When I did my daily check in on Harvest this morning I was shocked to see that Harvest has added another FOUR farms. While I do love the additions and continued growth after a brief quite period I am disappointed that they were on the Ethereum Chain. Like I have mentioned in many of my previous articles the transaction cost is just so high it hurts. These four additions though can be broken up into two different pairs.
Pair One: Zerogoki
That being said what all did the team add?!?! Well to start off with they "added" the Zerogoki farms have been fixed! They discontinued two of the old farms REI-ETH and REI-wBTC which they launched a few weeks ago however the launch rapidly fell apart because of the trading of the pools fell out of the trading range as both REI and zUSD struggled in the market pullback. This prevented the pools from being able to work at all so my little adventure into REI-ETH quickly ended. Now though with REI and zUSD making fantastic recoveries they have relaunched/replaced the two farms both of which already have the DoHardWork feature attached to it to help boost gains!
A new REI-ETH farm has been launched this one though is full range so it wont fun into the range issue again. This farm is yielding above 10,000% right now with over $25 in deposited assets. The rewards for it will be pretty much locked in due to a simple fact that it $30k a month in REI. It can still fluctuate with the Uniswap V3 pool earning but right now the rewards are really coming from this. According to their post iFARM rewards have not been given to this farm yet however it would not surprise me to see this change if the deposits end up driving the APY down.
The zUSD-USDC farm is also full range and it to will have a more locked in APY as it will receive $60k a month in REI emission. With a current APY of 3,500% with over $157k in deposited assets its looking rather good. Again this farm does not yield in iFARM but like I mentioned before that could change. It will just depend on the farming engagement that occurs. If the farms do not attract a lot in deposits they might not ever get iFARM but if they do then adding the iFARM would be a APY boosting feature.
Pair Two: Yel Finance
Yel Finance has a pretty interesting story as they first launched an iFARM pool with Yel, there governance token, added in to boost the return! This pool was a huge hit with over $600k in iFARM deposited in it! When Harvest saw they looked at partnering with Yel and this has resulted in the two new farms!
Farm number one is just Yel and it is yielding 78% with $372 in deposited assets right now. Next week when the emission drop occurs the iFARM rewards will then be activated but for the next few days it will be yielding without any iFARM. The second farm is YEL-ETH (SUSHI) this is yielding 392% APY and has over $3k in deposited assets. These yields are not bad at all for not having any iFARM being added in!
Yel Finance is part of Yield Enhancement Labs which is a multi-chain yield enhancing protocol. This is done by as the multi-chain idea states utilizing multi-chains for gaining liquidity to build assets up. I plan on looking into this protocol as it seems like a pretty genius idea! Nothing is better at boosting APY's then accessing more sources of liquidity and simplifying the process!
I hope to see these farms produce fantastic returns and I myself am going to enter the REI-ETH pool since I have the assets already lined up to do so! Soon enough I will write a post about if it was a good idea or not and fingers crossed it works out! Remember to always do your own research and never invest what you cannot afford to lose! Happy farming!