Yield Farming has become a popular theory, thanks to the advent of Decentralized Finance (DeFi). The concept is the method of staking or locking up digital assets in exchange for compensations. Even though the idea of gaining yield on an investment is not new, the whole principle of yield farming emerged from the DeFi revolution. The prevailing conception is how individuals can earn tokens in substitution for participation in DeFi utilization. In fact, yield farming is also referred to as Liquidity Mining (LM).
The prevalence of this burgeoning idea is akin to the ICO boom in 2017 that left a sour taste in the mouth of any industry players. All projects that surface brings distinct tokens and means to earn remunerations, hence users have been crowding to them, expecting to capture a portion of the yield available.
The development consequently is creating a market that drives up the expense advanced in the scheme and the tokens. As a result of that, a great investment avenue has been availed in Cryptosphere for all and sundry. There are a countless number of yield farming projects out there, even though the scene is notably young. Let us take a look at one of them that is making waves in the industry.
Harvest Finance in Focus
Harvest Finance claims it automatically farms the largest yield obtainable from the latest DeFi protocols and optimizes the produces that are derived adopting the most advanced farming systems. Harvest’s goal is to accommodate an effortless way for everyone to profit and make their hard work enormously easier while looking for competent projects to combine with the farming stock.
According to the builders, they were searching for a suitable approach to farm the newest projects that were offering various reward tokens. Their experience was that the method was profoundly old-fashioned and inaccessible for individuals that had a day job and were not up to take care of a DeFi regularly.
More so, gas prices have been going high astronomically, and it was becoming costly to farm individually, so they decided to pool their funds collectively to attempt to save on gas charges. Subsequently, their encounter informed them on how to resolve the situation by developing the answer that they were looking for themselves and positively help many others as well.
Smart Contracts And Audits
Harvest works through immutable Smart Contracts to ensure transparency and security. Its smart contracts have been formulated with the bottom to up approach with safety inclination. Moreover, it employs many audited elements as attainable. The team recommends you scrutinize the Smart Contracts prior to transferring your funds to the platform.
Harvest has thoroughly gone through auditing by some of the prominent security firms in the Blockchain space. Haechi and Peckshield received praises from the team for their hard work on auditing the protocol and making the farmers safe on the platform.
The two outfits after the audits raise one major issue and a few minor ones that from their perspective didn’t augur well for the project. However, according to the Harvest team, they rectified them immediately after the audit report.
But Haechi pointed out that since project employs a quite a number of external smart contracts like Curve, Swerve, and Synthetix, it will also be carrying the security perils of those contracts, for instance, Owner key issues.
$FARM is a cashflow utility token for the Harvest ecosystem enabling it to function without any difficulties. The tokenomics are the following:
- $FARM hodlers accept cashflows from revenues on Assets Under Management (AUM), which is at the moment set to 30% profit sharing.
- The Circulating supply at launch was: 0.
- $FARM possesses a prevailing fluid supply of 193, 478.46.
- $FARM has a cumulative supply of over four years of 690,420.
- 14850 $FARM was burned in after three weeks.
- 5846.9 $FARM went into flames after four weeks.
- Additionally, Harvest didn’t go for VC funding and no premine
Join Harvest Community
Harvest warmly welcome all of you out there to join their communities to harness the potentials of the project. Below are links to their social media accounts:
If you are technically involved, then check out their Github to ascertain the source codes.