Harvest Finance is a decentralized financial protocol on Binance Smart Chain. In July, his second version was launched, the emphasis in which is shifted to the versatility and simplicity of management. At its core, the protocol offers the services of the income aggregator from other Defi protocols – there are already more than 100 of them. The platform automatically collects the best profit, which can be obtained from basic assets deposited by the user.
FARM is the managing and economically useful token of the Harvest Finance project. It provides the main incentive for using the protocol, offering investors a fee, the size of which depends on the activity of using the site. Farm token on August 11 was flooded on Binance, which instantly led to an increase in its price by 391%; Subsequently, the course was adjusted.
Buy Farm on the Binance exchange
Content [hide]
1 Farm token price for USD
2 Farm Course to USD
3 General information
4 How Harvest Finance works
5 Harvest Finance hacking in 2020
6 Farm token
7 Where to buy, sell and store farm
8 Conclusion
Farm token price for USD
Farm
$ 39.51
Pair farm ~ usd
Change 24h -3.6700
% Change 24H -8.50%
Total Volume 24h 4.73m
Supply 679.37k
Market Cap 26.84m
Last Market Coinbase
Chart (24 Hours)
Farm course schedule for USD
1H24H7D1M6M1Y5YMAX
general information
Name of Harvest Finance
Ticerm
The year of appearance 2020
Type of tokens-20, BEP-20
Blockchanethereum, Binance Smart Chain
Vuscanhttps: //etcharscan.io/token/0xa0246c9032bc3a600820415AE600C6388619A14D, https://bscscan.com/token/0x4b5cac08a567ecf0cf0cfca8372a45343
Current issue on 11.08.21591 485 farm
Maximum emission690 420 farm
The rate for 11.08.21278.06 $
Market capitalization on 11.08.21163 888 891 $
Official websitehttps: //harvest.finance/
Documentationhttps: //harvest-finance.gitbook.io/
Bloghttps: //medium.com/harvest-finance/
Social networks: //.com/harvest_finance https://discord.ggg/gzwag3wx7y https://t.me/breadForthepeople https://www.reddit.com/r/harvestfinance/
Exchangebinance, Coinbase, Kucoin, Mexc Global, Gate.io, Uniswap, Pancakeswap, Sushiswap, 1inch
How Harvest Finance works
Harvest finance assets
To make a profit using the Harvest Finance protocol, go to the site and select which of the assets you want to deposit. It can be stablecoins, tokenized bitcoin, UNISWAP LP tokens and much more. Having made a deposit, you will begin to earn the interest and Farm tokens. In turn, Farm token can be added to the profit distribution mechanism to participate in profitable farming.
Tokens with the letter “F”, such as FDAI, FUSDC, FWBTC, are profitable versions of popular basic assets. They are evaluated automatically, and at any time they can be exchanged for the basic asset – DAI, USDC, WBTC.
An example of earnings on the USDT token using Harvest Finance:
Connect to the protocol using the Metamask wallet or other web3-pile. It should already have the necessary basic assets.
Find the pool with USDT and see what annual profitability you can earn.
Enter the amount for the deposit and add USDT tokens by confirming the transaction using the wallet.
In return, you will receive Fusdt tokens, and interest will immediately begin to accrue.
As a rule, the balance is growing confidently, but in an unsuccessful market situation, temporary losses are possible.
Now you can put Fusdt in the same way to earn Farm token. Or over time, you can convert your Fomenes back into basic assets. This is carried out using the Unstake & Claim function
Harvest Harvest Finance in 2020
On October 26, 2020, the hacker took advantage of the mechanism of unstable losses and arbitration, influencing the assets inside the YPOOL Curve protocol. The attack was very fast and took only seven minutes. Among other things, the attacker took advantage of the flash loan to manipulate the cost of USDC and USDT Harvest storage facilities, which were deposited in Curve. The hacker knew that these assets are subject to such existing forces as slipping, inconsistent losses, and that large transactions significantly affect their value.
The mechanism of flash loans made it possible to reduce the price of stablecoins, and the hacker acquired them much cheaper than the market course. With an excess of funds, he repaid an urgent loan. Using this loophole repeatedly, the attacker was able to pull their Harvest Finance storage 34,000,000. Farm token instantly fell in price.
Measures taken by the team:
Of the common pools, all funds were immediately brought into safe storage facilities.
The deposits were blocked in the storage facilities of BTC and stablecoins.
BTC addresses are published, where stolen funds are located. Harvest Finance representatives asked all the exchanges to blacklist them.
A reward of $ 100,000 for detecting a hacker and $ 400,000 was scheduled for a refund.
Hacking Harvest Finance
The team took responsibility for an engineering mistake and also promised to take measures to prevent such attacks in the future. Since then, for almost a year now there have been no such situations.
Farm token
At the time of the launch of Harvest Finance, on September 1, 2020, FARM token was launched with the main purpose of stimulating users to engage in revenue farming within the framework of the protocol. One of the main innovations of this asset was that he gave the owners the right to receive a payment for performance in the protocol. The yield in this case depends on the chosen investment strategy.
New tokens are produced once a week and distributed as follows:
70% – suppliers of capital and liquidity.
20% – team.
10% – on promotion and development.
The issue is limited by 690 420 FARM, the community voted for this volume in the fifth week of the existence of the project. Farm token uses voting rights in managing decisions. While many decentralized organizations give a maximum of democracy, in this project, everyday decisions are made by the team – adding and removing pools, updating strategies, etc. The community controls the restructuring of the emission graph and other parameters of the highest order.
Where to buy, sell and store farm
Exchange for buying an asset:
Binance
Coinbase
Kucoin
Mexc Global
Gate.io
Uniswap
Pancakeswap
Sushiswap
1inch
Wallets where you can store ERC-20 tokens and BEP-20 tokens (depending on what standard you use) are presented in this article.
Conclusion
It is noteworthy that even despite the major hacking at the beginning of the work, the Harvest Finance project was able to stay afloat and even maintain the trust of users – largely due to the coordinated actions of the team and subsequent compensation payments. Today it is an actively developing and one of the largest Defi aggregators. With the release of Farm token to the Binance exchange, a new wave of popularity is provided to the protocol. However, no one ever guarantees that hacking will not happen again (this applies to absolutely any Defi platform). Therefore, observe caution and invest in reasonable quantities, and take profit in a timely manner to a decentralized wallet.
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