All you need to know about harvest finance crypto (FARM)

All you need to know about harvest finance crypto (FARM)

Harvest Finance Crypto (FARM)

Harvest finance crypto (FARM) is a token used in harvest finance. Harvest Finance is a yield optimizer that distributes funds across the decentralized finance (DeFi) ecosystem in order to create yields. FARM is an Ethereum based token that fuels Harvest Finance. On Harvest Finance, FARM can be used for staking and yield farming.

The company was founded in late 2020 with the goal of being the finest destination where anyone can simply gain access to the highest yields in the decentralized finance world. As new protocols are introduced, the DeFi space becomes increasingly complicated. Harvest Finance promises to assist less-experienced users in yield farming and obtaining the largest DeFi yield while saving time and money.

It may not be the most efficient use of time for users who are yield farming with little amounts of funds to regularly harvest yield from the numerous DeFi yield farms. Constant yield harvesting will result in high gas costs. Harvest Finance collects cash from a variety of yield farmers in order to let users do yield farming more efficiently, saving time and money.

Harvest Finance

Harvest Finance is a Yield Aggregator that collects and automates the yield farming process for its customers.

As Decentralized Finance (DeFi) has risen in popularity, protocols have begun to offer token rewards in exchange for using their platform, usually in the form of ‘staking’ tokens. Harvest Finance works as a mediator in this process, gathering tokens from multiple users and staking them as a whole on their users’ behalf, saving them network costs (gas) and enhancing annual returns through auto compounding mechanisms.

Harvest Finance collects or ‘harvests’ reward tokens on behalf of its users on a regular basis and exchanges them for more of the underlying assets that consumers placed, compounding the interest they earn. This saves their users time and money by avoiding the network fees that come with several transactions.

Harvest FARM crypto

When Harvest Finance launched on 1st of September 2020, the FARM token was introduced to provide incentives to yield producers using the Harvest platform. With a circulating quantity of 0 at debut, the coin was bootstrapped, released without any funding from venture capitalists or investors.

The FARM token’s most notable feature is that it entitles holders to a performance fee (currently 30% ETH and 8% BSC) derived from Harvest’s yield farming tactics. While each strategy may farm different assets, the performance fee is used to purchase FARM on the open market, which is subsequently given to individuals who have invested in the Profit-Sharing pool using FARM. As a result, the price of FARM is under constant buy pressure. Furthermore, every time you engage with the Profit-Sharing pool while staking, your FARM token is instantly compounded. The earnings made in the various deployed tactics directly contribute to the value of FARM.

What is iFARM?

The interest-bearing FARM token, iFARM, is a deposit receipt token to FARM in the Profit-Sharing pool that auto-compounds. When depositing a farm into the Profit-Sharing pool.

Harvest’s iFARM vault uses the same vault design as the rest of Harvest’s vaults, collecting FARM from users and depositing it in the Profit-Sharing pool as a whole. The advantages of iFARM over FARM include:

  • Lower gas costs to deposit FARM into profit sharing.
  • A fungible and transferrable receipt token, iFARM, allowing compounding Profit Sharing shares to be transferred between addresses without first unstaking FARM.
  • Composability of the iFARM token allows compounding Profit Sharing shares to be utilized in external opportunities, such as providing liquidity for iFARM on Matic, or minting fCASH.

What is GRAIN token?

Harvest Finance was victimized by a flash loan attack on October 26th, 2020 at 02:53:31 AM +UTC. Harvest Finance’s USDC and USDT vaults were robbed by an unknown assailant. The company acted quickly after the incident, withdrawing all cash from the pooled pools. They also quickly assessed the assault and recreated its process to ensure that it did not happen again.

When the developers dismantled the attack, they discovered that the collateral damage was primarily borne by the thousands of small farmers who were affected. They acknowledged that they had made a technical error and that the attacker had proven their argument.

After the Harvest developers reverse engineered the attack and restored some cash, the governance deliberated, and the Harvest team opted to implement GRAIN as a remedial method. Individuals that were harmed by the incident were able to reclaim their funds using a combination of USDC/USDT restitution and the GRAIN token.

Challenges faced by Harvest Finance

Investors were not amused by the news of the Harvest Finance attack. As a result, Harvest Finance crypto lost 60% of its value as investors sold their holdings. As a result, the Harvest Finance platform lost $400 million in liquidity due to liquidity sources fleeing the platform.

This was obviously a significant setback for the token. FARM plummeted below $100 per token after reaching a peak value of over $320 per token as word spread. That’s how things stayed for months.

Harvest Finance crypto, on the other hand, was able to ride the rise at the start of 2021. FARM values increased considerably as the crypto marketplaces grew. But, in the same way that momentum gives, it also takes away. And only a few days ago, Harvest Finance was trading much below $100. Then came the big announcement that Harvest Finance’s cryptocurrency would be added to Coinbase, a user-friendly cryptocurrency exchange. The firm’s efforts as a yield optimizer are powered by an Ethereum-based token, and this has proven to be a big motivator for the coin.

What Does the Future Hold for Harvest Finance Crypto?

On its 48th week, the FARM got listed on Coinbase. While a minor increase in value is to be expected after being added to Coinbase, none of the cryptos came close to matching Harvest Finance’s jump in value.

In reality, it’s incredibly rare for any cryptocurrency to gain more than 100% of its value from a single uplisting. This shows that the sharp increase in value isn’t an outlier. It’s more than likely to prove that its efforts have been worthwhile. In the approaching months, we should witness a further growth in value.

Harvest Finance crypto, on the other hand, is far from bulletproof. It has been observed to ebb and flow in lockstep with the larger crypto markets. Take note, crypto bulls. FARM could be an excellent choice if you’re bullish on crypto’s short-term prospects. However, if a crypto winter is on the horizon, you may want to wait until the markets soften before investing.

The main concern is whether Harvest Finance’s digital borders have been secured to prevent additional hacking. The firm is well aware of how the assault was carried out, thus a similar engineering blunder is quite unlikely.

Any asset that more than doubles in value in such a short period of time is likely to see a sell-off. Cooler brains that aren’t affected by Anxiety will win. Harvest Finance crypto, on the other hand, remains a respectable coin.

It runs Harvest Finance’s web platform, which allows customers to invest in cryptocurrencies and subsequently profit from market fluctuations. Harvest Finance essentially moves funds throughout the DeFi ecosystem in order to increase yields. On the Harvest Finance web portal, its cryptocurrency, FARM, can be used for staking and yield farming. It’s a fun token with a clear goal and a great cause. As long as cryptocurrencies as a whole remain important, the Harvest Finance cryptocurrency should as well.

Is Harvest FARM crypto a good investment?

Investment is all about stacking your hard-earned money in a way so that it gives you return by work for you. And that is precisely what the Harvest Finance cryptocurrency initiative was created to accomplish. So, it’s no surprise that investors flocked to the FARM after it was listed on Coinbase.

There’s reason to believe that this token’s bullish run has some legs left in it. Despite the current rally, it is still trading at a significant discount to its year-to-date highs. That should reassure the “Fear of missing out” investors who are starting to pile in now.

Having said that, I am not a crypto investment expert. You should do your own diligence and consult with the actual crypto investment experts before investing. Please read our disclaimer. All the investment involves risk and particularly crypto market is very volatile in nature and bears a significant risk. So, please be careful. Everything in this article should not be taken as the evidence for investment, rather should perceive as general knowledge.

Some FARM crypto stats

Harvest Finance Price (at the time of writing this article) $211.74
Market Cap$124,202,564.47
Fully Diluted Market Cap$141,991,966.17
Circulating Supply603,921.03 FARM
Market Rank#302
Source: Coinmarketcap
Price graph of FARM
Source: Coinmarketcap, Price graph of FARM

FARM Crypto Price Prediction

With the FARM token trading at 90% below its all-time high, investors are curious about Harvest Finance’s crypto price projection. The cryptocurrency has increased by about 200 to 300 percent in the last few months. Based upon its current market price ($211.74) to return to its historical top of $2236.04 achieved in 2nd of September 2020 as per Coinmarketcap, FARM crypto will need to gain more than 1,000 percent.

FARM crypto might return to its all-time high in a year if it gains just 20% per month on a compounded basis. If it grows at a compounded rate of 10% each month, it may reach $30,000 by 2025. But again, it’s just a very rough and simple prediction. Disclaimer: The trend of the market price is variable and depends on many factors, which is not possible to consider for this prediction. Rather it gives you an idea, if the FARM crypto continues to grow steadily @10% compound rate then it might hit $30,000 by 2025.  

How to use Harvest Finance?

Before you start using Harvest Finance, I would highly recommend you to gain some knowledge of how the Ethereum network works. Once you become familiar with the Ethereum network, connecting a wallet is the initial step for every user working with Harvest. The Metamask Browser plugin or WalletConnect can be used to link a wallet. Harvest should be able to detect your assets once they’ve been connected.

For more in-depth technical direction, you can visit Harvest Finance official website, where they have clear illustration with examples on how to use their services.  

Where to buy Harvest FARM crypto?

There are many crypto exchanges where you can buy FARM. But one that I personally use and can recommend you is Poloniex.

Poloniex is now an old and trustworthy exchange which was established back in 2014 before Ethereum was founded. They’ve been committed to building one of the world’s most advanced digital asset trading platform over the past 8 long years.

The firm’s mission from the beginning to this has not been changed, which is dedicating to building and supporting the future of crypto. Poloniex platform is very user-friendly and easy to navigate through even for the beginners. Poloniex can be accessed in any platform, whether it’s web browsers or mobile apps.

Disclaimer: The links to Poloniex are referral links in this page. If you follow my link and sign up for Poloniex and start trading, then I will receive 20% commission of your trading fees at no additional cost incurring to you. Furthermore, you will get 10% fees back as a discount. So, try out Poloniex. Give it a shot, I know you will like it. I am personally using Poloniex over a year now, and I am very happy with their services.

Poloniex

World’s most advanced digital asset trading platform over the past 8 long years.

FARM crypto

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Sid

“Knowledge is power” is my main mantra. After working in several Multi-national cooperation as a Chartered Accountant for many years, alongside I started my blogging/writing career, which I always wanted to do.
As a curious mind, I always love reading books/articles/blogs and gain new information in-depth in the field of Science & Technology, Computer hardware & Software, Economics & finances, etc. As a self learned coder(Java, HTML, CSS, PHP, C, Python) I find joy in doing extensive research and going in-depth of any subject to gain knowledge which is very satisfying for me. I am also a graphic designer where I design logos, social media posts, banners and webpages for people as a freelancer.

Apart from my academia, in my spare time I love to listen, discover and compose (just for fun) music.

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