Harvest Finance: How Well Does Their Gas Saving Stratigies Work

Harvest Finance: How Well Does Their Gas Saving Stratigies Work

By Cje95 | Chronic Illness and Crypto | 5 May 2021


One of and if not the biggest pro that Harvest Finance banks on is not their native token FARM or iFARM but the gas-saving strategies that they use to help grow your deposit. By lumping together all of the funds deposited in each farm they are able to avoid paying repeating fees due to making the whole sum a lump sum transfer. 

 

People who partake in this do have to pay the gas fee to both deposit onto the Harvest Finance platform and then to stake. This covers the initial deposit into whatever farm that you deposit into and the cost to put your funds onto the platform that the strategy that Harvest Finance is using. Then as the strategies change and the funds are moved to different places like Compound, IDLE, and INDEX among other Harvest pays for these gas fees themselves. By having it structured this way Harvest is able to return more to users than they other wise would be able to. Then when you add on the native token FARM or iFARM your earning continue to increase! 

 

While I have used Harvest since last year I never really knew how much I was saving in gas fees until I did a little extra snooping around today and realized the value had been there in front of me for a while. The sum is astronomical I have only 135 DAI on the platform and have had that amount their since January when I was able to add the extra 35 DAI without costing an arm and a leg in gas fees. Here is the amount of gas I have saved in USD.

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All I can say is holy crap. In a million years I would never have imagined that it would have been that much even with the gas fees being as crazy as they currently are. I literally deposited 135 DAI so roughly $135 and with the amount of gas costing $17,721.46 that means that I have saved roughly 131X my investment. Absolutly absurd and really a huge huge sign that Harvest is working. Also since the whole 135 DAI amount has been on Harvest I have earned a nice 5.7 DAI and over 0.03 FARM from it. At a price of $160 per FARM that is a nice $4.80 added to it! Not bad for a leave it alone strategy! 

 

Overall looking at the gas alone Harvest has saved me has really surpassed what I had expected from the platform! I wish I had been able to deposit more DAI earlier on when the yeilds were in the high 20's low 30 percent range but I just did not have the free cash to do so. With the Harvest team moving onto Binance I really look forward to being able to partake in the beginning of those farms. I just hope I can find an easy way to hop on the blockchain since being in the US makes it such a pain in the ass to engage it! 

 

 

 

 


Cje95
Cje95

Just a college student who graduated during a pandemic. Loudest and proudest member of Texas A&M '17! Back to back neurosurgery survivor and sports fanatic!


Chronic Illness and Crypto
Chronic Illness and Crypto

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