you want to join the DeFi revolution, join CakeDeFi and get $30 worth of DeFiChain (DFI)
Links and referrals:
Week 16 — Greetings from 2077!
Harvest Finance 'Farm Arts' Creativity Contest ROUND 4 - FESTIVE EDITION
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Woooooow. That's something my friend. Gooood job, really.