Right now the crypto market is really going through it. What first really started with Bitcoin and Ethereum has now reached practically every coin/token type. Only stable coins have been able to ride this out and that makes sense due to their pegged nature. What was really good to see was that decentralized asset-backed stablecoins have also continued to keep their peg. Not all stable coins are created equal though and that can be seen with Ampleforth which has not been able to regain its peg even with its supply being reduced.
With the market being in such disarray though I combed looking through what coins were performing the best. When at the landscape I was able to identify that governance tokens for yield farming platforms were currently doing the best. They might be volatile still but on average right now they were more or less holding their own. I then looked at the different big platforms like Compound, Harvest, Curve, and more however one thing became clear to me. While receiving or investing in these tokens is a pretty solid idea I wanted one that would take what it makes and auto-compound itself.
This is what separated Harvest from the other names I have listed. If you buy iFARM for instance that is the only transaction that you have to do as iFARM auto-compounds within a user's wallet. By doing this farmers are able to save on gas fees. With the turbulent market as well Harvest continues to produce profits for farmers. Since 30% of profits are used to buy back FARM and distribute it to iFARM stakers thus building their iFARM supply.
Until the market breaks out of this funk I will be gearing/investing in different LPs on Harvest and then taking the FARM the stablecoin farm produces and depositing it into the FARM profit sharing pool to get iFARM. I also plan on buying more MATIC so that I can branch out onto it and start DeFi farming on the Polygon chain! With the pullback in price, I am looking to add to my MATIC amount before I pay the gas fee to move it to polygon since I do not have a lot of MATIC on Polygon as it currently stands.
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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