Crazy Low Fees for Farmers on Harvest Finance

Crazy Low Fees for Farmers on Harvest Finance

By Da_Sound | greenbull | 30 Apr 2021


Binance Smart Chain has been absolutely killing it during this bull run. A huge number of projects are now taking to this low-fee alternative to Ethereum and it’s paying off big time for everyone involved. 

And with Harvest Finance now with integrated BSC, you can minimax your farming without being hit with the ridiculous gas fees that Ethereum has been asking in recent weeks. (We still love you ETH!)

Using Harvest Finance on BSC means you can bring your gas fees down to effectively $0.00something  At the end, we’ll do a little comparison how much you're paying in fees compared to Ethereum. Let’s get cracking!

Farming on Binance Smart Chain is Easy Pizzy for your Pockets

Harvest Finance Binance Smart Chain Farms

The thing about using Binance Smart Chain is that it is really useful especially if you’re a small capital investor. It’s horrendous when you have to pay a $100+ dollars just to initiate a new strategy via ETH, and that’s why new solutions like BSC are doing so well.

We’re going to start farming small amounts of some assets on the available BSC strategies. There are already about two dozen available (with some ridiculously high APYs!). 

We’ll take DAI for our gas fees test. I needed to bring ETH to BSC, and that cost me $1.93 in transaction fee. Next, I’m going to get some DAI and farm that using a BSC strategy. If you already have relevant assets on BSC and can get straight into farming on BSC, then just count your costs from that point. 

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And what was my cost for staking DAI? $0. Yeah, my costs were basically nothing (ok, that was like 0.000331 BSC).

Of course, if you’re going through the whole process of bridging your assets to BSC, exchanging for DAI and whatnot, you’re going to incur some small costs, but even then it’s MUCH cheaper than Ethereum.

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Now, let's do a quick ETH comparison

For comparison, let’s see how much it costs on Ethereum. 

Ethereum fee

Again, I’m using about $50 worth of DAI here. After depositing it, I’m asked for confirmation that results in a $6.85 fee + 48.52 in total fees. That’s a pretty hefty $55 by comparison. And this is when the gas price is below average. You might be spending 2-3 times this much if the gas price is higher.

Ethereum gas fee

As you can see, the difference in cost for all of the transactions is exponential.

  • Ethereum gas fees: ~$55
  • BSC gas fees: near $0

Now multiply that with all of the transactions you're going to be making and the savings are HUGE. These are exactly the kind of upgrades that will have the biggest long-term impact in attracting people to using BSC.

Harvest Finance Strategies on Binance Smart Chain

Here's a quick guide if you're not sure how to get started with Harvest Finance's Binance Smart Chain farms. This is going to be the part that confuses some investors, but don't be discouraged, it's fairly simple.

First things first, hook up Metamask to Binance Smart Chain. Then we’re going to migrate some ETH to BSC using the Binance Bridge. Follow the instructions: choose connect wallet, select Metamask and choose your BSC account. 

Now that that’s done, you can send ETH to BSC using the Binance Bridge. Just enter the destination address, which can be the same wallet address. You’re going to have to switch to the BSC network on Metamask to see your BSC assets.

Eventually, your transaction will be confirmed and you should be able to see it by selecting the BSC network and adding the Binance-Peg Ethereum Token as a custom token. If you’re confused about any of this, just check out this more detailed tutorial.

Now you have ETH on BSC and can use it for your Harvest Finance Strategies!

Binance Smart Chain Farms on Harvest Finance is the Way to Go

The combination of near-free gas fees and farming strategies with incredibly high APYs makes Harvest Finance's BSC farms a no-brainer. The high APYs themselves won't last very long, but you'll be saving a ton if you choose BSC.

It's clear why everyone is raving about BSC and why associated assets are skyrocketing. You should really try this yourself. If you're unsure about how to go about this, read the tutorials provided to learn how to begin working with BSC. You'll thank me later.



greenbull
greenbull

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