E&S Token Review: Harvest Finance (FARM)
Hello steemian and welcome back to this new article, this time I will introduce Harvest Finance (FARM)!
Have you heard of this cryptocurrency?
Well, maybe you have, maybe not, If you want to know more about this coin, you should read this post carefully and thoroughly, so that the information conveyed is not overlooked.
Harvest Finance or known as FARM tokens is a new DeFi project, basically passive funds. Harvest was created by an anonymous team in August 2020, and it is not an offshoot of any major platform.
Like Yearn, this Harvest runs on revenue generation but does not have the main founder. As a collector, the Harvest service is quite difficult. You can get stablecoins and LP tokens from investors and put them in smart contracts from the leading DeFi platforms which can reduce the rate of return you get, but investors can be compensated with FARM tokens.
Unlike other yield farming protocols, Harvest has its own add-on for FARM tokens. In short, 30% of the profit generated by the company is used to buy FARM, which means that the currency basically pays "dividends" to anyone who owns this FARM token.
At the moment, there are already over 42 billion dollars locked in DeFi protocols like Maker, Aave, Synthetix, and Uniswap. If you ask me, it shows the huge potential of DeFi and the yields of harvest.
Harvesting can lower the entry barrier for people who don't want to track DeFi for 24 hours continuously for 7 days or pay expensive gas fees to harvest regularly and move funds between opportunities, etc.
Harvest will take care of APY tracking, strategy development and auditing, gas costs, and regular harvests to ensure that all of them come together. FARM token holders can get a share of the profits from the harvest, receive incentives to provide liquidity at Uniswap, and can vote to help decide the direction of the cooperative
How to use Harvest Finance?
Visit the harvest.finance address and deposit some stablecoins, such as tokenized bitcoin, Uniswap LP token, and other supported assets to start earning and FARM. Deposit FARM in Profit Sharing to share the agricultural income you get.
In the screenshot above we can see that there are almost $ 500 million dollars saved in Harvest with monthly profits for the Farmers of around $ 6 million dollars.
The FARM token has, in recent months, entered into the portfolios of bookmakers as well, due to its attractive annual yield, currently around 35%. But, as we know, we can't just focus on results.
Harvest Finance is a great project with attractive passive income opportunities. If you are interested, you can start right away, of course with all the risks that are your responsibility.