Harvest Finances: The Different Types of FARM and What There Function is!

Harvest Finances: The Different Types of FARM and What There Function is!

By Cje95 | Chronic Illness and Crypto | 29 Jul 2021


With the newest edition of the Polygon Network (MATIC) Harvest Finance is now deployed on three booming blockchains! I have no shame in admitting that it can get quite confusing at least for me to keep track of what FARM equals what. The easiest way I have figured to keep it straight is to use the Ethereum Blockchain as a base and then convert the other types of tokens to the ones on Ethereum. 

 

Ethereum Network

This is the original or OG network where Harvest was launched from! The initial token native governance token was FARM and what you could do with your FARM was add it to the auto-compounding revenue sharing farm to continue to grow your rewards. When gas fees went through the roof through the Harvest Team came up with the genius idea of iFARM which was more or less a certificate of FARM that was already staked in the auto-compounding pool. This allowed users to save on the gas fees from harvesting and then staking the FARM. With iFARM it grew automatically all by itself. 

 

Binance Smart Chain (BSC)

When Ethereum gas fees went absolute bonkers the community clamored for a cheaper DeFi alternative and the Development Team sure did deliver! Harvest was able to quickly and securely rollout the BSC Chain and farmers were able to benefit big time! Because there was a change in blockchains the name of the Native Governance tokens changed. On the Binance Chain the bFARM is just like regular FARM where as ampliFARM is in the realm of iFARM. There is no exact replica of iFARM on this chain as ampliFARM can be redeemed at anytime for the 1:1 bFARM value or better.

 

The better aspect comes into play when you stake 3.12 bFARM and "boost" your ampliFARM earnings. Vaults like BELT-BNB and ICE-BNB currently are paying out in ampliFARM. The best "boost" you can get is possible only if you stake 3.12 bFARM for two years. This might seem like a crazy thing however if you believe in the platform and yield farm it could easily be worth it to throw some bFARM and reap the benefits. The "lockup" of the bFARM is not a true lockup since you are able to withdraw the staked amount at any time. You just do not get as good of a boost as you would of otherwise. 

 

Polygon Network (MATIC)

Last but not least is the newest edition to the Harvest Network with the Polygon Chain. This one is still currently being developed and so not all of the feature are as rolled out or as cleanly polished off like the other two chains are. On this chain farmers earn mFARM and miFARM as rewards. These two relate to the FARM tokens as mFARM is the equivalent to FARM and miFARM being the interest bearing version just like iFARM is for the Ethereum Chain. I fully expect to see further developments with these rewards as there are currently only three Polygon farms available. 

 

 

I look forward to see how they continue to optimize FARM and iFARM as the project continues to not only grow but thrive! Harvest's results are hard to argue with as at the end of the day. They have delivered above and beyond what I could have ever expected and cannot wait to see how it continues to grow and prosper!

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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. and shares my growing pains with y’all here! Huge sports fan, space nerd, and international news reader!


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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