Same ol’ farmers, just a different field

By Nams | cryptohowto | 19 Apr 2021


Synopsis

A long time ago, humble farmers farmed happily in the Ethereum fields. It was a time of bountiful harvests and high returns on the LPs and stables (no horses involved). Those were the good old days; a time of the highest APY’s on stablecoins anywhere in the market.

Single-asset strategies and farming of Liquidity Provider (LP) tokens on the Sushi farms, Bitcoin farms, 1inch farms and Stonks farms was going very well. Harvest Finance stayed true to its aphorism; “to help farmers take advantage of the latest DeFi platforms with the highest yields”. All the farmers had to do was plant their seeds in the Ethereum fields, relax, and let Farmer Chad do the dirty work of searching DeFi platforms with the highest returns. Oh what a happy time for the humble farmers! It was all going well until something tragic happened on the Ethereum fields. Tragedy struck; the Ethereum fields went rogue.

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Ethereum fields went wild

Everything changed when the Ethereum fields went rogue. The gas price for moving inputs and products on the Ethereum fields kept going up and up. As gas prices skyrocketed, farming on the Ethereum fields was becoming a nightmare for the humble farmers as tractors could not move easily. Something had to be done. Due to his immense love for the farming community, Farmer Chad had to devise an elaborate plan to prevent farmers from abandoning their tractors altogether. To keep the farming going, Farmer Chad decided to go around searching for someone to open up new farming fields. The new farming fields would be on the Binance Smart Chain (BSC), a very fertile and easy-to-plow field with cheap gas fees. Farmer Chad sent out the following notice:

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Farmer Chad devised an elaborate plan to help the farmers

A solution to the rogue Ethereum fields was found. The solution was Binance Smart Chain. Now the humble farmers were happy to do some honest work and receive high rewards on the BSC fields. Same ol’ farmers, just a different field.

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New farming ground on BSC

Farming strategies on BSC

Farmer Chad immediately got to work on the BSC fields. He started his tractor engines and went to search for the latest DeFi platforms with the highest yields on BSC. The humble farmers can now farm and receive bountiful harvests using any of the following farming strategies:

  • 1. Single-asset, get rewards in Venus (XVS) and FARM

This strategy is best for farmers that prefer steady growth without the risk of impermanent loss. This strategy allows the farming of stablecoins such as USDC, USDT, BUSD, and DAI. In addition, farmers can also farm XVS, BETH, ETH, and BTCB. Harvest APY in this field could range from 20% to as high as 63%. It must be mentioned that these are the highest APY’s a farmer can get on their stablecoins or single assets anywhere in cryptoverse! Check out the image below to see what this field has to offer.

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Single-asset strategy (Rewards in XVS and FARM)

Personally, this is my favourite strategy because I'm very risk-averse. Therefore, this single-asset strategy saves me the headache of worrying about impermanent loss. In addition, the APY's on the stablecoins are pretty decent. I don't know of other platforms where I can get APY's as high as 55.23% on DAI, 45.34% on USDC, 44.27%, USDT or 43.52% on BUSD. With the high volatility of crypto markets, this strategy gives me one less thing to worry about. With my stable assets in this vault, I could care less whether the markets are pumping or dumping because their nominal value stays constant. So, without a doubt, this is why I would recommend farming stablecoins on Harvest Finance. 

 

  • 2. CAKE, CAKE, CAKE!

The title is self-explanatory. This one is for CAKE lovers. This strategy gives farmers an opportunity to harvest CAKE and FARM after planting BUSD-BNB, ETH-BNB, USDT-BNB, XVS-BNB, and CAKE-BNB. APY’s in this field could range from 65% to 200%! It is important to note that CAKE is the native token for PancakeSwap, a BSC project with great potential for growth as it is poised to be a viable contender for the best non-Ethereum DEX’s.

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Rewards in yield bearing versions of CAKE and FARM

 

  • 3. Dollar, with a b

This field is for farming bDollar. bDollar is an algorithmic stablecoin built on BSC. It is programmed to adjust supply in order to keep the price stable. Humble farmers can use this strategy to get rewards in bDollar and FARM tokens. The assets that can be planted in this field are BDO-BNB, BDO-BUSD, SBDO-BUSD. This is one of the most fertile fields on the platform. This strategy has some of the juiciest APY’s ranging between 636% - 870%. See the exhibit below:

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bDollar and FARM rewards (take a second look at the Harvest APYs! very fertile grounds)

  • 4. More inches

Farmers have the option of growing their inches longer using this farming strategy. By farming 1INCH-BNB and 1INCH-RENBTC, farmers can receive 1INCH and FARM at harvest APY’s of 148% and 254%, respectively.

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For the love of inches

  • 5. More, give me more!

If there’s one thing that farmers love, it is a good harvest. And then there are farmers that can’t just get enough of a bountiful harvest so they keep screaming “Give me more!”.

It’s not greed if it’s honest work.

Well, this field is fertile for the taking if you are the type of farmer whose daily phrase is “give me more!”. For example, farm EGG-BNB or EPS-BNB at APY’s of 1388.47% and 1007.35% respectively. Or stake EGG at 368.10% APY. Wow, that’s a lot. Check out more of the farming strategies in this field below:

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very fertile fields

Remember!!!

There is something that makes Harvest Finance different from all the other yield farming protocols. Harvest makes the farmers' work easier by rewarding them with interest-bearing tokens when they deposit in a pool. For all the 5 strategies explained above, take note of the following: 

NOTE: Note that rewards are given in the yield-bearing versions of the coins being farmed by the harvest algorithm. These coins automatically appreciate in value as they earn interest and can be redeemed for their underlying token at any time, or staked to earn more FARM rewards. For example, when you deposit BUSD in the Venus pool, you will receive an fToken as fVENUS-BUSD, auto-harvested XVS and bFARM. The "f" in fToken is to denote that it is a yield-bearing version of the token and the b in bFARM is to denote that FARM is on Binance Smart Chain. See the example below for illustrative purposes.

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e.g. BUSD deposited in Venus pool

How to farm on BSC fields

Farming on BSC has never been easier. Simply go to harvest.finance, choose network as Binance Chain Wallet and select wallet options accordingly. Wallet options include Metamask, Binance Chain Wallet, or WalletConnect (to connect to a WalletConnect-compatible wallet such as TrustWallet or iSafePal, among others).

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Connect your wallet on Binance Smart Chain

Once your wallet is connected, deposit the asset you want to farm from the numerous list of farming options available. It is worth mentioning that Farmer Chad is a busy farmer, hence different fields and farming rewards are constantly being added. Note that the assets in your wallet have to be on the BSC network (the tokens must be BEP20 tokens).

After depositing your assets, sit back, relax and let Farmer Chad do all the dirty work while you wait for your bountiful harvest.

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Farming on Harvest BSC like a Boss

 

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Nams
Nams

Blogger. Cryptocurrency enthusiast. Economist. Researcher. Cryptocurrency is the future, and the future is now.


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