Well, it has finally happened the Binance Smart Chain Farms are now exploding with APY! After debuting last week with the ability to utilize the farms they had rolled out without the FARM emissions the game has changed and FARM emissions have started! With the FARM emissions starting I think it is safe to say that the BSC part of Harvest Finance is fully operational!
Harvest chose to create and launch on the BSC due to the gas fees on the Ethereum chain and the initial results before the FARM emissions were amazing, to say the least. It was not crazy to see APY's that were several hundred to a couple of thousand percentage points! The way that BSC functions to it would not cost users a ton to not only interact with the yield farm but also to withdraw their profits and redeploy them elsewhere!
As an example, let's use the farms currently available on the BSC (I am aware that the same tokens are not on the Ethereum chain). Say you deposited CAKE into the PancakeSwap pool which is currently yielding over 200% APY and after a week or two you wanted to branch out into EGG which has a yield of over 1,200%. On the Ethereum chain right now transaction fees are easily $40 or more depending on the time you try and transact. As a small player, you would quickly be fired to just HODL your CAKE instead of turning them into the EGG like you want or you would have to sell your CAKE to get your EGG. With the BSC small amount users like me can take my CAKE profit and quickly and cheaply turn my profit into EGG and deposit and stake it in the EGG farm!
Just like that, you are going from an APY of over 200% to 1,200% and it did not cost you an arm and a leg to do it! This chain is currently and hopefully for the foreseeable future allowing beginners and veterans of blockchain to get into the action on a level playing field. Harvest is not forgetting the normal everyday people. They realized there was an issue and built a solution for it allowing DeFi to continue to be open and available for all!
Lastly, since it just launched the DAI on the Ether side gets an APY of 15.01% while on the BSC side..... 3,651%! THAT IS JUST OBSERURD TO SEE! Not only is it crazy high but on the BSC like I have stated earlier you could quickly redeploy profits elseware at little cost!