It has been a slow time in the DeFi space but that should not be very surprising because of the ongoing bear market. While Harvest has been pretty continuous in its farm updates these have mainly been on the Polygon (MATIC) Chain. Right as the market seems to be showing signs of life and starting to rebound to levels not seen since before the FTX collapse Harvest has released five new farms on the Ethereum Chain via Convex Finance. Convex in case you are like me and can't place it is the yield agitator that really took over Curve Finance.
All five of these farms require you to deposit your initial investments onto Curve Finance before depositing these LP tokens onto Harvest which itself deposits them onto Convex. Four of the farms still only have the initial start-up deposits so they are yielding over 1,000%+ APY something that will come down as more people deposit into these farms. The farm that people seem most interested in is the CRV-ETH farm which with over 17k deposited is yielding 63.44% APY.
The final four farms that have not received any sort of deposit besides the jump-starting ones are as follows (from least to most in deposits) USDD-3CRV, DOLA-FRAXBP, pETH-ETH, and CVX-ETH. Of these, I have heard of two of the farm's tokens that being USDD-3CRV (USDD is an overcollateralized stablecoin and 3CRV is one of Curve Finances' biggest farms) and the CVX-ETH farm (CVX is Convex Finances Governance token and ETH is well ETH). The DOLA-FRAXBP and pETH-ETH farms are two I have not heard of in the slightest. Looking into it DOLA is Inverse Finance's decentralized stablecoin and FRAXBP also appears to be a stablecoin from FRAX which I have not heard of. Last but not least is pETH which from JPEG'd a project that's goal is to bridge the gap between NFTs and DeFi. Again another project I have never heard of but coming from Convex does give some sort of level of certainty behind these farms/projects.
Could this be the beginning of a thaw in crypto winter and the subsequent DeFi pull back? Only time will tell about that but fingers crossed at least the beginning of the thaw has begun.
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