Best Guide to Harvest Finance ($FARM) for Beginners

Best Guide to Harvest Finance ($FARM) for Beginners

By D3F1 | DeFi Box | 16 Oct 2020


Have you heard about $YAM, $SUSHI, $KIMCHI, or maybe $PICKLE? 

What about $CREAM, $SAFE, or $YFII or $VALUE?

Are you getting overwhelmed?

You are not alone

Most of us are.

You'd need a second life solely dedicated to DeFi if you would like to keep up the current trends and catch these yield from farming.

That wasn't possible until recently.

Let me introduce a DeFi protocol that is about to make your farming life so much easier.

Please welcome Harvest Finance.

Put away your APY calculator, sell the multiple combine harvesters you have collected over the past few months, and let Harvest Finance do all the hard work for you.

Now, there is no more spending the long hours on your individual farms every day - trying to harvest an honest yield. Instead, let Harvest Finance take care of it all.

For a quick introduction, Harvest Finance is a farming protocol that keeps up with the latest DeFi yields for you. The protocol automatically harvests the highest yielding assets and distributes the rewards amongst all the on-board farmers.

The idea was birthed from the need for a convenient way to farm the latest projects, all producing different yields. Initially, the process was totally manual and time-consuming for people with a regular 9-5 job - but Harvest Finance has changed that for everybody.

What Buying $FARM Tokens Gets You

There are multiple farming strategies that you can take advantage of through Harvest Finance;

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As you can see, there are quite a few options for you to choose from. You can either pick just one of these strategies and focus all of your funds in that one place. For example, you could quickly only deposit TUSD (in the form of fTUSD) and earn the current 20% APY. However, this involves some additional steps for you to get the fTUSD initially.

Instead, if you are the person I described in the intro that has no time to choose one of these specific strategies - that is no problem whatsoever!

The easiest method for farming on Harvest Finance is simply by buying $FARM and depositing it in the “Profit Sharing” pool to take advantage of all of these strategies.

Here's how to do it;

How to Start your $FARM Journey? 

First things first, you NEED a MetaMask wallet to do everything I am about to guide you through. Once you figure out MetaMask, the rest of the tutorial is pretty straightforward. I won’t waste time trying to talk you through installing MetaMask. Instead, take a look at one of the previous guides I have already released, which covers everything you need to know in great detail.

Right, now assuming you have MetaMask already installed and ready - let’s continue.

To begin with, you need to buy $FARM. This is relatively easy, and we will use Uniswap to make this happen. 

Head over to the Uniswap Exchange page.

From here, you will need to add the $FARM token contract to your list of tokens. If you try to search for $FARM, it won’t show up;

0489078fdb862eba3ae999422744de556950c439541f29b490f1790b030f40f1.png

When adding the contract address for a token that is not listed on Uniswap Exchange, you need to be VERY careful to ensure that the contract address you are adding is the correct one. Otherwise, you might find yourself buying some worthless and fake $FARM tokens.

The best place to find the correct contact address for any token is through GitHub. 

Let’s head over to the Harvest Finance GitHub.

From there, you will see the token address listed under “Addresses”;

cd177bb5e0805629b974a708fcab449eb0978e65e3814941e3c7561c8705ed04.png

We simply need to copy this address and paste it into the “Search” field on Uniswap. In case you get confused, first, click “Select Token” on the Uniswap Exchange page;

If you are lazy, you can trust me and copy this: 0xa0246c9032bC3A600820415aE600c6388619A14D

41129a5c844a32e9c3e5c6e779683aaf5851f7ca32603ef871a301c156cbed20.png

This will bring up the Token Search field to paste the address for the $FARM token. After pasting the address, the $FARM token will show up with an option to “add” it to your list. Just click “Add”;

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After hitting “Add,” - Click the actual $FARM logo to select it as the token you wish to buy.

Next, enter the amount of $FARM you plan on purchasing. For the purpose of this tutorial, I have kept it at just 1 $FARM, which will cost me 0.422637 ETH. After you are happy to ahead, click “SWAP”;

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As always, when using MetaMask, anytime you make an action, you will be asked to confirm the transaction through a MetaMask pop-up window;

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Simply enter the GAS Fee you would like to use and hit “Confirm” to go ahead and make the exchange.

Once the swap has been completed, you will see a notification pop-up on the top right-hand side of your Uniswap screen;

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This confirms that you have now bought your $FARM, and we can move onto the next part of the tutorial.

Depositing Your $FARM Tokens Into The Protocol -

The next thing we have to do is to deposit these $FARM tokens we just purchased into the protocol itself to start earning some more $FARM.

To do this, let’s head over to the “Stake” page of Harvest Finance and click the “Profit Sharing” option;

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This will bring up the dashboard to add our $FARM to the protocol. However, before we can do that, we must connect our wallet up to allow access. 

Hit “Connect Wallet”;

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This will always bring up the MetaMask notification asking you to confirm that you would like to connect the wallet to Harvest Finance. After selecting which wallet you would like to connect (I have two different ones on the same MetaMask to choose from - but you will probably just have the one), hit “connect”;

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Once it is connected, you should see the following screen;

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Box A shows your “Unstaked $FARM” - this is what we are about to add to the protocol. To do this, simply hit the “Max” button highlighted at Box B (assuming you want to add all the $FARM you just bought - which you should). Then go ahead and click “Stake” in Box C.

This should bring up, yep, you guessed it, a MetaMask notification asking you to Confirm. This is just allowing Harvest Finance to have the approval to use $FARM - don’t worry, this is perfectly normal, and you won’t be losing your $FARM. Just hit “Confirm” here;

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After hitting Confirm, you will need to wait a minute or two while the transaction is mined. You will see the following while you wait;

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After the transaction has gone through, another MetaMask notification will pop up, asking you to confirm that you would like to deposit the $FARM into the protocol. Here, as we are interacting with a contract, you can expect the fees to be relatively high;

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After entering a Gas fee that you are happy with, simply hit “Confirm,” and you are good to go!

Once the transaction has gone through, you will see that you now have some “Staked $FARM”;

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For further confirmation, you can even head over to the Dashboard (see the top menu_- connect your wallet as usual - and see your staked $FARM there;

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That’s all there is to it! Easy Right?

You are now officially staking $FARM and earning it on the “Profit Sharing” strategy through Harvest Finance.

How To Withdraw Your $FARM

Down the line, you’ll be entirely happy with your returns, and there will come a time in which you would need to remove your $FARM and bank your profits. Luckily, this is just as easy as adding $FARM  to the protocol.

All you have to do is head over to the “Profit Sharing” page to add the $FARM. From there, simply click “Unstake & Claim.” This will unstake all the $FARM you have on the protocol and remove any $FARM you may have earned.

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Once you hit this button, the bottom section will change to the following;

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You just need to hit that.

As you would expect, a MetaMask pop-up appears asking you to confirm the transaction. Just hit “Confirm”;

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That’s all there is to it. Once the transaction has been mined, you will have the $FARM back inside your MetaMask wallet.






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