![]() ![]() Just as gasoline prices are necessary to fuel your car's engine, GAS prices are necessary to fuel the engine of the Ethereum blockchain. That’s what GAS prices are in crypto - a small tip for the miner who verified the transaction. However, smart contracts each have different levels of computational complexity (GAS), so most users deal with this by setting a GAS price. Ethereum contracts must be mined before they are validated and incorporated into the blockchain. Next, GAS prices matter - yes, even in the crypto world. Harvest reports that its users primarily use a MetaMask browser extension for this, though WalletConnect is another option. With a crypto wallet, users can send and receive Ethereum and other cryptocurrencies from a unique and transparent digital address. To use any cryptocurrency, you need to have a crypto wallet first - FARM tokens are no different. That said, having some knowledge of the Ethereum blockchain and smart contracts will be massively helpful before diving into Harvest. Harvest Finance is an exciting way to get involved (or more involved) in the crypto scene. Harvest Finance’s FARM token offers crypto investors a low-risk, “wide net” way to earn yields and maximize returns on their existing crypto assets.įunctioning as a trading platform for ERC20 tokens and crypto as well as traditional fiat currencies Harvest’s FARM token is also a governance token rather than a utility or commodity token, which means it confers on users the rights to vote on the direction of the existing Harvest protocol as well as on proposals regarding its future direction.įARM tokens are also proportional, so the more FARM tokens a user stakes, the greater say they have on the future of their investment and the Harvest protocol.įrom an interest and lending standpoint, Harvest’s FARM tokens can also be leveraged as collateral for lenders to borrow from in addition to earning interest. Harvest’s Ethereum-based FARM token powers Harvest’s protocol, moving investors’ otherwise idle crypto funds around the DeFi-verse in real-time through staking and farming in order to generate yields and hedge against market downturns. This makes for a passive crypto income stream either through accrued interest or rewards depending on the pool. The earnings from each vault (of which there are currently more than 30) are then automatically redistributed to Harvest users based on their share of the pool, without any additional work needed on the part of the user. Harvest Finance was founded to create a lower-risk middle ground for first-time crypto investors to get into the game while offering experienced crypto investors a way to diversify their portfolios in order to expand their digital wealth.įrom a practical standpoint, the foundation of Harvest Finance is its smart contract “vaults,” which store digital assets that generate yields for users who deposit ERC20 tokens into them. How Does Harvest Finance Work?Ĭrypto investors both new and experienced frequently feel overwhelmed by the volatility of the markets, the speed at which the DeFi landscape is evolving, and the constantly expanding array of coins, tokens, and other digital assets to bet on. Since its launch Harvest has continued to expand its user base and grown internally as well including integrating with Yearn Finance in December 2020, another leading DeFi protocol, which allows users to swap assets and rewards. Within days it quickly became one of the most talked about and top-rated DeFiblockchain platforms on Ethereum. Harvest Finance officially launched its platform and the FARM token in September 2020 anonymously with zero circulating supply and without any venture capital funding or pre-mining. ![]() This puts crypto investors’ otherwise idle assets to work through auto-compounding, auto-harvested rewards, proprietary rewards, as well as unique DAO (“decentralized autonomous organization”) token rewards. Since its founding on September 1, 2020, Harvest has become one of crypto’s trending aggregators automating the process of “ yield farming” which locks up crypto assets into smart-contract-basedliquidity pools to generate rewards. It does this by aggregating digital assets into decentralized lending pools that in turn provide liquidity to other crypto borrowers looking for loans. Harvest Finance (FARM) is an automated Ethereum-based “Defi” (decentralized finance) farming protocol that allows users to generate extra income (i.e., “yield”) and earn interest on their existing crypto investments. ![]() So, let’s talk Harvest Finance - what it is, what to know about it, and how you can use it. Harvest is traded on more than 30 trusted platforms including Uniswap, Polygon, Compound, Lido, Sushiswap, and Curve - all while giving crypto investors the opportunity to compound interest and earn rewards hands-off while Harvest Finance does the hard work behind the scenes. ![]()
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