IFARM basics

By estrenoscinehoy.com | It's all about crypto | 17 May 2021

hey mates!

I have started to investigate IFARM, I'm "Doing Your Own Research", DYOR as many people call it. So I would like to share my thoughts of what I have learned about how to handle this token given here in publish0x.

where to store the IFARM?

you can't store it in a regular exchange. As far as I know, you have to store it in your personal wallet: metamask, trustWallet, and so on. The IFARM is ERC-20 compliance, so it works into the Ethereum Mainnet. Here is a screenshot of my trustwallet app with the IFARM token.

Regarding CoinbaseWallet, this wallet is not "walletconnect" compliance protocol, so as far as I know, you can't use it on the harvest finance page to redeem your tokens. I think metamask or trustwallet are better choices to store IFARM.

The Price

One of the first things that I have done it's to watch the price of this token. Surprisingly the value is $165, more or less, for a IFARM unit. It's really expensive, so I think it has to be good to have this token after all, doesn't it?

But... what is IFARM?

IFARM is the interest-bearing version of Harvest’s FARM rewards token, it's an interest compose token. It's similar to xSUSHI or bBADGER, it is a receipt for depositing FARM into the Harvest Profitsharing pool, where it receives a steady flow of the protocol's farming profits and it is redeemable for the underlying FARM at an increasing rate.

Harvest finance

Harvest finance is a DeFi Yield farming, is a way to earn/make more crypto with your crypto. It involves you lending your funds to others using programs called smart contracts. In return for your service, you earn fees in the form of crypto. In the DeFi, you can borrow money without anyone even asking for your name.

To better understanding the process, when you go to the harvest finance, you have to deposit some FARM tokens for stacking in order to get a good APY of them. When the process is committed, the process returns you a receipt to justify the transaction. This receipt is the IFARM token. So... you give FARM and you receive IFARM.

How to redeem the IFARM

First of all, you have to connect your wallet. Click into the "connect wallet" and use your wallet to connect it. If you are using a laptop, and you have installed metamask, you can connect it easily. On the other hand, you can use "WalletConnect" protocol. This protocol is about scanning a QR code.

In the redeem IFARM case, you have to choose Ethereum mainnet, your wallet and that is.

Once you have connected it you have to go to the FARM section and click into withdraw and check IFARM. You will see something like this

If you accept to redeem the tokens you will have the FARM. As you can see today the auto-compounding APY is 92.35%, which means, that if you have 1 IFARM maybe you will have 2 IFARM passed 1 year. Wow! really cool! doesn't it?

The same test some week later. The APY is decreasing, but the token is auto-compounding. You can see that 0.0099.. ifarm is 0.011...farm. So as time goes by you have more FARM coming iFARM. To get FARM, you have to click on the withdraw button and accept the ETH transaction to get FARM, and after that, you can change it in UNISWAP or whatever. Fees are so high that is not worth it, it's not a good deal.

My final Thoughts

This is a starting point to begin to trade your collected IFARM coming from publish0x. There are a lot of details to learn or discover, but at least you have a little more info to be ready when you decide to redeem your tokens.

Thxs for reading me!