All active farms on Harvest Finance provide the farmer with some sort yield of yield it has caught my attention that there are several farms that now no longer benefit from iFARM or FARM emissions. Yesterday I wrote about the Uniswap V3 pools that no longer had iFARM or FARM emissions and gave my thoughts on why this was the case which you can find here. Today I decided to parse through these different farms and see if I could find an underlying theme for these.
With Harvest's new home screen checking any of the blockchains is a piece of cake. Since the Ethereum chain has by far the most farms on it the Dev team helped out the farmers by grouping together the farms at the top. Using this to investigate I was surprised to see I had missed a couple of Uniswap V3 farm that do not offer iFARM/FARM emissions. The farms that do not for Uniswap V3 are the pairs I discussed yesterday but also the UST-USDT pair which while it doesn't have the governance token emissions it does have a boost from LUNA rewards that are harvested. The last Uniswap farm is FCASH-USDC but this one also does benefit from UMA rewards. This leads me to think that due to the emissions schedule and not wanting to stretch the governance token emissions to thin if the Dev team could find a boost for the farm they used it and subbed out the iFARM/FARM emissions.
Following the groupings the next time an active farm appears that doesn't have the governance token emission is the YCRV stablecoin. At the time of writing this it still yields 3.15% APY and also has two platforms it auto harvest from keeping inline with what I mentioned with the Uniswap farms. The Bitcoin farm CRV:TBTC also does not have the emissions this one does differ though in that it only harvests CRV rewards though it does have a 4.94% APY.
Uniswap V2 farms that have not moved to V3 tend to be lacking the emissions as well. ETH-DPI actually has a 0.00% APY from IDLE but does have $2.7 million in deposits so I assume this pools rewards have run dry. WBTC-KBTC and WBTC-KLONX also do not have any governance emissions however these two are yielding 66.98% and 32.55% respectfully so it does not seem to be bothering the APY for these!
There are then a string of farms from two different platforms that do not offer iFARM or FARM. If you have any assets in the Sushi HODL section meaning SUSHI HODL, ETH-DAI HODL, ETH-USDC HODL, ETH-USDT HODL, or ETH-WBTC HODL you are only collecting what is auto farmed. Now the APY is still fantastic for most of the farms if you are long-term holding. SUSHI itself is only at 4.69% and ETH-WBTC is at 12.35% but every other SUSHI HODL farm is above 25% APY! These farms are joined by identical farms that were initially part of 1INCH until they were migrated to SUSHI HODLing and these four pairs are ETH-DAI, ETH-USDC, ETH-USDT, and ETH-WBTC which have the same APY's as the SUSHI HODLing farms do.
The last Ethereum based farms that are active but do not have governance token emissions are the Seigniorage farms. The pairs for these are DAI-BAC and DAI-BASv2. These are two of the do hard work farms that operate differently from how the typical farm works. They yields for these are 12.76% and 19.17% accordingly so still not bad at all especially considering there is no iFARM/FARM!
Some of these that no longer have the extra boost of iFARM/FARM make sense to me and some of them it seems pretty unclear. I can assume that with the Seigniorage farms there big issue is the deposited amount is really low especially on the DAI-BASv2 where it is only $32.42 thousand. That low of an amount could really be hijacker by a handful of farmers who collect all of the governance tokens allotted for Seigniorage farms. It also allows for more popular farms to benefit from having a larger amount of FARM to distribute even with emissions decreasing every week!