Why You Should Farm DAI on Harvest Finance? It Easy Sleep Easy at Night!

Why You Should Farm DAI on Harvest Finance? It Easy Sleep Easy at Night!

By Cje95 | Chronic Illness and Crypto | 5 Feb 2021


Harvest Finance has grown from just a few different pools to an amazing collection of pools that really can serve almost any purpose or need a DeFi Farmer could need! From high-risk stock-based pools like mSTONKS to the boring old stable coins some people no longer really care for there is a pool for everyone! No matter your strategy though there is one pool that I feel any farmer should be in as it as produced amazingly since I was started using it in November of 2020.

 

What asset pool is it I love and continue to add to? Well if you did not already recognize it in the title it the DAI Stablecoin pool! While most of the Harvest Fianance pools require you to go to Uniswap or Curve to deposit and get the LP (liquidity pool) token DAI stable coin does not. In a time when ETH gas gees are crazy high you can stake your DAI straight to Harvest and so all you need is DAI and Ethereum to pay the gas fee! Rather simple if you ask me and very cost effective!

 

In a time when cryptos have had some pretty crazy ups and downs DAI being a stable coin is meant to stay pegged at $1. DAI is created via the MakerDOA protocol and so with that protocol thriving as it has it in my opinion is the most stable stablecoin. I have yet to see it fall below $1 the last 8 months and if anything has been above that level! 

 

With the US yield being less than 1% in high yield saving accounts at almost all banks and even credit unions finding yield has been very hard to find. Harvest again takes care of this with the DAI Stablecoin pool. Since I have first deposited DAI in Novemeber the lowest I have seen the APY is 9%! While that might seem crazy it is anything but! During that time Compound was the only liquidity pool that stablecoins were in and that meant that 6 of my 9% yield was actually coming from FARM tokens! However it has consistently been in the mid to high teens and for the last week and a half as been in the 30% range! Is it sustainable??? No of course not and they are using both the Compound Fianance and IDLE pools to do this but remember you never pay a gas fee and can watch daily your amount of DAI grow! If you are new to this and/or want something more hands off then this is the pool I would recommend for you! 

 

Harvest has shown it has staying power and is constantly adapting. When it fell victim to an attack it doubled down and has been making those people whole though the GRAIN program! There are so many stories out there of cut and run DeFi protocols but not Harvest! When the times got tough Farmer Chad rolled up his sleeves and doubled down!


Cje95
Cje95

Just a college student who graduated during a pandemic. Loudest and proudest member of Texas A&M '17! Back to back neurosurgery survivor and sports fanatic!


Chronic Illness and Crypto
Chronic Illness and Crypto

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