What is Harvest Finance? 

August 09, 2021 11:23 PM AEST | By Suhita Poddar
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  • Harvest Finance is an automated yield farming protocol for investors who are willing to go for high-producing farming investment prospects.
  • Its currency -- FARM token –-drives profits with various farming techniques, allowing the users to drive better annual percentage yields (APYs).

Harvest Finance is an automated yield farming protocol for investors who are willing to go for high-producing farming investment prospects. FARM protocol allows farmers who invest in cryptocurrencies to reap profit from DeFi (decentralized finance) platforms, using the latest farming techniques. Inspired by Andre Cronje, Harvest Finance helps farmers seek the most fertile lands to sow and harvest. Its currency -- FARM token – derives profits with various farming techniques, allowing the users to get better annual percentage yields (APYs).

How does Harvest Finance work?

Harvest Finance empowers you to deposit tokens from various supported cryptocurrencies, working in potentially high-yield DeFi pools. You can invest in DeFi pools such as USDT, RENBTC, WBTC, DAI, and in return, you receive an fAsset (fDAI, fUSDC, fRENBTC, fWBTC, etc.), which gains a proportional share of the farming revenue. 

The first-time farmers, while using Harvest Finance, will not have to face the hurdle of calculating fees for the transaction being done or while moving assets between DeFi protocols. It’s the Harvest which does this for the users, and it’s audited through smart contracts, thereby saving the trouble of doing it all independently. For this, they have to vote on community proposals and FARM’s functionality, by doing this, the holders are eligible to receive 5% of the fees in FARM arising from Harvest operations. It is also a convenient platform for crypto enthusiasts who don’t have DeFi experience to earn potential yields.


The Harvest Finance token (FARM)

Harvest Finance uses FARM as its token or currency, enabling the holders to utilise its functionality freely. Built on Ethereum blockchain, Harvest had launched FARM on 3 September 2020.

FARM coin’s circulating supply is 6,03,921, with a maximum supply of 6,90,420 FARM coins. Recently, in July 2021, the price of the FARM token increased by 201% to reach $264 after its listing on Coinbase. 

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Advantages of using Harvest Finance 

One of the most significant advantages of Harvest Finance is that intelligent contract auditors audit it. Audited by Haechi Audit and PeckShield, it allows the farmers to remain less impacted even in a volatile crypto market. It also allows the farmer to save a cumulative $500k in transaction fees, thereby increasing their profit margin. Known for maximising yields, Harvest is one of the platforms wherein one can reap maximum profit. Farmers are reposed that not only is their money safe, but also it protects the rights of its users.


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