This last week I might have seen more fluctuation in the APY of FARM/iFARM distribution than ever. It's not a metric I keep that much of an eye on but it is one that I try to remember the first number since it is typically a double-digit number. Typically it is pretty easy to figure out why/how it fluctuates as you can typically look at the farms.

This week for instance it when the Uniswap V3 farms launched the APY for staked FARM fell all the way down to 4%! This makes economic sense with the initial need for more iFARM to go there deleting the amount of FARM that are being distributed. By the next morning when I checked it had popped back up to in the 40% range. Still lower than average but a very good number non the less. As more and more assets were distributed into the farms you could see the APY of FARM increase. That makes sense with Harvest's strategies because as the number or amount of deposits increases the value that these deposits add to the strategies increases and allows Harvest to profit even more.

With all of this working itself out I was really shocked when it popped up to over 100% APY for a few hours before falling again back down to in the 20% range. This all happened within the period of roughly 5 hours and from what I was able to gather from the discord and then watching the price of FARM the price had fallen pretty dramatically and this lead to a larger than expected amount of profits to distribute to farms and so much more FARM went out. The fall then into the 20s was due to the increase in price which occurred during the time and it really just took a combination of factors to lead to this crazy swing that many would have missed unless they were on their computers looking at the farms during that time! 

For the last couple of days though it has been in the high 40s to mid 60s range with its APY. More importantly, it's stable and with the continued rollout of iFARM has become easier and easier for farmers to auto compound their farm without having to pay gas fees to stake it! It is still a hope of mine that Harvest eventually revamps all of their Ethereum pools to have this feature it's definitely better for farmers to just have to occasionally claim it than to have to go through a series of steps and making sure you click the use iFARM box before you stake your FARM!