‘'2020 Model Farming Tool’' Developed to Ensure The Best Farming Yield: Harvest Finance

‘'2020 Model Farming Tool’' Developed to Ensure The Best Farming Yield: Harvest Finance

By insidetrader | HODL the Universe | 15 Nov 2020


The remains of all civilizations that have lived throughout human history have not survived to this day. The biggest factor in this is due to the fact that people live in nomadic communities until a certain time. Nomadic societies cannot stay connected to any plateau or plain all year round, and when the time comes, they must leave it and keep up with the change of conditions. For this reason, we do not yet have detailed information about the time from dinosaur fossils to the discovery of containers used to store wheat seeds or any kind of plants. In other words, many of the periods before humanity started farming could not be sheltered in nature until 2020. Perhaps in the pre-agricultural era, people chose to design and use tools that could be produced more easily and soon lost their function, rather than tools that provided such robust and long-term use. These are still just predictions... In centuries and even tens of thousands of years, humanity has begun to understand how to communicate with Mother Earth. They noticed that the seedlings that bloomed from the wheat that he poured while carrying, and trees that exceeded their height were formed from the fruit kernels that he threw aside. In short, Mother Earth, with her loving heart, offered people a gift they didn't expect and instilled an idea that would change the course of history: FARMING

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(Photo by Johny Goerend on Unsplash)

Egyptians, one of the most well-known in past civilizations, are known for their ‘'Pyramids'’, where utopian ideas about how they are made in the modern world circulate. But when we take a step back and look, it should not be difficult to understand how they have survived for years thanks to the agricultural blessings offered to them along the River Nile. So, was it enough to harvest at the same time in the same place every year under the same conditions to feed the growing population? Absolutely not! Planting could not be done without knowing the times of the overflow of the Nile River, for which they used primitive tools for calculating time and date. They recorded the data in ''Papyrus'' in which nutrients were harvested at the northern and southern ends of the Nile. Thanks to this and dozens of similar data, they began to get the highest yield from what existed. Compared to today, a wide range of tools, data, and people work together as a team to get the highest yield from each farm. In the crypto world, DeFi projects, which have made a lot of mention of themselves especially in the last 6 months, have basically taken place in our lives as community-managed formations to ensure that everyone gets the highest profit rate. In addition to functions such as borrowing, lending, and providing liquidity, it is also possible to generate extra income using various tools called staking and farming. In the middle of such an ecosystem; a structure based on the theme of finding and using what is the highest return of all DeFi projects: Harvest Finance

 

What is Harvest Finance?

Harvest Finance, which took its place in the cryptocurrency world with a statement released on August 31, 2020, is an organization created to get the highest return from DeFi projects for all cryptocurrency users. All crypto enthusiasts have turned to DeFi projects like a savior. Under the leadership of Balancer, Uniswap, and other similar ones people both easily offered the opportunity to trade and receive their share of commissions paid through liquidity providing. HarvestmFinance, on the other hand, added an algorithm developed for calculating maximum earnings on top of these two basic functions and began rewarding those who trust them with the $FARM token. Through the developed algorithm, it not only finds the highest rate of profit in the current conditions but also explores different projects for the future.

In addition to the features I just mentioned, basically, the Discord community provides various exchanges of ideas, discussions, new strategy suggestions, and many other tools to use. A new strategy approval was also made during the day and became available for ‘'farmers’' on Harvest Finance. Another group other than farmers are council members known as the 69ers. The Harvest Council of 69ers was established as of week 5 after launch. Without any hierarchy, this council consists of active community members who have been brought together to help, decide, and shape the future of Harvest Finance, especially new strategy proposals. Harvest community-specific DAO and Snapshot are used for both descriptions and future voting of decisions they will take. Please click here to see the details about to list GRAIN/FARM, which was last voted yes by more than 90%.

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What is a $ FARM Token?

$FARM token is a cryptocurrency created to reward anyone who contributes to the platform in any sense with the introduction of Harvest Finance. At the start of the operation, the total supply was set at 5,000,000, and it was thought that every week for 4 years, with a certain amount of emissions, the entire amount would go into circulation. But with token burnings in weeks 4 and 5, the total supply decreased. After the establishment of a council called the ‘Harvest Council of 69ers’, the supply was set at 690,420. The amount of tokens that were previously scheduled to be released equally each week is also arranged to decrease each week. For further details about the creation of the new token supply and other suggestions, please refer to the Harvest Finance Gov Page.

Amounts added to circulation each week will be divided into 3 different areas. 70% of the released portion will be transferred to liquidity providers, 20% to the team, and the remaining 10% to the Treasury. In the future, if Harvest Finance takes any operational action and makes a profit, up to 30% of the received profit will be distributed to $FARM owners. An example of such actions is the issue of ‘'Harvest Grants for ETH Ecosystem’', which was voted on October 18, 2020.

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How To Use Harvest Finance?

Using any central exchange (OKEx, Binance ...) must start from registering and complete at least 4 to 6 different steps. This number goes down to 2 to 4 on DEXs such as Uniswap. The use of Harvest Finance can be completed in much fewer steps. All you have to do is first connect your wallet and then choose the cryptocurrency you want to earn the highest yield. In short, the only tool required is a MetaMask wallet.

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To start earning on the main screen above, first, connect your wallet and then enter the amount of cryptocurrency you want to deposit. Now you can sit back and enjoy the highest rate of profit in the ecosystem for the cryptocurrency of your choice. Besides, the $FARM tokens you will receive will add profits to your earnings. It stands out as the $FARM token, which currently has the highest return APY of more than 500%. Also, you can automatically harvest and earn from CRV, PICKLE, COMP, UNI, SUSHI, DEGO, and KEEP tokens on the Harvest Finance platform.

Convert between APR and APY?

Compounded Daily If you redeem and reinvest rewards daily...
APR to APY   340.00% APR is equal to 2,849.62% APY. $1000 will make about $9.32 per day.
APY to APR   340.00% APY is equal to 148.46% APR. $1000 will make about $4.07 per day.  

Compounded Weekly If you redeem and reinvest rewards weekly...
APR to APY   340.00% APR is equal to 2,593.60% APY. $1000 will make about $9.32 per day.
APY to APR   340.00% APY is equal to 150.29% APR. $1000 will make about $4.12 per day.

 

You can also make a profit by contributing to the Harvest Finance community. Currently with the ongoing ''Harvest Creativity Contest Round 3", you can be one of the 50 people who will produce the content that you believe best describes the platform and win awards. Through the ’'Harvest Finance Developer Contest", you can receive your share of the prize, which is worth a total of 6800$, in response to any positive contribution you make to the website. Please visit the EARN page to see other options and get involved according to your interest.

 

‘Post-Mortem’ Period and Security after October 26

The night of October 26 represents one of the worst times for the Harvest Finance team and its community. That night, the platform was attacked and cryptocurrencies worth a total of 24,000,000$ were stolen. Although some of the stolen funds were sent back to the Harvest Finance contract immediately after the theft, a different way was followed to pay the bulk back to users. For hacking and related details, you can go to the relevant page to read the article titled ‘'Post-Mortem’'.

Strict audits were carried out by The Harvest Finance team for the security of users and funds not only after the hacking incident, but also before. For this, you can read reviews written by Haechi Labs and PeckShield Audit.

 

Final Conclusion

I believe that blockchain technology is under-valued now. I don’t only mention the price of any currency but my point is about implementing blockchain products into our daily lives. We need more time to do that but DeFi part is only a piece of that collection. Now, we are the leading point and we must use them most efficiently.

None of the projects I mentioned above includes any kind of ‘investment advice’. My point is to create awareness of Harvest Finance, $FARM token, and its products to the Publish0x community. Don’t forget to DYOR/Do Your Own Research.


If you are interested in writing articles about ANYTHING on publish0x, you can follow this link.

This article contains direct translation of that Medium article which I'm the real owner of it.


insidetrader
insidetrader

Freelance crypto writer & translator


HODL the Universe
HODL the Universe

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