Yesterday Harvest finally added some farms I had been highly anticipating! The Uniswap V3 farms are now live and boy do they look nice! These farms though are really a complete overhaul of how an individual would typically add liquidity to a Harvest farm. The new way add even more simplicity to participating in new farms and will allow DeFi and yield farming newbies to easily join!
Old Method vs New Method
When it came to adding liquidity to the pools the old farms were not necessarily hard but they involved a lot of step and people that were new to this realm of crypto it could be quite daunting. The easiest way to do it was to follow the instruction for the vault which could be found when you hovered your mouse over the vault details. This would give you the direct link to the LP pool you needed to provide liquidity to and then be able to then deposit the LP token in the farm. With this new method, it's way simpler and saves you on gas costs! Directly on the farm, you deposit the assets which are then deposited into the LP pool for you! No more having to go to Uniswap to deposit them yourself Harvest takes care of the whole thing!
The New Farms
This week has led to one of the largest number of farms added at one time on the Ethereum side we have seen in a while. A whooping 7 farms have been added to Harvest all of which are Uniswap V3 farms! The pairings added are as follows:
So these initial pools for the most part all a mix of a couple of stable coins or stablecoin and Ethereum pair. THe one exception is the Uniswap native token UNI with its Eth pairing! One of my favorite things about these farms is they all deal with distribute iFARM and not FARM like most stablecoin and stablecoin pairing have! I really interesting thing to keep an eye on is going to be how the APY changes as you earn iFARM but 2/3 of the iFARM is vested for 6 months and you also earn the Uniswap V3 trading fees with these pools!
This leads me to think that the more Uniswap is used and the more trading fees go up or down that will be the main indicator of the APY! Thus really encouraging people to use Uniswap over other DEX's and something I see as Uniswap wanting to protect its percent of the market! All of the farms have it to where 2/3 of the iFARM vest in 6 months so this just encourages people to stay with the platform itself. I look forward to seeing the future Uniswap farms added and if they maintain these two features. The APY's are not crazy high like is normal but that does make sense with them being stablecoin pairings.