The Harvest Finance Saga - Once A Farmer ... Always A Farmer

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Written by

#Club1BCH

3 months ago

In community: Everything Crypto(f12e)

Harvest Finance is a yield farming protocol that utilizes blockchain smart contract technology to automate the yield farming process. Users can deposit their funds into a Harvest smart contract of their choosing, and the programmed strategy will automatically deposit their funds with a third party protocol to start earning rewards.

I've been using Harvest since the hay days of crypto, and farmed #BreadForThePeople for many years. Harvest Finance was my first ever dive into DeFi, and I created my first Metamask wallet to be able to stake $FARM. What an amazing journey so far!

I still have my original $FARM staked on mainnet! It's there since 2021 and keeps auto-compounding! However, new DeFi strategies are now in the spotlights! The Arbitrum Expansion helped me to discover two top pools: GNOME-ETH and GRAIL. I dived in both, adding small amounts on a monthly basis!

Science and crypto as a power-couple, as the $GNOME - $ETH pool APY kept at excellent rates. Grail is one of Arbitrum's power-houses, as the Camelot DEX is ruling the ecosystem. This is a long-term investment, and will grow perpetually as a single token deposit.

Behold the power of auto-compounding! Over time if any rewards are earned, the smart contracts will sell the rewards and add the earnings to the user's balance. This larger balance is then used to continue farming, potentially increasing the users earning power.

The $GNOME - $ETH value gone 3x in few months, and proves that unique projects will maintain a growing curve. $GNOME is one of the two tokens that powers GenomesDAO, the biotech DAO focused on the safe, private, and auditable monetization of genomic data.

I headed to Base for an insane 81.38% APY with USDC deposited in the Moonwell pool, with rewards shared between auto harvested WELL + USDC and iFARM rewards. Feels silly to say it but maybe some lived under a rock! Was the right time to add a new strategy along GNOME and GRAIL!

Base is a secure and low-cost Ethereum layer-2 solution built to scale the user base on-chain. The chain was incubated within Coinbase and has plans to progressively decentralize in the years ahead.

How you obtain a 81.37% APY on USDC? When a user deposits funds, they are issued a share of the vault, represented by an "fASSET". These user's funds are then made available for the pre-defined "strategy" to deposit at a 3rd party protocol specified by the strategy code published by the Harvest community developers.

Different chains bring different strategies, and sometimes is wise to check what a different layer2 is offering. I enjoy Harvest Finance on multiple chains, and I always use Across to move my assets.

Why I use only Across for bridging? Because Across is the cross-chain ecosystem’s optimal bridge design, as it costs far less than other solutions and because it consumes far less gas than any other cross-chain bridge! The protocol is using canonical asset bridging plus intents as the system is the future of cross-chain interoperability

DYOR is essential but not always the key! I was browsing Harvest Finance for some new pools to farm, and the 9147% APY on the GB-ETH pool was mind blowing. Are you kidding me? 9147% APY!

I found another interesting pool, the RELAY-ETH, and done the research. RELAY been around for a while, and it looked like a project rejuvenation. The 5402% APY made me add $105 into the mix, hoping for some degen return

There's not always rainbows and butterflies! When you aping into DeFi, you must be ready to lose! If you don't know where's the yield coming from... you could be the yield! There's such a fine line between farming enough and cashing out... and losing it all!

DeFi with insane APY is a gamble! This time I was the yield! The GrandBase team posted on twitter a sad news... an exploit happened! They urged all the community members to stay away from the contract as it wasn't not safe anymore. The LP was drained but they tracked all the wallets of the hacker and were actively monitoring the situation.

Also... never take anything for grated in the Cryptoverse! Everything can change while you blink. The sweet $GNOME APY went down drastically and I decided to cash out! Withdrew my 0.17% pool share for $857 in GNOME and ETH, and embraced a 4x return of investments!

I kept the ETH, as this is essential on any chain, and decided to swap some $GNOME for $YAK! It was the moment when I accelerated my plan to hold one full $YAK, and 0.499 was what was needed.

Used the Rabby Wallet swap to exchange 1550 GNOME, and turned the others in GMX! A diversified portfolio has a higher rate of success than keeping all eggs in a single basket!

Yield Yak is the most popular and most used optimizer on Avalanche, due to the great variety of opportunities that it offers. An optimizer is in charge of maximizing the annual percentage of rewards that users can get when farming or staking your cryptocurrencies on other platforms.

The plan was to add 0.1 $YAK each month and by the end of the year to hold a full one! Gone fast forward and gifted myself an achieved goal for my birthday! It's not much but is honest work!