Happy Sunday Publish0x community and welcome back in this new article of my “Easy & Short Cryptocurrencies Made Accessible” area.
In this article we talk about more features of Harvest Finance!
Last Sunday I introduced you Harvest Finance (FARM) and, if you remember, I said that it is a new DeFi project, essentially a passive fund, created by an anonymous team in August 2020, and it is not a fork of any large platform. Holders of the FARM token can profit share in the yield farming revenue, receive incentives for providing liquidity in Uniswap, and vote to help decide the direction of the cooperative.
If you missed the article you can recover it here before to continue this one.
In one week, deposits in Harvest are increased up to 550 millions USD with a monthly profits to farmers of 6,6 millions USD. Around 10% of growth in a week!
These are some assets that you can deposit on Harvest Finance with their relative Harvest APY.
You may have noticed that, a few days ago, Publish0x decided to replace FARM with iFARM, for the rewards to readers and authors of the website. All of our FARM tokens are now swapped to iFARM tokens.
Both FARM and iFARM are ERC-20 tokens on Ethereum. FARM is a cashflow token for Harvest. It is available on Uniswap. iFARM is a yield-bearing token for Harvest. It can be acquired by depositing into FARM on the front page of Harvest Finance website, with “Use iFARM” checkbox.
We can consider iFARM like a new updated “tractor” of Harvest Finance!
This new token, announced at the beginning of February, represents your profit share stake and can be used in DeFi protocols without losing your profit share APY.
Let’s see some benefits of iFARM.
- First of all let’s talk about gas fees. iFARM costs nearly 50% less in gas fees to interact with services of Harvest Finance when using iFARM compared to FARM.
- Then it can be transferred like any other ERC-20 token and continue to earn yield.
- Another important advantage is that iFARM tokens will enable staked FARM to be used as collateral on lending services while continuing to earn yield in the profit sharing pool.
- Besides, the iFARM vault is safe. It has all of the same audits and protections as other vaults.
Where can I hold my iFARM tokens?
Well, it’s important to own our tokens in ETH ERC20 wallets, where we control the keys to. Some good wallets are: MyEtherWallet, Trust Wallet and Metamask.
Besides, there are two exchange where I can trade my iFARM: Quickswap and Uniswap.
Harvest Finance with its updates and developments, despite being a young project, is making its way in the cryptocurrency world. Its growth, since its launch at the end of last year, is really interesting. We are still waiting for an official roadmap to understand with more certainty which direction Harvest Finance wants to go in the coming months and years.
Next Sunday I’ll introduce you a new cryptocurrency!
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