Harvest Finance on Binance Smart Chain | First Time Farming of 1inch Using Harvest Finance at 81.80% APY

Harvest Finance on Binance Smart Chain | First Time Farming of 1inch Using Harvest Finance at 81.80% APY

By Oivas | Crypto and Gaming Articles | 25 Apr 2021


The Crypto World

Those of us in the know of the crypto world would be aware that Bitcoin started it all. It was in 2008 that the phenomenon called Bitcoin came by, and people just ignored it. Then within five years, more coins emerged basing their fundamentals on the technology called “blockchain”. People around noticed, but they just laughed it off. In another five years in 2018, almost a decade since Bitcoin made its presence, the crypto world witnessed a bull-run which was noticed by all. 

By now, people weren’t happy that something they had written off was growing. That made them angry. They screamed at the top of their voice that Bitcoin was a farce and was all a scam. They couldn’t digest something winning without their approval. Then came 2021, and the crypto-world wins. It’s easy to see the adoption of different crypto assets and technologies.

This entire crypto-world saga was something the great Mahatma had already witnessed in his fight to liberate India. The cause was different, but the outcome was the same. We won!

Here is what he had to say:

First, they ignore you,

then they laugh at you,

then they fight you,

then you win!

- Mahatma Gandhi

And the Mahatma’s words came true in the crypto world too. All the naysayers of 2015 and 2018 invested in Bitcoin in 2020. And I am talking about the big corporations and banks, not just individuals. 

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These guys were the dinosaurs of the conventional financial world and are now realizing that they would be extinct if they did not adapt and adopt. Just about the right time!

But then there is another form of dinosaurs that exists within the crypto world itself. 

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The Old Crypto Investor | Dinosaurs of the Crypto World

What are we talking about here? Well, no doubt, the ones who believed and invested in the crypto world are winners in a way. Not just investors but participants in different forms have proven that they got it right for themselves. But the problem is when they refused to learn within the crypto-ecosystem.

The early adopters of the crypto world learned the aspect of HODLing to allow the market to ensure the growth of the funds without them doing anything. The next phase came in, where the investors felt that they could do more by trading their assets instead of just HODLing. But that’s where they stopped. They didn’t realize that there was more on offer in the crypto world than mere HODLing and trading. In refusing to learn these new aspects or just out of ignorance, these became the dinosaurs of the crypto world, and I am one of them. 😊

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Even the conventional financial world knows that we need to put our money to work to earn money for ourselves. If we did not get that wisdom to the crypto world, then only we are to blame. The crypto market evolved to allow our crypto assets to work for us in multiple ways. Some earned interest just be hodling in a particular wallet while others earned assets for providing assets which we hodl but don’t use. So, there were multiple ideas to make money work. But there was a lack of intent of finding them. 

And the latter part is what I am changing over here. I intend to try out a new form of making crypto assets work for me, and that is through Harvest Finance on the Binance Smart Chain. 

Let’s try it out together.

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Harvest Finance on The Binance Smart Chain

But first, what is Harvest Finance?

As per their website, here is their definition:

Harvest is an international cooperative of humble farmers pooling resources together to earn DeFi yields.

What that means is we pool our resources (crypto assets) to earn Decentralized Financial yields. This is much like interests but tell me, where would you earn interests in the range of 40% to 4000% per annum? 

But that’s not all. I am talking about Harvest Finance on the Binance Smart Chain. Why? Because Harvest Finance started as a tool on the Ethereum blockchain and then came over to the Binance Smart Chain. The reason is quite simple – the prohibitive gas fees of the Ethereum blockchain make it next to impossible for small traders (or farmers) to pool their resources. So, most don’t take the first step or, in some cases, can’t take the first step. 

On the Binance Smart Chain, the cost of transactions is a mere fraction of what we experience on the Ethereum Chain and many times does not even add up to $0.2 to $0.3 for completing the entire chain of transactions for harvesting. Isn’t that reason enough to look at the Binance Smart Chain?

It is. But how do we get going? That’s exactly what we will see now. 

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Participating in Harvest Finance on the Binance Smart Chain

As I said, I had to get going on the harvesting part. It was now or never. So, here are the steps I followed. Also, here is what you need to keep ready before you start.

1.    You need to have a crypto wallet. I used Metamask

2.    An Exchange where you are registered. I am on Binance for this example. If you want to join, you can do so here.

3.    Harvest Finance site ready. It is here: https://harvest.finance/

4.    Assets which you can choose from the above website

So, let’s go.

Step 1

1. Get on the harvest.finance site and connect your wallet.

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2. Once connected, this is how it will appear:

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Step 2

1.    Identify the platform and tokens that you want to harvest.

2.    There are options where the APY ranges 4000+%. You can choose them.

3.    Since I was trying for the first time, I chose the 1inch platform and the 1inch-BNB pair with an APY of 81.8%.

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4. Let me repeat – I chose this pair because I had both 1inch and BNB with me. Otherwise, it does not make sense to harvest in this pair when other pairs give you anywhere between 150-4000%.

5. Please make a note of that.

Step 3

1.    If you have the tokens pair in your wallet already, you can skip this step. Else

2.    Go to your exchange of choice and buy the token if you don’t have it already.

3.    If you have it or have bought it, transfer them to your wallet. In my case, I transfer both BNB and 1inch tokens to my Metamask wallet. 

4.    Note: Both the tokens should be of equal proportion. I transferred $60 of BNB and $60 of 1inch to my Metamask wallet.

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Step 4

1.    Now, head to the platform where the liquidity is to be provided. In my case, it would be 1inch. Harvest.finance itself gives the platform details where we need to go.

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2. That was the 1inch site for providing liquidity. On the top right, you see my BNB and 1inch balance.

3. And here’s me confirming the liquidity details

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4. And we are done providing liquidity

Step 5

1.    Now, you head back to the harvest.finance tab and refresh it

2.    You will see the following screen

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3. Once you click on deposit, your wallet will ask for authorization

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4. You will be asked for authorization for both tokens

5. And then you complete the process

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6. That’s it. Your sleeping tokens have started earning you DeFi yields. 😊

You’ve got to love this process. This was my first time, and I enjoyed the process thoroughly. Yay to me! 

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So, Head to Binance Smart Chain then..

You can see that the process is quite intuitive, and you will be able to stake your unused tokens. And what’s more, it will earn you a DeFi token in return. Again, I chose a token giving roughly 80% APY, but you can go for any token, giving you more.

Remember, you would be lucky if your bank gives you 5-10% interest. But here we are talking about yields in thousands of percentage. The choice is yours. Quit being a crypto dinosaur and take the first step.

All the best! 😊

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**Image Courtesy:** Open Clipart on Pixabay | Clkr-Free-Vector-Images on Pixabay | Metamask Resources | Binance Resources

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Oivas
Oivas

Crypto Enthusiast | Writer | Blogger | Author


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