Bug Bounty Pays Off, Huge FARM Buybacks, and Reactivated Vaults at Harvest Finance

By Cje95 | Chronic Illness and Crypto | 13 Nov 2021


It is not often we hear about bug bounty programs' success stories but today I found out about a huge success story from Harvest Finance. Over a year ago Harvest was the victim of a flash loan attack and while they have made that initial victim whole they also set up to prevent future hack issues. Well boy did they get more than what they bargained for! Recently Harvest and its partner Armor.fi paid out $200,000 for a critical bug being found and rectified! Harvest paid out $100,000 in USCD while Armor paid out a matching $100,000 in their native token ARMOR! This kept users' funds safe and helped prevent any issues for us humble farmers! 

 

For long-term FARM hodlers buybacks are music to our ears! Not only does this allow for FARM to be redistributed but more importantly it helps keep the market price of FARM up! During the last month, a HUGE amount was bought back which has really helped not only keep the price from falling under $150 a token but increased the APY of iFARM farm! How much was bought back you might be wondering? Well, roughly $459,000 USD worth of FARM was bought back or 2860 FARM total! This is huge for the stability and continued growth of the platform and is something that shows how healthy the platform continues to be!

 

Also for the first time that I have seen Harvest actually reactivate a farm that had previously been moved to inactive! With an APY of over 127% APY, the development team has really helped figure out how to get farmers the best bang for their buck! Only 1.16% of the APY is from liquidity providing the rest is yielded via iFARM! This is because the FOX that is earned is auto harvested and converted into iFARM which itself compounds boosting it! Separately it is also yielding 34% APY in iFARM emissions as well! 

 

Please know I am not a financial advisor I am just someone who picked up on a trend and wanted to express it! Makes sure you always do your own research and never invest money you cannot afford to lose! If you enjoyed this article and would like to further support me below are a couple of referral links that if you used when signing up I would appreciate it!

 

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Cje95
Cje95

Graduated from Texas A&M in May of 2020 had dabbled in crypto since 2017 but dove in at the end of 2019. December of 2020 packed up and moved to D.C.! Huge sports fan, space nerd, and international newsreader! Follow me on Twitter @Cje95_


Chronic Illness and Crypto
Chronic Illness and Crypto

Cryptocurrency and Blockchain are going to be a huge part of the future and no matter who tries it isn't going to be stopped! Here I try to give my best insight and thoughts into the latest crypto news, features, developments. Further, I look to discover any link to news from the United States ranging from social-political issues to stock market and economic data.

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