Last week Harvest and Idle Finance announced what I feel is a HUGE development for Harvest's Polygon (MATIC) blockchain arm. The partnership between Harvest and Idle goes back quite a ways and Idle is used along with Compound for Harvest's Ethereum based stablecoin yields. With a deep entrenched partnership it would make sense that Harvest would be one of the main partners with Idles new B2B Program.
This program which is expected to launch soon, though no firm date has been announced, is Idle's expansion to bring stablecoin and ETH yield farming to the Polygon Network! Being one of the partners of this ensures that when it is launched Harvest will be one of the first DeFi yield agitators who will be working with and carrying this product! The coins that will be part of this initial launch will be DAI, USDC, and WETH and will be boosted at the beginning!
The boosting program will funded by $650,000 in MATIC that is being set aside by Idle and will be divided among the platforms taking part and paid out to those platforms weekly. A further breakdown leads to the following +20% relative increment compared to APY provided by Idle strategies in Polygon, up to +1% net APY (e.g. 4% APY would generate 0.8% extra bonus; 8% APY would generate +1% return). This boost will be first come first serve but these farms should also have miFARM emissions which could lead to some pretty huge APY's when the farms first launch!
Harvest in their announcement has said that they will be paying these farms yields in MATIC which depending on how you personally feel about the coin could be either a pro or a con. I personally love the idea right now because when Eth 2.0 comes to fruitarian no one really knows. Until that happens Polygon has been shown to be a fantastic scaling solution in the mean time and is starting to look like even with Eth 2.0 deployment will still be a important chain that wont just disappear.
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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