Would you like to join the group of farmers in the digital age? Continue reading to take advantage of the opportunities and care needed in combining Binance Smart Chain and Harvest Finance. Let's start your harvesting journey!
On decentralized yield farming platforms, the annual percentage performance (Annual Percentage Yield, APY), referred to as the effective annual rate in Finance, is the interest rate derived from the effect of interest accrual. There are several terms that are used when accrued interest, including the nominal interest rate, the declared annual interest rate and the annual interest rate (APR).
What’s Harvest Finance?
First, you need to be clear that Harvest is an international cooperative of several farmers that humbly combine several productive resources to make profits from the DeFi market. Therefore, first of all, it is important for you to understand how decentralized technologies work and what the purpose of each project is.
Thus, in order to cultivate the “products” of their farm, farmers deposit sophisticated agricultural techniques (the platform accepts cryptocurrencies of various types) to get intelligent yields with decentralized tokens.
That way, you will obtain security when transacting the fruits of your harvest. In the past, harvests were completely manual and not workable for most people living in their comfort zone.
Obviously, the fantastic market for decentralized finance that operates 24 hours a day and 7 days a week has automated the complete process, making it easier to regularly harvest your crops at various farms around the world.
Why is Harvest important in the crypto ecosystem?
Harvest Finance's technology is highly sophisticated. Manual farming is very expensive, gas prices are high and it is often infeasible for ordinary people. Therefore, through Harvest Finance, more than US $ 27 million in gas costs are automatically saved for platform users.The platform is very complete and simple, and now you can employ Binance Smart Chain farming strategies on Harvest Finance. Fantastic and just a quick backdrop for those of you who do not know Harvest.
We are experiencing something fantastic in the Decentralized Finance (DeFi) universe that has been at the forefront of blockchain innovation. DeFi apps are getting better and better. They are not allowed, so anyone (or anything, such as a smart contract) with an Internet connection and a compatible wallet can interact with them.
In addition, they rarely require trust from any custodian or intermediary. They have no confidence. So, what new use cases do these properties allow?
How Harvest Finance works?
Like another DeFi platform, Harvest Finance works through blockchain, smart contracts, and technology based on distributed computing. So use and earn rewards with Harvest Finance and start earning your income for collaborating with the sustainability of the ecosystem.
Harvest is a yield aggregator and contributes exactly so that you know how to make several investments in digital assets and reap the rewards of your harvest. So, I highly recommend that you read more on the official website before making your investment decision.
FARM, iFARM and bFARM ~ what's mean?
In early February 2021, Harvest Finance announced the launch of the new $iFARM token. They made a tweet announcing the news recently, you can follow all the news at @harvest_finance. But also know that there is an enormous variety of tokens and variations.
FARM is the official governance token of Harvest Finance. Token holders can vote on FARM's operational proposals and receive gains of 5% from harvest operations. They developed the token in the ERC20 protocol of the Ethereum blockchain, but with recent updates it is possible to use other blockchain networks (as in the Binance Smart Chain) and experience all the features of the DeFi aggregator.
In addition, a recently updated the Harvest Finance protocol in order to collaborate with the platform participants earnings.
The update came after a community proposal to introduce an iFARM token and passed the governance vote with over 97% approval. Harvest Finance allows the basic tools to be used in various applications - saving developers a lot of time.
The iFARM token is totally easy to carry out in the future, can be borrowed for users and a market guarantee, exponentially optimizes gas savings. In addition, they used it as a combinable asset to build others in the future. In addition, the technology is adaptable and works very well for farmers.
What’s a FARM pool?
FARM pool (or liquidity pool) is basically a group of several investors with specific digital assets available for purchase and sale. In the DeFi market, the pool is part of a smart contract that blocks tokens for the stake of liquidity. Thus, all farmers taking part in the pool generate liquidity for the sustainability of the contract and receive rewards.
Harvest Finance (FARM) pools are completely innovative and automated to solve liquidity problems in decentralized exchanges. They make trading a lot of cryptocurrencies and tokens a lot easier. In this way, people buy and sell in consensus before prices based on the law of supply and demand. Because of the gas fees of the Ethereum network, many liquidity aggregators in the DeFi market are allowing users to use another blockchain network.
Yield Farming and DeFi
Initially, yield farming is simply a way to get more cryptocurrencies with other token technologies. It involves lending your tokens to others through the use of computer programs called smart contracts. In exchange for your service, you earn fees in cryptocurrencies.
In this way, Yield Farmers use specific and complex strategies. They move their cryptocurrencies around the clock between different loan markets to maximize returns.
They will also be very secretive about the best yield farming strategies. After all, the more people know about a strategy, the less effective it becomes. Clearly, the market is still a blue sea, full of opportunities for lovers of Decentralized Finance (DeFi), where farmers compete for the chance to grow the best crops.
Binance Smart Chain and Harvest Finance = Yield Farming
Based on Binance Smart Chain's rapid growth DEX and PancakeSwap per example, as it exceeds 90 million daily trading volume, Harvest Finance, one of the largest 783M Total Value Locked (TVL) yield aggregators, is adding Harvest Finance connected with Binance Smart Chain. In conclusion, you will become an experienced farmer after putting it into practice.
I need to point out that you must follow the steps below to use the full potential of Harvest Finance connected to the Binance Smart Chain.
Questions you can send in the comments!
Therefore, the strategy is extremely important for you to successfully harvest, to know how to choose your portfolio and develop your sustainability.
In this way, I have listed some positive points of using the Binance Smart Chain network with the Harvest Finance aggregator protocol:
- Farmers deposit into Harvest Finance BSC strategies or connect your wallet.
- They deployed deposits to the various BSC farms, which earn rewards that over time are automatically sold for profit to compound and grow the farmers’ initial deposit amount.
- Additionally, $FARM reward tokens are sent to depositors as an incentive for using Harvest Finance.
- A percentual of revenue generated flows back to $FARM stakes in the Ethereum based profit share vault.
- When the farmer withdraws from Harvest Finance they leave with more of their initial deposit and also $FARM rewards.
- Staking earned $FARM rewards entitles the farmer to revenue earned from over 50 active Harvest Finance strategies.
- We can then stake rewards to receive fees from over 75 total strategies.
- Highlights of farming with Harvest on Binance Smart Chain.
- Reduced profit share fee from 30% to 8%.
- Low transactions costs and more net profit.
- Constant influx of new farms with high yield.
- Another option for people.
- Everyone has the option to lend on the Binance Smart Chain.
- A variety of different farming options.
In conclusion, there are very positive points and you need to follow the steps below to use and cultivate your farm. Wisely appreciate all the wonderful potential of Yield Farm and study more about how to use the Harvest Finance platform in tune with the Binance Smart Chain.
I will leave some complementary content below.
I hope it will be useful.
- Connect your wallet;
- Select the Binance Smart Chain network;
- Choose a variety of rates;
- Deposit your funds;
- Reduced profit share fee.
I hope you enjoyed the tips. I'm very grateful for your time to read my texts.
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