Why you NEED to start farming DPI on Harvest Finance. #CropSpotter

Why you NEED to start farming DPI on Harvest Finance. #CropSpotter


So you’re looking for a good pool to farm on? Well Harvest Finance has got you covered. The pool I have got my heart set on, and for good reason, is the DPI-ETH strategy on Harvest Finance.

What is Harvest Finance?

Harvest automatically farms the highest yield available from the newest DeFi protocols, and optimizes the yields that are received using the latest farming techniques.

https://harvest.finance/faq

Statistics for the ETH-DPI Farming Strategy

There is currently $4,900,000 locked in this strategy.

There are currently 4,545 Farm Holders.

3,262.5 K$ Profit from all vaults in the past week.

$21,200,000 saved in gas fees.

17,670 Total Farm users.

Find more stats at the Farm Dashboard: https://farmdashboard.xyz

What is Defi Pulse Index?

Defi Pulse Index, also known as DPI as its ticker, is a token based on Ethereum. It’s created by Token Sets. Defi Pulse Index tracks the performance of DeFi assets on the market.

Objective

The DeFi Pulse Index is a digital asset index designed to track tokens’ performance within the Decentralized Finance industry. The index is weighted based on the value of each token’s circulating supply. The DeFi Pulse Index aims to track projects in Decentralized Finance that have significant usage and show a commitment to ongoing maintenance and development.

https://www.tokensets.com/portfolio/dpi

Risks

Make sure you know the risks with DeFI. Smart Contract exploits (rugpulls, rapid minting of tokens, rugpulls), impermanent loss, Fake Tokens, Phishing Scams and fake DEX’s and Sites, etc. DYOR!

How to get started

If I was rich enough to afford the ridiculous gas fees on Ethereum, I would have gladly shown you how to do this with real money, but since I can’t I will still show it to you but without that. Should be the same thing though. 

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The ETH-DPI Liquidity Pool is on Uniswap, so go to https://app.uniswap.org/#/swap and make sure to bookmark it so you know it's the real one!

 

Step 1: 

If you have enough DPI and ETH to start then this step does not apply to you. However, if you don't have DPI and just ETH. You need to swap some of that ETH (or whatever token) in your wallet for DPI. 

Go to: https://www.coingecko.com/en/coins/defipulse-index and then copy the contract address. This is so you know that you are 100 % swapping for the right token and not a fake ERC-20 token. This happens a lot.

Click Select a token, then insert that contract address you just copied from Coingecko and it should look like this:

20751f27d168dc8fcd59c7bebfa90599c1b2588011dc2b909e7fbecada4f12e9.png

Click Import, and you should see a screen popup:

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As I mentioned before, fake Ethereum tokens can be created to imitate projects. So click the “I understand” and then click Import. Now, your screen should look like this:

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Make sure to connect your wallet if you haven't already. 

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If you haven't swapped for this pair before you will have to approve the smart contract, and then swap. Both of these cost gas, so make sure you have enough gas, for both of these transactions.

Congratulations! You have now swapped for DPI! Now it’s time to add liquidity.

Step 2: 

Now it’s time to add liquidity! Go to the Pool page of Uniswap at the top left of your screen or just click here: https://app.uniswap.org/#/pool

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Click add liquidity, and insert the DPI contract address or search for DPI and Ethereum. 

Now add however many of the DPI and ETH tokens in it. Tip: Make sure you have enough gas for like 5 more transactions, because it gets intense soon.

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Yours should look like this! You will have to approve your ETH Contract and your DPI Contract again, just like when you swapped. After you have paid for both transactions you are done with Step 2! Finally. When both transactions confirm you will now receive ETH-DPI LP tokens.

Step 3: 

Now that you have your ETH-DPI tokens and have spent a lot on gas fees, go to Harvest.Finance and stake those lovely ETH-DPI tokens at 46.85 % APY (at the time of writing this)

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Why should you put your money into the DPI-ETH strategy?

I’m glad you asked! Well, DPI is short for Defi Pulse Index, this coin is provided by Token Sets. Defi Pulse tracks the rankings and analytics for the top DeFi projects. https://defipulse.com/

Defi Pulse Index, includes multiple popular coins that have been gamechangers in DeFi. As of the time of writing there is:

- 0.226269 AAVE TOKEN

- 5.24827 UNISWAP

- 2.620477 SYNTHETIX NETWORK TOKEN

- 0.016625 MAKER

- 0.076752 COMPOUND

- 0.000553 YEARN.FINANCE

- 22.971029 LOOPRIN

- 16.238306 REN

- 0.199025 BALANCER

- 3.71062 KYBER NETWORK

- 0.286472 META

Per DeFi Pulse Index Token.*

 

Or you can read it here: https://www.tokensets.com/portfolio/dpi

 

That isn't the only reason. DPI makes it easier than ever to dip your toes in the DeFi space without holding various tokens. DPI has had a very speedy increase in price due to the various tokens in this protocol going up. If you ask me I would rather hold DPI and ETH rather than just the one token. 

 

Who is this strategy for?

I would definitely recommend this strategy for a Bull, because it consists of Ethereum and a coin that mirrors various assets, it has a reasonable APY and I would definitely say this project is good for long term.

Resources 

- Etherscan https://etherscan.io

- Zapper.fi https://zapper.fi - Track your net worth, yields and exchange.

- Coingecko https://www.coingecko.com - Track Coin value

- Coinmarketcap https://coinmarketcap.com - Track Coin values

- Farm Dashboard https://farmdashboard.xyz/ - Track Harvest.Finance Statistics

 

You can connect your wallet with zapper.fi or just insert your Ethereum address like I did.

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If we look at mine, you can see that I have $62.88 worth of assets in my wallet and $32.73 in Compound.finance. My initial investment of $8 worth of COMP is now worth $32.73 so that's amazing!

If you click on the wallet it will show you your assets. 

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https://etherscan.io/address/0x96dabbee2ef6f248a4d20e2f9e323e72c62bd800 also shows you what tokens I have.

If you want dark mode on Uniswap just click the sun icon!
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Thank you so much for 100 Followers! :)

Thank you for reading this post and I hope this made the process a little easier.



Yield Farming & De-Fi
Yield Farming & De-Fi

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