This moring Harvest had quite the pump shooting up 30% at one point! What caused this was more great news for the Harvest Team! Today Binance has started the ETH-FARM pairing! Making it much easier and quicker for those who are wanting to acquire more FARM or to swap out some FARM for some ETH! This pair being set up means that there is demand for it on the worlds largest exchange which is a fantastic thing for a DeFi application like Harvest to be able to show their system works!
Further Binance has also added FARM as a token that you can now set up recurring buys for with fiat! This has been offered by Coinbase for a couple of months now but again having the largest exchange offer this is huge! I cannot think of a single project that would not want this fantastic news and thus this is why we are seeing the huge pump! By having Binance, the worlds largest exchange, and Coinbase, the largest US exchange, allow for people to set up recurring buys via fiat means that people that are new to crypto have an easy onramp into Harvest Finance and DeFi as a whole.
It will be really interesting to see if or how much of a pullback might occur or if this is a continuation of FARMs upward movement. It is fantastic to see good news continue to come out about Harvest and for these huge players to acknowledge this by adding these features to their platform for FARM. I look forward to seeing more good news for Harvest as yield farming has been a fantastic place to really ride out this crazy volatility right now!
News on the farms!
I mentioned several weeks ago how the Binance Smart Chain seemed to be dying and I continue to stand by that idea. The team announced on Harvest's Discord that three BSC farms BELT-BNB, ICE-BNB, and CAKE-BNB are all being deactivated Jan. 18th. When looking at the farms overall on there it is not looking health for the chain.
Of the 9 farms that currently are still on the page (this will fall to 6 once Jan. 18th comes around) only 3 farms earn bFARM emissions. There also has not been a BSC farm added in the last few months and I cannot find any discussion about the possibility of adding more. BSC is now the blockchain with the fewest farms on it as more and more become deactivated and more Polygon farms come online. With it being so quite I would not bank on this changing anytime soon. Binance had a rough year last year and people are now aware of how centralized the BSC is and so a lot of DeFi activity has moved over to Polygon and other Ethereum Layer 2 solution.
Since I was never involved in the Binance farms I have mixed feelings about this. Part of me feels like I dodged a bullet but the other part of me is also saddened to see a chain that had such potential and momentum to be stalled out by just a complete failure to read their audience. Lower gas fees are great but not at the cost of centralization. Decentralization is what the crypto community wants and they do not want to revert back to centralization like the BSC was.
Please know I am not a financial advisor I am just someone who picked up on a trend and wanted to express it! Makes sure you always do your own research and never invest money you cannot afford to lose! If you enjoyed this article and would like to further support me below are a couple of referral links that if you used when signing up I would appreciate it! Also, follow me on Twitter @Cje95_
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