Harvest Finance: AMA Recap, New Farms, and DAO Meaning

Harvest Finance: AMA Recap, New Farms, and DAO Meaning

By Cje95 | Chronic Illness and Crypto | 15 Sep 2021


UPDATE

Since I published this article a ton of deposits have hit the Polygon farms and so the APY's have fallen substantially! The Balancer Stable is now at 25.9% with 10% miFARM, Balancer Tricrypto at 24% with 3.50% miFARM APY, and Balancer Polybase at 38.60% with 7.47% in miFARM APY.

 

Original 

This morning Harvest Finances Dev's had an AMA session that they have now uploaded to youtube and here is a hyperlink to it. It is an hour and 5 minutes long and addresses a variety of questions. They also even posted a condensed text version on their Reddit page and some questions I have wondered were addressed.

 

I love how the Harvest team is anonymous it really intrigued me about the project especially with how it has continued to function and thrive! Harvest gave me a whole lot of trust in the idea of anonymous developers and DAO's so it was interesting to hear the answer to the question of if the Devs were going to step out of the shadows some and if not become fully public be semi-anonymous. The topic of new farms and possible partnerships/integrations with Aave were also discussed I highly recommend listening in!

 

Yesterday I wrote about the new farms that had been added to the Polygon Chain and today the emissions for them went live! This boosted all 3 of the farm additions to be yielding over 100% APY! Balancer: Stable (USDC 25%, USDT 25%, DAI 25%, and miMATIC 25%) has an APY of 180% as of this writing with 170% of it being in miFARM emissions! The Balancer: Tricrypto (wBTC 33%, USDC 33%, and wETH 33%) is yielding a crazy 275% APY with 250% of it being from miFARM and Balancer: Polybase (wMATIC 25%, USDC 25%, wETH 25%, BAL 25%) is the "lowest" yielder at 132% APY with 102% of it coming from miFARM emissions. Now it is important to note that the miFARM emission percent will go down as the number/amount of deposits go up as it is split more ways! However, these numbers are with deposit values over $4,000 $2,000 and $5,000 in each farm respectively!

 

Last week give or take Harvest addressed the meaning of DAO to them on Twitter. Typically when people think about the governance of DAO they immediately think of voting however that is not how Harvest operates. Furthermore, even Ethereums founder Vitalik Buterin addressed the voting idea and advocated instead for the system Harvest already uses and that is Proof of Participation! Harvest goes on to state how a lot of the decisions are made on Discord where people and parties discuss things and reach a consensus together before it is put up to a vote. This process eliminates any one party from really being able to leverage a decision as you see with other DAO's! 

 

Like always I am not a financial advisor and always invest at your own risk but here is the latest information from Harvest!

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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. and shares my growing pains with y’all here! Huge sports fan, space nerd, and international news reader!


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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