Hello everyone out there, hope you all are safe and sound and enjoying reading articles on Publish0x.
So as many if us might have been hearing of the Binance Smart Chain along with Harcest finance. So what is this news about and why people are talking about it so much?
Lets answer in an understandable and easy way.
So to begin
What is Harvest.finance?
Defining it simply, it is basically a pool of resources which generates profit on your investment(farming) in DeFi. So you earn DeFi yields.
Binance Smart Chain and harvest finance
Previously Harvest.finance used ethereum network for lending but now you have another option too which is Binance Smart Chain.
So what you do here?
As stated earlier, all you need to do is invest (stake) some amount in the pool and you earn some interests out of it which is pretty good.
So there are different protocols you can select for staking. As a suggestion do choose the protocol that gives you the best interest. Pretty simple.
How do you start staking?
Okay so as you open Harvest.finance
1-first thing you need to do is connect your wallet. (Ethereum or Binance smart chain)
2. Yohoo you are connected and now you can see your dashboard with 0 balance. Interesting right?
3. Now here's the catch now you can choose any of the protocols below and can put your money into it. Once its done you need to complete the transactions along with some gas fees.
4. You are ready to go,you need to confirm again and a small amount of gas fee will be charged for staking the amount.
5. Now when its done, you can just sit and watch you gaining interest on the investment amount + you earn Farm too as a bonus profit.
So what changes do Binance Smart Chain did brought to Harvest finance?
The main change that it brought is the lowered gas fees.
Ofcourse its a very huge benefit, as due to the high gas fees when using Ethereum network sometimes exceeded even the investment amount if you were a small or beginner investor (gas fee ranging around 20$ in ETH).
Whereas in Binance smart chain it is around 20 cents.
As before I myself was not much aware of such APYs on Harvest.finance until this blog made me look upon it and my interest on harvest finance increased leading me to invest in it too.
You can try Venus protocol and earn APYs upto 60 % and above too.
You can try other protocols depending on which you would love as the enetire information needed to figure out which can be a best investement are itself in the site with all the figures.
If you had been earlier enough, there were lots of scope of earning good interests but still its not too late and after the Binance smart chain here,its again awesome.For the latest updates about harvest finance you can also look onto their twitter page which will help you get used to it.
Hope you atleast learned some basics but for more in detail do let me know and I can write another blog or create a video on how it works and how to gain more.
Till then have a good day. Stay safe and follow me for more updates and offers you might now want to miss.