Sirwin
Sirwin

Harvest Finance: Continues to Add New Farms and Tweet More Could a New DeFi Wave be Brewing?!

By Cje95 | Chronic Illness and Crypto | 26 Jan 2023


A little over a week ago I posted about Harvest Finance for the first time in what felt like months. In this post, I talked about the new farms that they had rolled out and raised the question of if this was the beginning of a possible DeFi thaw. So far this year Harvest has already been much more active than they were for the last several months of 2022 put together and were teasing images of a user interface overhaul. 

 

Well since that post they have continued to release new farms across two blockchains, Ethereum and Polygon, as well as clean up and move the unprofitable farms to inactive. Were any of these changes massive or project-altering, no but what it did show was at least there was activity behind the scenes. The only thing that sort of rises a red flag to me and it really is a yellow flag at best is that the pilot farm program on Arbitrum with Dolomite seems to have not really gotten the attention that the developers would have hoped and does seem to be shutting down with deposits down to just over $2,000 worth and APYs in the gutter. 

 

Starting with the chain that really started it all Ethereum has received an additional new farm. This farm is a quick and simple farm as all you have to do is deposit APE directly into it cutting out the transaction cost issues of depositing for LP tokens and then depositing those into Harvest. At the time of this writing, it is yielding a nice 158.63% with 101.30% coming in the form of APE and the remaining 57.33% coming in the form of iFARM (iFarm if you forgot is Harvest auto-compounding governance token which is great as it means you do not have to spend a dime on transaction fees for depositing your FARM into a staking pool!) While I do not have any APE if I did I would be pretty interested in this since there are not a lot of transactions involved so the staking process is much much cheaper than yield farming often is on the Ethereum chain. 

 

The bigger additions this time around came from the Polygon Chain which at least for now seems to have pivoted away from the Jarvis Forex yield farming that was all the rage last year. The four farms that were added all come from Balancer and in a couple of cases do appear to be dipping a toe in the Forex game. The first one from Balancer is a stablecoin farm with the pairings amDAI-amUSDC-amUSDT these am stablecoins come from Aave and appear to be their wrapped MATIC versions of these otherwise common stablecoins. The second farm is a tetuBal - 80BAL - 20WETH farm. While the 80/20 part of the farm is something we often see in Balancer farms tetuBAL is a boosted and liquid strategy created by the Tetu team.

 

Now the last two are ones that to me really do deviate from the norm as they are both tied to the Brazilian Real. First up is the pair 2BRL - bb-amUSD. 2BRL deals directly with the Brazilian Real while bb-amUSD is the token that comes from the Balancer Aave Boosted StablePool. The second Brazilian farm is jBRL - BRZ and this one is harder to find out information on and has not fully launched. Jarvis Protocol does poke its head up here with the jBRL token which is Javris's Brazilian forex token and BRZ also has something to do with the Brazilian Real but for all the poking around I did I could not really come to a concert answer on who was behind it and what all backed it. 

 

Here is the latest look into the new dashboard coming to Harvest's App.

 

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This photo shows you how they are moving to further simplify the app and really just get rid of everything that is not necessary. Is it the prettiest thing? No, but honestly I would rather it be ugly and make me money as opposed to all the funds for the project poured into the looks and then having a crappy project in return. 

 

In this second photo the big changes, in my opinion, are visible as it gives you a detailed chart module for each of the farms with fantastic and honestly critical material on the farm including its historical data on APY, TVL & My Balance things that previously were not viewable. 

 

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As always thank you for reading and hopefully you learned something! Please know I am not a financial advisor and make sure you do your own research! If you enjoyed this article and would like to support me further below are a few referral links that if you used when signing up I would appreciate it! Also, follow me on Twitter @Cje95_

 

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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.! Huge sports fan, space nerd, and international newsreader! Follow me on Twitter @Cje95_


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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