A couple of weeks ago, we've asked you to choose the tipping token: $FARM or $iFARM. You chose $FARM - which will be the tipping token used as of Tuesday, August 24th.
The vote was held on Gleam.io here, and it showed that you have a heavy preference of one token over another. . Most of you chose FARM. Out of 2,495 votes:
- 1,560 voted for $FARM
- 935 voted for $iFARM
*Note: As stated in the post that announced the FARM vs iFARM vote, only votes made via Gleam.io were counted. Votes on Twitter did not count towards making this decision. Even if they did, the result would be the same:
Important! On Tuesday, August 24th, your remaining $iFARM balance will be swapped to $FARM.
What Happens Next - What Happens With My iFARM?
- If you'd like, put in a withdrawal request for your $iFARM tokens by Sunday, 22nd of August - the deadline is 6PM UTC.
- If you do nothing, on Tuesday, August 24th, your remaining $iFARM balance will be swapped to $FARM.
What is the $FARM Token?
$FARM is described as the cashflow token behind Harvest Finance.
Like most DeFi farming protocols, users deposit liquidity into individual pools, receive LP tokens, and stake those LP tokens to earn $FARM rewards. Unlike any other DeFi Farming Protocol, users can then put these $FARM rewards into the Profit Sharing Pool to receive 30% of revenues on the total assets under management - this is why Harvest Finance describes itself as “the largest autonomous hedge fund.”
Alongside being a cashflow token, $FARM is also used in governance matters.
Why $FARM and What You Can do With it?
$FARM is connected to a real cashflow machine. Farmers (users) deposit their assets across Harvest’s strategies, and the $FARM token plays a crucial role in them all.
Most DeFi tokens you see today are just used for governance matters. Although $FARM is also used in the governance voting process - it is much more than that!
There is a dedicated “Profit Sharing” staking pool just for $FARM where farmers can stake their tokens and receive a portion of the 30% of the Liquidity Providers’ total profits. These funds are used to buy $FARM from the open market, and they are distributed proportionally to stakers in this profit-sharing pool - aligning long-term incentives toward $FARM holders. This reward is then automatically compounded.
As for the remaining 70% of the profits made from Harvest Finance’s yield-farming strategies, these are distributed to the depositors in their corresponding strategies.
For example, Harvest Finance is leveraging Compound Finance for a bunch of its farming strategies and by doing so it is rewarded in $COMP tokens. It would then sell these $COMP tokens to buy $FARM on the open market and distribute them to $FARM holders in the Profit Sharing Pool.
This is why it can be described as a cash flow token. Rather than just being a valueless “governance token” for the protocol, the $FARM token has an entire ecosystem behind it - providing value to all holders.
Where Can You Withdraw, Store and Exchange Your $FARM?
Before you set your withdrawal address from here, and then request a withdrawal from here, note the following:
We send crypto to the Ethereum ERC-20 network only, by using smart contracts. It is your responsibility to make sure that your wallet, or the exchange you’re withdrawing funds to accepts the tokens you are withdrawing from Publish0x, AND that it accepts tokens sent via smart contracts.
It is your responsibility to make sure all of the above criteria is met, and that you may lose your funds if that isn't the case.
Storing Your FARM tokens.
Like most ERC-20 tokens, you can store all your $FARM in any Ethereum wallet. We recommend a non-custodial, self-hosted wallet that you hold the keys to. These include wallets like:
Exchanging Your FARM tokens.
You can trade $FARM on a range of Decentralised and Centralised exchanges. Check here for the full list. These are some of the exchanges with the highest trading volume:
Trade $FARM on Decentralised Exchanges.
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Bancor Network (for FARM / BNT pair only)
Trade $FARM on Centralised Exchanges.
