How to $FARM With $DAI (+ $USDC, $USDT, $BUSD) at Harvest Finance via Binance Smart Chain [Beginner Friendly]

By D3F1 | DeFi Box | 20 Apr 2021


Harvest Finance recently joined the Binance Smart Chain (BSC) family by adding 26 different BSC farming strategies to its platform. This new introduction now allows users to be able to put their BSC assets to work for them to be able to harvest $FARM. 

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In this tutorial, I would like to guide you through purchasing BEP-20 assets on Pancake Swap, specifically $DAI, and using that $DAI to deploy into the Harvest Finance strategy to earn a yield. However, the same steps apply to other stablecoins like $USDT, $USDC or $BUSD that you wish to farm with. 

First, you would need to have a MetaMask wallet installed. If you need help doing that, take a look at this article.

Second, you would then need to connect your MetaMask wallet to the Binance Smart Chain itself. This article will guide you through the process of hooking up your MetaMask to BSC.  

Third, you would need to onboard some of your Ethereum assets onto the Binance Smart Chain itself. If you are interested in swapping Ethereum assets such as $ETH to the Binance Smart Chain, take a look at this article.

Lastly, all transactions on BSC require $BNB to pay for gas fees, similar to how $ETH is required for gas payments on the Ethereum Network. To simplest way to buy $BNB is through Binance. 

NOTE: When withdrawing your $BNB to your MetaMask wallet, be sure to select the BEP-20 Binance Smart Chain network to avoid another step of swapping it over manually. 

Once you have all of that sorted, we can move onto purchasing BEP-20 assets to eventually be deposited onto Harvest Finance. 

Purchasing BEP-20 $DAI (and Other Stablecoins) to Use on Harvest Finance

The best place to buy BEP-20 BSC assets is to head over to Pancake Swap. It is similar to Uniswap but is primarily geared toward the swapping of BSC assets.

Head over the Trade section on Pancake Swap. 

Once there, go ahead and click “connect” to hook up your MetaMask to the platform;

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Choose MetaMask as the wallet to connect;

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As usual, select the account you would like to connect to and click “Next.” Then, click confirm on the next page to get your MetaMask connected. 

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Once connected, you are ready to start trading some BSC assets. As mentioned, you will need to have some $BNB in your wallet to pay for the transaction fees. As you can see, I have around 0.3 $BNB already in the wallet.

In this tutorial, our goal is to purchase BEP-20 $DAI to deploy on the Harvest Finance strategy. However, the same strategy applies to purchasing $USDT, $USDC, and $BUSD. In our previous tutorial, we had swapped some $ETH from the Ethereum Network to be used on the Binance Smart Chain network. We will be using this $ETH to purchase the BEP-20 $DAI. To select the $ETH (or any other BEP-20 asset you would like to swap), click the selected box below;

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This will bring up a selection of assets available to swap. Here, we will select the $ETH we had previously onboarded to the BSC network;

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Once $ETH is selected, the next step is to choose the current we would like to swap the $ETH to. In our tutorial, we will need $DAI. Go ahead and click the following box;

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Here, we will search for DAI in the search box and select it. You can also search for $USDC, $USDT, and $BUSD here;

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The next step is to enter how much $ETH we will swap for $DAI. In this case, we will purchase 250 $DAI to be deployed into the Harvest Finance strategy. Simply enter 250 in the second box, and it will automatically adjust how much $ETH will be required for the swap.

Once both fields are filled, the first thing we need to do is approve Pancake Swap to spend our $ETH. To do this, simply hit “Approve $ETH”;

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Once you click “Approve ETH,” a MetaMask window will pop up, asking you to confirm the transaction. The transaction fee to allow Pancake Swap to spend the $ETH is a small $0.13 - to be paid in $BNB.

If you are happy with the transaction, go ahead and click “Confirm.”

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Once that transaction has been confirmed, the next step is to hit “Swap” to conduct the trade;

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Another Pancake Swap window will pop up asking you to confirm that you would like to make this trade. If you are happy, simply hit “Confirm Swap”;

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Again, another MetaMask window will pop up asking you to confirm the trade. Simply hit “Confirm.” Unfortunately, the transaction fee cost does not show a conversion into US dollars. However, we can be certain that it is relatively cheap;

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Once confirmed, you should see the following pop up;

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That’s all there is to it! We now own 250 worth of $DAI on the BEP-20 chain. We are now ready to deploy this $DAI onto the Harvest Finance platform to start earning a yield. 

Deploying $DAI (and Other Stablecoins) into Harvest Finance Strategy

Deploying $DAI into the Harvest Finance Strategy is relatively straightforward. First of all, head over to Harvest Finance. From there, the first thing we need to do is to connect our wallet;

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This will bring up a window for us to select which network to connect to. Here, we need to select Binance Smart Chain and then MetaMask;

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This will bring up a MetaMask window asking us which account we would like to connect to. Select the account that has your $DAI inside, click next, and then connect on the following window to hook your MetaMask up to Harvest Finance;

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Once connected, the dashboard will automatically switch to show you the Binance Smart Chain strategies;

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Next, we need to select the “Venus” section to bring up the $DAI strategy - the $USDT, $USDC, and $BUSD strategies are also located here; 

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Once it is selected, you will see that the dashboard will automatically input the total number of $DAI you have in your wallet - in this case, it inputted 250 $DAI.

The dashboard will also show you how much APY you can expect to earn from depositing the $DAI into the strategy. In this case, we can expect to earn 53.84% APY at the time of writing.

Once you have entered the desired amount of $DAI you wish to deposit, you can go ahead and click “Despot.” This will bring up the following MetaMask window;

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This first MetaMask pop-up is to confirm Harvest Finance has permission to spend your $DAI. Go ahead and click confirm. After confirming, another window will pop up;

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This second pop-up is to confirm the 250 $DAI deposit into the Harvest Finance strategy. Again, go ahead and click “Confirm.” After that, another pop up will appear;

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This one is to confirm Harvest Finance to have access to spend bfDAI, which is part of the strategy. Again, click “confirm.” The last MetaMask window will pop up after this;

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This final MetaMask window is to allow Harvest Finance to stake your asset. This is required to enable you to earn a yield. Again, click “confirm.”

That’s all there is to it! You are now using your BEP-20 $DAI to earn a yield in $FARM through the Harvest Finance strategy. Keep in mind that you can use the exact same steps to get $USDT, $USDC or $BUSD and start making money with harvest. 

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D3F1
D3F1

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