Harvest Finance

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Discover Harvest Finance's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Harvest Finance?

Harvest Finance (FARM) is a decentralized yield farming protocol that allows users to earn interest on their cryptocurrency investments. It operates on the Ethereum blockchain and aggregates yield opportunities from various DeFi platforms, providing users with a simplified and automated way to maximize their returns. The platform offers features such as staking, lending, and trading, and its native token, FARM, is used for governance, staking, and liquidity mining.

How is Harvest Finance used?

Harvest Finance (FARM) is a decentralized finance (DeFi) protocol that allows users to earn interest on their cryptocurrency investments. The platform offers various features to maximize returns on crypto assets:

  1. Staking Pool: Users can stake their assets and earn interest from the pool’s underlying investments.

  2. Lending Platform: Users can lend their assets out and earn interest on their loans.

  3. Trading Platform: Users can trade a variety of assets, including cryptocurrencies, ERC20 tokens, and fiat currencies.

  1. Yield Aggregation: Harvest Finance sources liquidity from various DeFi protocols to provide users with the best possible yield on their deposited funds.

  2. Flash Loans: Users can take out flash loans using their deposited collateral as collateral.

  3. Automated Yield Farming: The platform uses AI to optimize yield and maximize returns for users.

  1. Vaults: Users can deposit their cryptocurrencies into vaults where multiple profitable strategies are employed to generate higher profits.

  2. One-Click Farming: Users can initiate yield farming with a single click using any token in their wallet.

  3. Performance Tracking: The platform provides dynamic charts and info boxes to track past, current, and future yields, as well as historical APY breakdowns.

  1. Mobile-Friendly Experience: The platform offers a fully mobile-friendly experience for users.

Overall, Harvest Finance is designed to simplify and optimize yield farming for its users, making it a versatile tool for managing and growing crypto assets.

How do I store Harvest Finance?

To store Harvest Finance (FARM) tokens, you can use CoinSpot's Multicoin Wallet, which is provided automatically when you create an account. This wallet allows you to store your FARM tokens for free. For long-term investments, you can also utilize a cold storage wallet, which is completely offline and not connected to the internet. This option is popular among users who prefer to hold their coins rather than regularly trade them.

How to buy Harvest Finance?

To buy Harvest Finance (FARM) tokens, follow these steps:

Using Pionex
  1. Create a Pionex account: Register on the Pionex website or download the app, then pass the KYC verification.
  2. Choose your payment method: You can use a credit card, debit card, bank wire, or ACH transfer. For US citizens, debit card and ACH transfer are available.
  3. Buy FARM: Go to the "Buy Crypto with Credit Card" page, select the best rate, enter the amount, and input your credit card information. For ACH transfer, go to the "USD Deposit" page, submit your bank account info, and transfer funds.
  4. Verify and receive FARM: After the transaction is verified, you will receive your FARM tokens instantly.
Using Coinbase
  1. Create a Coinbase account: Sign up or download the Coinbase app and start the sign-up process.
  2. Add a payment method: Connect a bank account, debit card, or initiate a wire transfer.
  3. Search for Harvest Finance: On Coinbase.com, click the Buy panel to search and select Harvest Finance. On the mobile app, search for Harvest Finance by typing “Harvest Finance” into the search bar.
  4. Enter the amount: Use the number pad to input the amount you want to spend in your local currency.
  5. Finalize the purchase: Tap “Preview buy” and confirm your purchase by clicking “Buy now”.
Using Securities.io
  1. Compare exchanges: Choose from the top 3 exchanges listed, such as Binance, Uphold, or others.
  2. Create an account: Verify your email address and identity on the chosen exchange.
  3. Make a deposit: Use a debit card, credit card, wire transfer, or Bitcoin to make a deposit.
  4. Buy FARM: Use your funds to buy Harvest Finance (FARM) tokens.
Using Binance
  1. Create a Binance account: Register via the Binance website or app.
  2. Choose your payment method: You can use a credit card, debit card, bank deposit, or third-party payment channels.
  3. Check payment details and fees: Confirm your order within 1 minute, or it will be recalculated based on the current market price.
  4. Store or use your FARM: Store your FARM tokens in your personal crypto wallet or hold them in your Binance account.
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History of Harvest Finance

Harvest Finance, a decentralized yield farming platform, was launched by an anonymous team on September 1, 2020. The platform aims to optimize yield farming for its users by aggregating the best yield opportunities across various decentralized finance (DeFi) protocols. It offers a simplified and powerful interface to discover and track yield strategies, with features such as dynamic charts, performance metrics, and a fully mobile-friendly experience.

Early Growth and Listings

In the early stages, Harvest Finance experienced significant growth, with its total value locked (TVL) exceeding $1 billion in October 2020. During this period, it was listed on several prominent exchanges, including Binance, Coinbase, and Crypto.com.

Hacking Incident and Controversies

However, in October 2020, Harvest Finance was exploited for $24 million due to an arbitrage trade that manipulated the price of stablecoins held in the protocol's votes. This incident led to a significant drop in the FARM token's value and a decline in the platform's TVL.

Additionally, concerns were raised about the anonymous developers having an admin key that could potentially be used to mint tokens at will and steal user funds. This raised questions about the security and governance of the platform.

Updates and Features

Despite these challenges, Harvest Finance continued to evolve and expand its offerings. It released updates such as Harvest Finance V2, which introduced a more sophisticated UI/UX, and ampliFARM, a feature that allowed users to stake bFARM to receive more bFARM in the future. The platform also expanded to support multiple chains, including Polygon and Binance Smart Chain.

Governance and Tokenomics

The FARM token is a governance token that allows holders to stake and vote on proposals to determine the direction of the protocol. It is also used as collateral in lending pools and can be traded on various exchanges. The token has a total supply of 690,420 FARM and is distributed over a period of four years from its launch.

Current Status

Today, Harvest Finance remains an active player in the DeFi space, offering users a platform to optimize their yield farming strategies. Despite its early challenges, the platform continues to innovate and adapt to the evolving DeFi ecosystem.

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How Harvest Finance works

Harvest Finance (FARM) is a decentralized finance (DeFi) protocol that allows users to earn interest on their cryptocurrency holdings through various yield-generating strategies. Here's an overview of how it works:

Multi-Chain Approach

Harvest Finance operates on multiple blockchain networks, including Ethereum, Binance Smart Chain, and Polygon. This multi-chain approach enables users to access a broader range of yield opportunities and connect to different DeFi protocols.

Key Components

The Harvest Finance ecosystem consists of several key components:

  1. Auto-Farming Vaults: These vaults allow users to stake their LP tokens to secure rewards. LP tokens appreciate in value as the pool increases in liquidity. Users can also stake their LP tokens to further improve their rewards.

  2. Liquidity Mining: Users can earn rewards by providing liquidity to LPs on other decentralized exchanges (DEXs). They receive a share of the DEX's transaction fees, which can then be staked in the Harvest Finance vaults.

  3. Peer-to-Peer Lending (fCASH): Harvest Finance offers a peer-to-peer lending system called fCASH, which allows users to access funding using FARM tokens as collateral. Borrowers receive fCASH, a stablecoin that can be traded for other stablecoins like USDC and USDT.

FARM Token

The FARM token is the main utility and governance token of the network. It can be staked, farmed, or traded to generate rewards. FARM is an Ethereum token that is ERC-20 compatible and can be traded on various centralized and decentralized exchanges.

Yield Aggregation

Harvest Finance aggregates yield opportunities from various DeFi protocols, allowing users to earn interest on their deposited funds. The platform uses AI to optimize yield and maximize returns for users. Users can deposit their crypto assets into lending pools, which are then used to provide liquidity to borrowers seeking loans from the protocol.

User Experience

To use Harvest Finance, users must first deposit their crypto assets into a lending pool. Once their funds are deposited, they begin to accrue interest or rewards based on the terms of that particular pool. Users can withdraw their funds at any time without losing any accrued interest or rewards.

Fees and Performance

Harvest Finance does not charge users when they convert or revert assets. Instead, there is a small performance fee on the yield earned. This fee is included in the Annual Percentage Yield (APY) displayed on the platform, making it easy for users to see their potential earnings.

Governance and Security

FARM token holders have governance rights, allowing them to vote on major issues regarding the project and the platform. The more FARM an investor stakes, the more influence they have in decision-making processes. Harvest Finance has implemented various security measures to protect user funds, including a major overhaul following a significant hack in 2020.

Overall, Harvest Finance provides a comprehensive DeFi platform that simplifies yield farming and offers users a range of opportunities to earn interest on their cryptocurrency holdings.

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Harvest Finance's strengths

Harvest Finance (FARM) is a multi-chain yield aggregator that simplifies decentralized finance (DeFi) investing by streamlining processes for yield farmers. The platform combines various protocols to create a user-centric, low-risk experience. Key features include auto-farming vaults, liquidity mining, peer-to-peer lending, and a governance token called FARM.

Key Features and Strengths
  • Auto-Farming Vaults: Users can stake LP tokens to secure rewards. These vaults enable users to maximize returns by automatically staking and restaking tokens.
  • Liquidity Mining: Users earn rewards by providing liquidity to LPs on other decentralized exchanges (DEXs). These rewards can be staked in Harvest Finance vaults to generate additional income.
  • Peer-to-Peer Lending: The platform offers a lending system called fCASH, which allows users to borrow funds using FARM tokens as collateral. This system eliminates gatekeepers from the lending process.
  • Governance Token: FARM is the main utility and governance token. It can be staked, farmed, or traded to generate rewards. FARM is an Ethereum token that is ERC-20 compatible.
  • Transparency: The development team has shown a high level of transparency, with no developer pre-mines or investor funding. Tokens are issued weekly to ensure fair access for all users.
  • Reinvestment Strategies: The platform integrates an auto-compounding system that takes rewards and automatically re-stakes them, creating a wealth generation loop.
  • Fee Sharing: Developers re-circulate DEX and farming fees throughout the community, which are used for buybacks and rewards for stakers participating in profit-sharing pools.
  • Community Governance: The community can approve expenditures for the network via a governance mechanism, ensuring that decisions are made collectively.
Benefits
  • Simplified DeFi Investing: Harvest Finance simplifies DeFi investing by automating yield farming strategies, making it easier for users to maximize returns.
  • Improved ROIs: The protocol pools users' funds together to secure the best rates and fees, resulting in higher returns on investment.
  • Fee Sharing and Reinvestment: The platform's fee sharing and auto-compounding systems ensure that users receive a share of the fees and can reinvest their rewards to generate more income.
Security and Risks
  • Regular Audits: Harvest Finance undergoes regular audits by firms like PeckShield and Certik to ensure the security of the platform.
  • Inherent Risks: The platform acknowledges the inherent risks associated with DeFi strategies and advises users to research and understand each farm's strategy before participating.
Tokenomics
  • Token Supply: The maximum supply of FARM tokens is capped at 690,420 tokens, which are emitted on a weekly schedule over a four-year period.
  • Token Distribution: 70% of the tokens are used as rewards for liquidity providers, 10% for operational treasury, and 20% for the founding development team.
  • Governance: The FARM token is used for governance proposals, but it does not give holders a direct vote on incentive distribution, strategy deployment, or vault management.

Overall, Harvest Finance offers a comprehensive and user-friendly platform for yield farmers, providing a range of features and benefits that simplify DeFi investing and maximize returns.

Harvest Finance's risks

Harvest Finance (FARM) carries several financial risks that investors should be aware of. These include:

  1. Volatility Risk: The price of FARM can fluctuate significantly, leading to potential losses for investors.
  2. Liquidity Risk: Market conditions can make it difficult to buy or sell FARM quickly enough or at a favorable price.
  3. Short History Risk: FARM has a relatively short history, making it harder to predict its long-term performance.
  4. Demand Risk: Changes in market demand can negatively impact the value of FARM.
  5. Forking Risk: Forks in the underlying blockchain can affect the value and functionality of FARM.
  6. Code Defects: Smart contract vulnerabilities can lead to security breaches and losses.
  7. Regulatory Risk: Changes in regulatory environments can impact the use and value of FARM.
  8. Electronic Trading Risk: Technical issues with trading platforms can result in losses.
  9. Cybersecurity Risk: Hacks and other security breaches can compromise the integrity of the Harvest Finance ecosystem.
  10. Security Breaches: Historical breaches, such as the one in October 2020, can lead to significant price drops.
  11. Governance Risk: The decentralized governance model relies on the decisions of the FARM token holders, which can be unpredictable.
  12. Interoperability Risks: Integration with multiple blockchain networks can introduce additional risks.

These risks highlight the importance of thorough research and risk assessment before investing in Harvest Finance (FARM).

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Did Harvest Finance raise funds?

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Harvest Finance’s team

  • Team Lead: The team behind Harvest Finance values privacy and operates anonymously, similar to the approach of Satoshi Nakamoto, the creator of Bitcoin.

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