Harvest Finance: Sends it into Full Speed Ahead with New Ethereum Farms

By Cje95 | Chronic Illness and Crypto | 4 Aug 2022


After a quiet period, the Ethereum chain on Harvest Finance seems to be heating back up again and quickly. Before this most of the developments had been focused on the Polygon and the Arbitrum chains but with the transactions fees falling in the Ethereum space the development team has taken a second look. The Harvest Team has teased this with a few different tweets over the past couple of weeks. Their tweet last week though that they even called Alpha leak highlighted the newest partnerships that farmers could expect to see. 

 

Convex Finance

The same day that they announced the Alpha leak the team also announced the first addition to the Ethereum chain... A partnership with Convex Finance the go-to yield booster for Curve Finance farms. To explain how big and important Convex has become to Curve when you deposit into the cvxCRV pool the auto-harvested rewards come from Curve (CRV), Convex (CVX), and specific Curve pool 3CRV (which is a pool that contains DAI, USDC, and USDT the biggest stablecoins out there). Even with almost $40,000 deposited in the farm, the Harvest APY is still a stunning 206.22% with 13.44% coming from the auto harvests and the remaining 192% in iFARM rewards. 

 

Notional Finance

Today had the second protocol's pools in the Alpha "leak" listed. The pools come from Notional Finance and are not LP pairing as we have come used to. Naturally, they are going to be some of the biggest pools with some of the best-known cryptos out there, especially for people new to the crypto game and who want to try out yield farming. The pools that have popped up without any APY information or deposit amounts are nDAI, nETH, nUSDC, and nWBTC. Notional Finance is the first decentralized community-run Ethereum-based protocol that facilitates borrowing and lending at fixed rates and terms. This is a market that is not addressed at all with the current DeFi ecosystem as many of the platforms are for open-ended loans, allowing for more issues down the road as the value of the assets changes. Setting the fixed time and fixed rate allows people to benefit from much better rates than traditional finance without as much risk as the current DeFi system offers.

 

Aura Finance 

While there have not been any farms added on any chains for the Aura Finance pools that are coming to Harvest there is a way to get some insight into what will be coming. The reason that is possible is because of the role that Aura has been created to fill and its successful ability to do so. Aura aims to follow the mold that Convex created with its cvxCRV token except instead of the Curve protocol it is focused on the Balancer protocol. The reason that these have caught on as they have is because of the power that yield farmers can combine together to have a greater influence on proposal voting. This in turn is supposed to lead to better returns for those that participate therefore creating value. Since Aura is Balancer focused at the moment it should be expected that these farms fall into this category however until it is there in theory it could change. 

 

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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

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