My First Steps into BSC Harvest.Finance

By Feax21 | Crypto Monkey | 12 Jun 2021


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In the previous December 2020, I have managed to publish 2 articles on this platform with titles My Quest on MetaMask and PancakeSwap CryptoWorld (Part 1) and My Quest on MetaMask and PancakeSwap CryptoWorld (Part 2) describing my first steps in understanding initially how the Metamask wallet works and furthermore how to put my idle tokens earned from Binance LaunchPool into staking in PancakeSwap. Due to limited BNB resources that period although BNB was trading in only around $40 BUSD in comparison to the current $600 BUSD, I was ironically unwilling to buy more BNB and spend them into Metamask to stake my idle tokens. I even created a diagram showing that the waste of precious BNB for the staking of my tokens in PancakeSwap isn't worthy in comparison with the interest earned on BNB Vault on Binance and the rewards of Binance LaunchPool in various BEP20 tokens as follows.

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And possibly the benefits of keeping my BNB on BNB Vault and recently staking them on Binance PoS has proved correct as I have managed to accumulate more BNB tokens which their value have now been skyrocketed into the moon and provided me the luxury of "burning" in metamask a percentage of my interest earnings and not my initial funds. If only I had bought more BNB in such a cheap price of $40 USDT back in December. Even more, the accumulated BNB have been ALWAYS in work in the Binance LaunchPool airdropping me various launched BEP20 tokens while I am at my work.

The previous recent months, there were a lot of discussions for the Harvest.Finance and the fact that apart from operating on the Ethereum Main Network, it started operating also in Binance Smart Chain Network offering a variety of Pools for staking. Publish0x even created a #writing contest to promote the BSC version of Chad's Harvest.Finance with title #BinanceFARMer Writing Contest and Giveaway: $1,000 in $iFARM Prizes! similar to the #CropSpotter Writting Context.

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Unfortunately due to very significant real life working obligations that are always a priority since I am not a full time crypto-worker like the Publish0x Team, I didn't have enough time to experiment with BSC Harvest.Finance or to participate in the contest as each article that I produce consumes a lot of time for the preparation and the writing. Moreover, as other articles became a priority, it took me a while to publish it as well. Publishing articles back to back isn't always a good idea for unpopular authors like me who don't have hordes of followers tipping exclusively their articles daily. Therefore i provide enough time to my readers to tip my previous articles twice which is the maximum tipping in the platform before publishing a new one.

And here i would like to point a critical eye on Publish0x for the fact that they organise their marketing campaigns of their customers a.k.a. writing contests  too often during the previous months because they don't take into consideration the working load and real life obligations of Publish0x members as for them it is a matter of habit to be online on Publish0x while working full time. Contests rewards are welcome of course but I believe that the frequency of the writing contests the previous spring was quite high and the contest period of 15 days is quite short for the working people.

Yet, i spent a lot of time reading related articles that were published on the occasion of the writing contest, highlighting the BSC Metamask low gas fees in comparison with the Ethereum Main Network. I still I came to the conclusion that all the available tutorials and articles have been written by experienced Harvest.Finance users who instead of providing a detailed step by step approach they kept missing important steps and information as they considered them unimportant and "common sense" for them and for the rest of the readers. Yet, that isn't always the case for newbies just like me. Truth is I have discovered some descent ones as well like the [EXPLAINED] Harvest Finance $FARM Profit Sharing Pool by Yaz SheikhT and the official tutorial of Harvest.Finance (which I can't find anymore in Publish0x and please feel free to add in the comments section if you have bookmarked it on your browser). Therefore, encouraged by the low BNB gas fees on Metamask, I have decided to sacrifice my precious time off work and few of my interest-earned BNB Satoshi in order to experiment with the Harvest.Finance.

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BSC Harvest.Finance includes various Pools such the SPACE, Venus, Pancake, Goose, bDollar and 1Inch Pools.

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From all the above Pools, which the most straighforward and attractive one, appeared to me to be the Venus Pool as it included various stablecoin pairs such as DAI, BUSD, USDC, USDT, that I already had into my Binance Savings account, therefore there was no need to buy them in order to stake them here.

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As a result, I have decided to sacrifice 60 BUSD yes 60 BUSD earned through my hard labour from my Binance account and withdraw them into my Metamask in order to stake them into Harvest.Finance. Interestingly, for BUSD, The Binance Smart Chain doesn't charge any fee for the withdrawal so the same amount of BUSD was available on my Metamask as well.

What was quite confusing when I checked the BUSD Pool, the farmed pair wasn't actually the Venus-BUSD pair but something called fVenus-BUSD. What the heck is that f ahead of the farming pair? The answer came from Harvest.Finance FAQ where it states:

What are fDAI, fUSDC, and fWBTC?

fDAIfUSDCfWBTC, and other f-tokens are the yield-bearing versions of the corresponding assets which are being automatically farmed by Harvest. When Harvest generates yields, 70% of these yields are used to increase the value of these tokens.
You can redeem them at any time for DAIUSDCWBTC, and so on.

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Certainly, it explains a lot of things

The BUSD staking was providing 14.66% Auto harvested XVS (Venus) A.P.Y. and 7.09% bFARM A.P.Y. ((Annual Percentage Yield) rewards during the initial writing of this article and the staking process on 7th May 2021 which appeared to me rather attractive for my first experiment.

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Surprisingly, the performance of the Venus Pool is rather volatile. When i took the first screenshot, the performance was a 21.88% combined but after the staking few minutes later it dropped to 21.75%! But this is actually a little detail worth noted.

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After connecting my Metamask wallet, the system recognised immediately that I had 60 BUSD into my "pocket" ready to stake and started the approval procedure.

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And this where i got a bit lost with the payments as I was asked 3 times to spend gas fees in Metamask in order to finish the staking procedure.

The first transaction to deposit the $BUSD into Harvest.Finance cost a total of $0.21 or 0.000331 BNB;

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After that, another transaction must be submitted to allow staking of $BUSD into Harvest.Finance. This cost a total of $0.000894 BNB;

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Especially, my confusion was great, when I was asked to approve something called bfBUSD for a cost of $0.22 or 0.000347 BNB which I can only translate as "boyfriend BUSD". Nevertheless, I have decided to go all the way down since the gas fees cost continued being minimal.

 

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Finally, I have reached the Staking step when i was asked one last time to spend another 0.001149 BNB.

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In the end, not only I managed to complete the staking procedure, but I was already able to see the fruits of my farming labour after earning 0.0000000010 bFARM.

In total, in order to complete the staking procedure that included both the deposit of my funds and the initial approval of contracts interactions and I start earning from the Venus/BUSD farm, It appears that I had to spent the following amount of BNB Satoshis:

331+894+347+1149 = 2,722 BNB Satoshi or 0.002722 BNB worth just $0.88 with the current price of 325 USDT for 1 BNB at 28th May 2021 which I don't find a tragic amount especially if it comes through the BNB Vault interest earnings and not from my capital.

WHAT THE HELL IS THAT bFARM AND WHERE IT CAN BE PROVED USEFUL OR PROFITABLE I HAVE NO IDEA (and forgive me for the strong language) BUT I AM REALLY LOOKING FORWARD TO FARM SOME XVS VENUS WHICH I WANT TO DEPOSIT INTO MY BINANCE ACCOUNT WHERE VARIOUS PoS OPPORTUNITIES ARE ALSO AVAILABLE.

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In one of the articles that I studied with title Top Things You Should Know About Harvest Finance (FARM) by [MuyAsk], it says characteristically...

Harvest Finance is an automated yield farming protocol for crypto holders looking to put their idle assets to work in the highest producing yield-farming opportunities. 

Well allow me to disagree with this definition. Harvest.Finance isn't an Automated Yield Farming Protocol for crypto holders looking to put their idle assets to work. And that's because the 60 BUSD funds that I deposited into Harvest.Finance in order hopefully to farm the fVenus-BUSDT pair and the bFARM token, AREN'T IDLE at all! I was already earning 5% interest on Binance Savings from BUSD deposited either from Flexible Savings or PoS DeFi account there and I have decided to sacrifice the earned interest in order to deposit them in Harvest.Finance.

And just like it happens with my BNB in my Binance account, I have the capability of staking my BUSD into the Binance LaunchPool that provides me numerous BEP20 tokens which i also keep into my Binance Savings and earn interest (Litentry & OG Token). As i describe in my initial articles My Quest on MetaMask and PancakeSwap CryptoWorld (Part 1) and My Quest on MetaMask and PancakeSwap CryptoWorld (Part 2), idle tokens are the BEP20 tokens airdropped from Binance LaunchPool such as the HARD or the CERTIK token for which there aren't any Binance Savings opportunities and either on Harvest.Finance like it happened in the past in PancakeSwap. From all the available pools of Harvest.Finance, i could hardly find any stable token that remains idle on Binance as all stablecoins can be deposited in Binance Savings account and earn an Internet there. What is correct to say is that in Harvest.Finance every humble Chad Farmer may claim higher APY rewards in comparison with the Binance Savings or DeFi which I am really looking forward to examine with my own eyes.

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***Disclaimer: All information found on this article is for informational purposes only. I do not provide any personal investment advice so please make your own research before proceeding to any investment/trading action.***

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