Earlier this morning it was announced that the Balancer labs farms on Harvest Finance has gotten a sweet sweet boost! Before I hit on that though I want to say that while these farms on both the Polygon Chain and Binance Smart Chain have much lower APY's that is a deceiving number. The reason for this is because the cost of transactions on Ethereum is so high that the rewards have to be very high as well to offset the cost associated with lending, staking, etc.. When you take that into consideration the APYs that both of these chains are paying are fantastic!
The Balancer Lab farms that received the boost are all located on the Polygon Chain and are Balancer: Stable (contains USDC, DAI, wMATIC, USDT), Balancer: Tricrypto (contains wBTC, USDC, wETH), Balancer: Polybase (wMATIC, USDC, wETH, BAL) the liquidity prover APY's had recently fallen and the APY was being supported by the miFARM so the addition of wMATIC rewards is providing a nice boost to the farms themselves! One thing I want to point out about these farms that I wish would happen on Ethereum based farms is that the rewards is paid out in wMATIC allowing you to recoup the MATIC cost much much quicker which would be amazing if that was possible on the Ethereum Chain. Right now I continue to be impressed with the Polygon Chain farms offered I hope that they speed up releasing new ones though. I know they vet the projects pretty well before the addition which does add time I just wish more focus would be put on these over the Ethereum farms. The addition of wMATIC farming rewards also adds a key third leg to the emissions/reward payout. This also allowed for the miFARM rewards to be dialed back some at least APY wise!
Being able to dial back the miFARM in theory would lead to the availability to add additional farms to this blockchain without diluting the weekly FARM distributions all that much. While I am a huge FARM, iFARM, miFARM, bFARM supporter I also want the networks and farms to continue to grow and be sustainable! This addition helps make that possible and is an important step in the right directions. While gas prices have fallen due to the pullback in Ethereum with the market pulling back now that it has begun to reverse course and head in the right direction the fees will also soon rapidly rise as well.
This will further make the Polygon Chain important to Harvest due to the Binance Smart Chain being called into question with people as well due to all of the negative Binance news. If you have not heard about any of the Binance news honestly just google it but if a tenth of what they are being accused of is correct I personally do no see how the centralized blockchain they run could survive. This is the danger in centralized blockchains..... they are easy to stamp out and end. BSC is one of those that is centralized as Binance control the whole kit and kaboodle.
As always this I am not a financial advisor and always make sure you do your own research!