It should not be surprising to say that with the recent market turbulence and high gas fees that recently Harvest Finance has not added any Ethereum based farms. When good opportunities though present themselves the development team for Harvest is pretty quick to respond and that they have done. The farm that was recently launched was for CRV:cvxCRV which I was initially unfamiliar with until I looked into it.
What is cvxCRV?
The best place to start is what is the token involved? Well, cvxCRV is the tokenized version of veCRV, and veCRV is what users get when they deposit CRV into the liquidity pool for CRV on Convex Finance. Convex Finance gives users boosted CRV rewards for using it however when someone deposits their CRV into Convex it is forever locked onto Convex Finance. Since locking up a token forever is something that users hate the veCRV you get from Convex Finance for your CRV cvxCRV plays a huge role in getting those boosted rewards!
With the farm just being launched it does have a nice high APY right now at 124.89% APY. This is broken down with an LP APY of 0.73%, 41.37% APY in auto harvest CRV and CVX, and finally 82.97% APY with iFARM rewards. This farm is really unique and something I am pretty impressed by because of what it is. Curve is not a DeFi application that I see facing any danger as it continues to be pretty well utilized and really almost a blue-chip DeFi application at this point. This as well as Convex being a well-run and utilized DeFi application having the two staked rewards added and stacked on the Harvest platform as well makes a ton of sense to have!
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! Also, follow me on Twitter @Cje95_
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