Recently some of the Harvest Finance Uniswap V3 farms have plummeted in APY value. As of today, August 19th, two of the farms have even fallen below 1% APY. These farms though have not been moved to the inactive farms yet. Instead, they removed the iFARM rewards and so all an individual will receive is the Uniswap Trading Fees.
The farms that have fallen this low are a couple you would have expected. For three of these farms, the ETH range was $1.4k to $2.4k which makes sense as to why they would remove the iFARM rewards as these are really inactive pools. USDC-ETH which yields 0.42%, ETH-USDT which yields 0.52%, and finally the DAI-ETH pool that yields 1.80%. are the farms that fall into this range. It does make some sense though with how the crypto market moves to not move these farms to inactive as the volatility could rapidly drive down the price of ETH to where it could become active again. If ETH though continues to stay above $3k as it is doing right now then in a couple of weeks I could see it move to inactive especially if the value of deposits dries up. This would then lead me to think that they would instead add a farm for above the $3.5k range which is the upper range currently offered in the farms.
The other Uniswap V3 farms that lost their iFARM rewards are BUSD-USDC and RENBTC-WBTC now these I am not too sure of why they lost their iFARM rewards. BUSD-USDC has roughly $925k in assets and the RENBTC-WBTC has over $1 mil in assets. Neither of these dealt with ranges like the first three farms did so that is not the reason and they also have a fairly sizeable deposit amount so it is not like they are not being used. A pro for these losing their rewards is those of us who are using the other Uniswap V3 farms are able to get a boost in the emissions since there are fewer farms for the iFARM to be split between.