We told you more DeFi tokens were coming to Publish0x , well today we welcome $FARM token of harvest.finance to the family! Today, we have integrated the second DeFi token into Publish0x...
As of today, Harvest.Finance - $FARM token has been integrated for tipping on Publish0x!
$FARM will replace Basic Attention Token $BAT as the tipping token. That means that from now on, you can get tips in the following tokens:
- Harvest.Finance $FARM (~37% chance for tip in FARM)
- Ampleforth $AMPL (~37% chance for tip in AMPL)
- Ether $ETH (~25% chance for tip in ETH)
IMPORTANT: The average amount in $ terms you earn by tipping will remain the same as it was.
If $FARM Replaces $BAT for Tipping, What Happens With my $BAT?
If you do not ask for a withdrawal of your $BAT tokens from Publish0x before Tuesday, February 2nd, we will automatically swap them for $FARM tokens, in a similar fashion to how we've previously swapped $LRC into $AMPL.
- Your BAT balance will be exchanged to the corresponding value in FARM on Tuesday, 2nd of February 2021.
- Until this date, you have time to withdraw your BAT balance if you have the required minimum of $1 in BAT in order to request a withdrawal.
- In case you prefer to have your BAT to be swapped to FARM, all you have to do is to keep your BAT in your Publish0x account by Tuesday, 2nd of February, when the tokens will be swapped automatically.
- Note: You will be able to see the details of this exchange under "Payment History", on this page.
So, What is Harvest Finance?
Harvest Finance is an automated Yield Farming DeFi Protocol that farms the highest yields available on the market while saving you gas fees and management while earning you some of their FARM token on top!
Yield Farming itself can easily be a full-time job. Manually hunting for the best yields, moving assets around, and re-deploying them when the conditions change can be a time-consuming and costly (due to GAS fees) process.
This is where Harvest Finance comes into play.
It can be described as a Farming-as-a-Service (FaaS) platform. It provides an option for users to deposit their idle crypto assets into the Harvest Finance protocol and let it do all of the work
No more spending endless hours searching this week’s highest APY and extra money on gas fees.
When your funds are inside Harvest Finance, the protocol automatically farms the best yields for you and distributes profits to the people. As a result, it lowers the barrier to entry for yield farming and helps save on gas costs as all funds are pooled together.
What is $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 Store Your $FARM?
Screenshot: Publish0x Payout Wallet snapshot taken from TrustWallet.
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:
Where Can You Buy, Sell, and Trade Your $FARM?
You can trade $FARM on a range of Decentralised and Centralised exchanges, including;