If you have not already read part one I would recommend doing so and here is a link to it!
Additional Info on Updates and Features From Part One
In Part One I mentioned a couple of the new things that this overhaul was bringing to the table. In this article, I want to further build upon what the changes help do as well as highlight some additional upgrades that have been made to the platform. These new changes are important to further facilitate adoption and utilization from both individuals and other groups.
When Harvest granted Dolomite a grant to develop yield farming options on Arbitrum, the largest Ethereum Layer 2 in TVL terms, it was a fantastic chance for Harvest to be an early adopter if it ended up working. In the update provided by the team, Dolomite should begin hosting a handful of strategies on their end at some point during this second quarter. This is the first phase and of the all fees collected utilizing Dolomite Harvest will collect 60%. More importantly, for Harvest though is the second phase. Dolomite will use the engine it has developed to power leveraged farms. If everything goes to plan the features that Dolomite has developed will be integrated into the native user interface of Harvest. With cheaper fee transactions yields will gain a significant boost benefitting all farmers!
The first phase testbed is now live and is available for deposits here! It is fantastic to see that already this investment by the Harvest Team is paying dividends for all farms that utilize the auto-compounding FARM pool!
In my previous article, I covered most of the Managed Uniswap V3 Vault information. One thing to note is that implementing the time-lock mechanism on specific vaults will allow for collaboration with protocols that were not possible before. Both Bancor and CompliFi will be protocols that Harvest will be able to partner with and leverage to increase yields for farmers!
Even More Features!
For the average person Harvest, like other DeFi yield farm agitators, is pretty complex to fully understand. To fix this issue and to improve transparency Harvest partnered with Llama to create a new detailed dashboard that will outline the inflows and outflows of the protocol. As a bonus, this dashboard will give users the ability to preview the weekly income and profit of each deployed vault!
The final upgrade that was part of this transformation to Harvest 3.0 might be the most significant of them all. What separates Harvest from many other protocols is its function called doHardWork which is responsible for claiming harvested rewards and reinvesting them to auto compound. Previously this had been running on centralized servers which meant that it was possible for a single point of failure to occur. Harvest partnered with Gelato Network to move this critical part on-chain and decentralized this critical automation! This gets rid of the single point of failure issue and ensures yields are always optimized!
Final Thoughts
Overall I cannot help but be blown away by the development that the team has done. This is a huge overhaul and undertaking that they have done. The team deserves all the credit in the world for these vital developments that will not only reinvigorate the platform but will set it up miles ahead of other similar protocols!
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