The community has spoken, and FARM is now the active tipping token on Publish0x! All of the tips in the future will be in $FARM, and not in $iFARM. This was a decision that the Publish0x community has made in a public vote.
All of your remaining iFARM balances were converted to FARM, with a 13% added 'bonus' to account for the price difference between the two tokens.
How was the iFARM to FARM Transfer Completed? 13% value added to your FARM balance!
We've completed the switch of the tipping token from iFARM to FARM a few days later than planned. The iFARM to FARM tipping token switch was supposed to go through on Tuesday, August 24th.
We have done this a few days late because the gas fees were too high for us to pay out the last of the approved iFARM withdrawals, and it was technically not possible to make the conversion of tokens from iFARM to FARM before the last iFARM payout was finalized.
The price difference between iFARM and FARM, taken from the closing historical price for the two tokens on Tuesday, 24th of August was just under 13% difference; in where the closing historical price for iFARM on Tuesday, 24th of August was $254.01, while the closing historical price for FARM for the same date was $225.23.
Because of this, you should have 13% more FARM in your Publish0x account, than you had iFARM. You can see that this 'bonus' was applied, by checking the withdrawals page here (look under "Payment History).
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?
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.
Trade $FARM on Centralised Exchanges.
Where Can I Learn (Even) More About Harvest Finance ($FARM)?
Further Reading on Publish0x