Harvest finance yield farming8/15/2023 Yield farming isn't going away, and gas prices aren't going down. Given the state of the market, FARM could see serious gains in the next five years. Such a limited maximum supply of FARM makes for a more bullish price prediction. It announced upgrades to help prevent future attacks on its network. Since the hack, Harvest has recovered but not back to its previous numbers. Funds locked in the protocol also plummeted from $1 billion to $575 million in almost one day. The hacker returned $2.5 million to Harvest, nothing compared to what he or she walked away with in just seven minutes.įARM fell 54% when news of the hack was made public. The hack was a reminder that while DeFi has come to prominence, it still has its share of loopholes. Harvest fell victim to such an engineering error in 2020 that cost it $24 million. While putting your money through farm yield protocols like Harvest keeps your crypto safe from yourself and general market volatility, it's still not entirely secure.Īnything built through DeFi is exposed to potential hackers looking to expose the tiniest missed detail in code. Initially, there were 5 million FARMs created, but it was FARM holders that voted to reduce the maximum supply to 690k. This wasn't the original cap supply of FARM tokens, however. This makes it one of the scarcest commodities in DeFi. There are only a total of 690,420 FARM tokens, 656,017 of which are in circulation. Most importantly, holders of the coin get to participate in profit sharing from yield farming revenue. That other 30% is used to reward farmers who staked their FARM into the FARM pool, and increase the value of iFARM, the yield-bearing FARM.įARM holders can vote on the future direction of the Harvest protocol and receive incentives to provide liquidity. ![]() The other 30% are converted into FARM tokens. When the protocol generates yields, 70% of those yields are used to increase the value of the deposits. It's a governance and cash flow token for Harvest. So where does the Harvest Finance coin, FARM, come into play?įARM is Harvest Finance's native coin. It's among the most trusted in the business and consists of top security experts who have won the Ethereum Foundation Grant.īetween Haechi and PeckShield, it allows farmers to remain less impacted even in market volatility. Haechi Audit is a leading smart contract security and audit development firm. It's also a safer way to invest in what is a notoriously volatile market, and that's thanks to the intelligent contract auditors that audit Harvest. In fact, Harvest claims to have saved over $27 million in gas costs for users. So rather than just holding your cryptos, you stake your assets in the Harvest Finance Vault, while the protocol executes various yield farm strategies.īy pooling funds together, Harvest saves on gas fees that are too high for someone that doesn't have the time, money, and the know-how to operate any yield farming strategy. It then runs this pool through a program constantly seeking gain potential determined by a complex and bullish algorithm. The protocol, built on the Ethereum Network, takes your funds and pools them together with other users' funds. To put your funds to work, you simply deposit tokens from various supported cryptos. It does this by looking for a convenient way to harvest yield from the latest projects in DeFi. Harvest wants to help investors find opportunities without taking more time out of their day searching and researching. It takes time, gas costs are high, and it involves strategy and positions that don't always add up. If you've dabbled in DeFi, then you've experienced the frustration of moving funds around various protocols. Let's take a look at how Harvest Finance is constantly creating opportunities and where its token, FARM, is heading into the new year and beyond. ![]() That's how Harvest Finance (FARM) has caught the eye of everyday crypto investors. This kind of investing involves a lot of attention to your portfolio and a lot of time that most people don't have.īut there are ways around spending time you don't have to make returns on your crypto investments. Sure, it can be hard keeping up with the ever-changing decentralized finance (DeFi) landscape. Some analysts are giving Harvest Finance (FARM) Bitcoin-like projection - as high as 4,760% over the next decade. Meanwhile, other projects experience real gains, but go unnoticed. Social media wants to stay busy pumping random new cryptocurrencies "to the moon," like Dogecoin and Shiba Inu. Save my name, email, and website in this browser for the next time I comment.Ĭrypto investors are always trying to find the "next Bitcoin." And the Harvest Finance coin could be that. Sign me up for the Money Morning newsletter Your email address will not be published. ![]() Or to contact Money Morning Customer Service, click here. Comment on This Story Click here to cancel reply.
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