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Summary
- As cryptos gain more mainstream attention, newer innovative digital currencies and tokens have emerged.
- Harvest Finance is a DeFi yield farming protocol, while Rally is a social token powered on the Ethereum network which allows influencer and online creators to develop their own coins to drive fan engagement and increase their crypto clout.
Cryptocurrencies have gained mainstream attention in recent times as more and more people seek to adopt digital asset. While Bitcoin was the first cryptocurrency that was launched in 2009, at present, over 4000 digital currencies, tokens and other types of crypto assets are in existence.
As Bitcoin has been mired in tax challenges and has lost a sizeable chunk of its market value due to its carbon emissions and volatility due to Elon Musk’s changing comments, other innovative types of cryptocurrencies have emerged in the space.
Two such newer cryptocurrencies which have been gaining traction recently, are the Harvest Finance and Rally tokens.
Copyright © 2021 Kalkine Media
Let us take a deep dive into these two digital assets:
- Harvest Finance (FARM)
Harvest Finance is an automated yield farming aggregator. The Harvest Finance protocol allows crypto farmers to automatically get the highest yields from decentralized finance (DeFi) platforms using the latest farming techniques.
Decentralized finance has become a growing sector within the world of cryptocurrency. It is an open source, distributed financial ecosystem which does not have a central authority.
The DeFi movement allows for the transformation of traditional financial products besides only payments into transparent protocols with no intermediaries. Other financial products in DeFi includes loans, trading insurance and other products easily accessible to all.
The Harvest Finance protocol is beneficial for farmers who are unable to maintain their DeFi positions manually for 24 hours a day, due to Harvest’ automated feature. It currently runs on the Ethereum blockchain network.
Cryptocurrency exchange platform Coinbase announced on 30 July, that it now lists Harvest Finance’s cash flow and governance token FARM on its Coinbase Pro, Coinbase.com and Coinbase apps platform. The listing caused the FARM token prices to surge.
The FARM token has risen to US$ 207.30, as of 3 August, according to data from CoinMarketCap. FARM’s market cap stands at US$123.204 billion
Also Read: What does the second half of 2021 hold for Ether?
- Rally (RLY)
Rally is a token powered by the Ethereum blockchain and network. The token allows social media influencers and creators with an online following to create their own coins called Creator coins to increase their fan engagement.
Its native ERC-20 governance token is called RLY and was recently listed on the Coinbase platform. Creator coins are social tokens that are minted, and a certain amount of the RLY token is embedded in these coins granting them a monetary value.
Rally lets in fans gain access to unreleased content, merchandise and other benefits by their favourite creators while also letting creators have a new stream of revenue.
Rally has at least 95 creators on its platform and had raised a record of US$ 22 million through a token sale in early April via CoinList, a distribution sale platform.
RLY’s token price was at US$ 0.4268, as of 2 August, according to crypto data platform CoinMarketCap. Its market cap stood at US$ 93.459 billion.
Also Read: What’s driving the crypto rally?
