A crypto winter is going to affect everyone within the industry and that is something that we have seen play out in a sometimes spectacular fashion. Various segments of the industry have had this happen from DeFi projects to NFT collections however no matter how many failed a few have continued to stick around and survive. My personal favorite protocol Harvest Finance has had an interesting story so given the current state of things well how is it doing now?
As far as DeFi and yield harvesting projects go Harvest was one of the first in the game and has withstood a great deal. Back before flashloan attacks were really a thing it was a victim of it and due to the community and structure of it was able to overcome the issue and prosper making those affected whole plus some. Harvest's governance token FARM and autocompounding governance token iFARM were also for a while tipping tokens on Publish0x. This year they really focused on building out on their third and fourth chains (Polygon and via funding another project Arbitrum). Polygon has focused a ton of ForEx trading while Arbitrum has been focused on the plain/bland projects.
Due to the scaleback in activity I have heard and seen some people mention that Harvest was dead and even though I differed I really lacked concert evidence of that. The farms have all been kept up to date especially in the Forex realm but the announcements had really tapered off. This month though we have already seen more activity both on the site and on Twitter than we have in a bit. Given the events that have transpired this month it was really great to see that even with their recent overhaul of the site that they were looking to add additional transparency to their farming ways. Not only that but on Twitter today they announced and showed onchain transactional proof of their partnership with a new DeFi protocol called Silo Finance and bootstrapped the launch of it (again with on-chain evidence).
This itself was a good sign and something to be optimistic about as Harvest has really continued to produce rewards at the end of the day. While the token is a long ways away from its 52 week high so are most DeFi governance tokens so that limits my worry. When I went on the site today as well I saw something that I am sure is going to be announced soon and that would be the rollout of 7 new farms on the Polygon chain. These farms are all brought to Harvest by MeshSwap and deal with a multitude of coins with naturally stablecoins taking more of a central stage. It was fantastic to see these farms getting prepared to go live as addition additional farms to a protocol like this is important to sustain future growth. Some may be quick to write off Harvest as being dead but I think the activity show otherwise. If you are someone like me who just has your iFarm compounding away it is important to note that while it is slimer than it once was that is to take into account the issues that crypto is facing and still proving farmers the best bang for their buck while also protecting them!
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