The most recent farm added by the Harvest Finance team is the first of its kind for them thus far! The farm, the pair of WETH-zUSD, comes from a Uniswap V3 pool. This is the first algorithmic stablecoin that Harvest has added to its vast array of farming options! The first thing I thought of was okay this is new and different what does this mean?
First things first though the basics of the farm! As of this writing, there is less than $275,000 in assets deposited in the farm and its APY is a nice 209%! Being a Uniswap V3 farm its payout are in iFARM yield 161% APY in iFARM alone and an estimated 48% in Uniswap trading fees! Like the other new farms, 2/3 of the iFARM is vested for 6 months which since this idea was adopted has really seemed to benefit those who use the platform!
Algorithmic stablecoins like zUSD are different as they have predetermined stabilization measured hardcoded into their smart contracts. The other major stablecoins one would hear about are either fiat, crypto, or commodity-backed stablecoins. AMPL is an example of an algorithmic stablecoin itself as it uses its rebases to keep itself closely pegged to 1 AMPL = 1 USD. Launched on July 3rd of this year zUSD is already the 3th largest algorithmic stablecoin on Uniswap in terms of liquidity!
What has driven this inflow of liquidity is that Zerogoki is a layer 2 solution that has been very well received by the Ethereum community. Zerogoki uses ZKSwap which is designed to be interoperable with other blockchains and is already a project the Eth community is very excited for. ZKSwap just launched its V2 mainet and is expected to soon begin its interoperability with other large chains like Binance's Smart Chain! From reading over everything that I have about this project and how big it is for the Ethereum chain itself the biggest thing that caught my eye was that zUSD is/will be a rebasing stablecoin! If that sounds familiar it should as that is what AMPL prides itself on!
This leads me to my final question that only time will tell how it plays out but could AMPL be a possible addition to Harvest's platform?!?! I certainly hope so!
