Sirwin
Sirwin

Harvest Finance: Recovered Farms Restart and Adding New Ones!

By Cje95 | Chronic Illness and Crypto | 2 May 2023


The Old Farms Restart

Given the ever-changing dynamics in DeFi it can be easy to forget about farms being frozen. This happened in the middle of March with Harvest Finance because through their partner Idle Finance USDC, USDT, and WETH farms were impacted by the Euler Finance exploit. Harvest contracts were not compromised during this exploit but since funds were essentially still messed with Harvest had to freeze the farms. 

 

A month later on April 13th Harvest announced via Twitter that the exploited contracts or strategies as Idle called them had been 100% recovered. Harvest then worked together with Idle for restarting the farms and addressing any issues that might occur and thankfully have returned to operating away! This brought back online three farms on the Ethereum chain that had been down but luckily have now returned to full operation. 

 

 

New Additions!

With the restart of the three previously mentioned farms on the Ethereum chain Harvest has also launched another six farms on the Polygon chain! These farms come from two well-known and respected providers Convex Finance and Balancer. Since these are new farms they are currently not receiving emissions but when the next emission cycle begins will be added to the distributions as other farms are. 

 

Convex Farms

In the Convex Finance realm, two new farms have been added both of which I am not entirely sure about. The first pair is USDR - am3CRV while the other is aCRV - CRV.

 

USDR is an interesting crypto pegged to the USD. It claims to be a real USD backed by income-producing Real Estate as opposed to FIAT currencies and earns yield by holding it daily. In a bid to increase transactions and provide stability, it is paired with the classic am3CRV which is a basket of DAI, USDC, and USDT.

 

In the other pair, we have aCRV which appears to be another layer of DeFi that rests upon Convex Finance. Like Convex laid upon Curve aCRV is the token you get from utilizing Aladdin DAO's Concentrator protocol which has you deposit Convex's cvxCRV. Honestly, I am not sure how I feel about these DeFi platforms just layering upon layering but given how Convex was able to lock such a large amount of CRV governance tokens itself having people try to break down Convex's control through its token does make a lot of sense.  

 

Balancer Farms

There are also now four new Balancer farms that have rolled out. These pairs include jEUR - PAR, stMATIC - amMATIC, MaticX - amMATIC, and TNGBL - USDC. 

 

Previously we have seen jEUR as it is from Jarvis the FOREX DeFi protocol. PAR on the other hand is a price-stable token pegged to the Euro from Mimo Capital. In the second pair, we have two tokens that we have seen before with stMATIC, staked MATIC, and amMATIC, Balancer Aave v3 Boosted Pool of WMATIC.

 

MaticX is one that I have seen before but does not know much about besides it is the Liquid Staking Matic and amMATIC as previously mentioned is Balancer's Aave v3 Boosted Pool. The last pair caught me off guard because I had never heard of TNGBL but when I went to investigate it I realized that it is part of the USDR ecosystem. USDR is from the protocol Tangible and this is that platform's governance token. 

 

Final Thoughts

It is extremely encouraging to see the Harvest team along with its partners not only secure funds after an exploit but to be able to recover them all as well. This will be instrumental moving forward in the crypto space that protocols and platforms do/participate in this type of constructive development. Seeing Harvest continue to build out farms but also tap into new ideas like USDR and Tangible's whole platform is extremely important to see as well. 

 

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Cje95
Cje95

Graduated from Texas A&M in May of 2020 had dabbled in crypto since 2017 but dove in at the end of 2019. December of 2020 packed up and moved to D.C.! Huge sports fan, space nerd, and international newsreader! Follow me on Twitter @Cje95_


Chronic Illness and Crypto
Chronic Illness and Crypto

Cryptocurrency and Blockchain are going to be a huge part of the future and no matter who tries it isn't going to be stopped! Here I try to give my best insight and thoughts into the latest crypto news, features, developments. Further, I look to discover any link to news from the United States ranging from social-political issues to stock market and economic data.

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