Harvest Finance seems to be one of the most divisive yield farming agitators out there yet they have continued to truck along and build out on different chains. Given the current market environment, the additions of new farms have slowed down due to the overall slowdown and decrease in the price of the crypto market. One constant has been the Polygon Farms that would get its Forex farms from Jarvis updated as contracts expired. Finally, though that has changed and in a big way.
Seven new farms were added to the Polygon chain in what appears to be a partnership with ApeSwap though nothing has been announced yet. The reason why I mention a partnership is because of the numerous amount of farms that are all being added at the same time. They range from stablecoin pairings to pairings with MATIC. Without further ado, the following farms were added to the Polygon chain.
- BANANA - MATIC
- ETH - MATIC
- DAI - MATIC
- USDT - MATIC
- BTC - MATIC
- DAI - USDC
- BNB - MATIC
While not a drop-dead breaking news list it is a list that nonetheless is respected and only has common coins. Given this and that these farms are located on the Polygon chain which means the gas fees are much much lower than Ethereum and that there is no miFARM distribution set up yet the currently listed APY is all the more impressive!
For the farms the APYs are: BANANA - MATIC 44.92% APY, ETH - MATIC 9.72% APY, DAI - MATIC 5.54% APY, USDT - MATIC 6.85% APY, BTC - MATIC 9.02% APY, DAI - USDC 2.24% APY and BNB - MATIC 10.16% APY. Again not the crazy high APY that were once normal in the DeFi space however these yields are still incredibly impressive. It will be interesting to see what is announced when these farms go live and if there is going to be any sort of boost or if they will develop as other farms have previously. If this is the case it can add a percent or two to each farm's APY.
In a slow market and at a time when the industry is condensing overall I really do not expect to see a ton of farms be added to Harvest at once so this was a nice surprise to see. Even though ApeSwap is on other chains so far the only chain it will be on for Harvest is the Polygon chain but depending on its success I wonder if we could see them add additional farms on the different blockchains. Only time will tell though but good luck farmers!
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