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Harvest Finance: The Current Binance Strategies

As of right now, Harvest Finance has three different strategies or platforms they are using to yield farm. These stratigies/platforms are Pancake Swap, Venus.io, and the newest addition Goose Finance. All of these right now have fantastic yeilds and they have not even added in FARM emission yet! So what are these different farms?

 

PancakeSwap

As many of yall will know PancakeSwap has been a huge deal the last couple of months. It has produced amazing and almost unmatched rewards to those that have used it. It reminds me of Compound and Uniswap were when they first came out. It has not always been the smoothest of sailing though as just two weeks ago Pancake was hijacked but it was not a typical flash loan attack. Interestingly enough it was a hack that involved taking over the website name and replaced it with malware. From there the hackers attempted a phishing scheme trying to get users to enter their private keys

 

Right there is when most people would have realized something odd was going on and with all we know about private keys you never ever give those away! From what I have found it seems that the team was able to prevent any funds from being lost by making it known that they had lost access to their webpage. AMazingly all contracts were safe and users where unaffected. To prevent this issue from happening again they have decided to move to a new domain servace provider (they were GoDaddy and now are using MarkMonitor). In spit of this hack they are still regarded as the number 1 yield farm on the BSC which does speak loads to how well run it is. 

 

Venus Protocol

Venus is taking a different approach from most yield farms I have interacted with and it will be a very interesting protocol to follow. They are/have created the first decentralized stable coin VAI that is backed by a basket of stablecoins and crypto assets without centralized control! The interest earned on assets in this pool is decided based on the demand of that asset at the present time. Venus’s goverence token is called XVS and underwent a fair emission launch. The XVS token will be emitted over a 4 year period from the launch according to the white paper.

 

I really am interested in this idea since it is as stable of a stable coin as one could get. By creating a basket of stablecoins it really should never move off the $1 mark. Much like how countries use baskets of currency to peg their currency this protocol has really done the same. It will be interesting to see if VAI takes off like DAI has on the Ethereum chain or if it really just stays as a niche token. 

 

Finally we have the newest addition Goose Finance

Goose Finance is another interesting yield farming as the offer a feature called layered farming which they even admit to being a high risk high reward yield farm. This layering allows for more factors to be in play which allow for greater rewards albite at a much higher risk. To be completely honest trying to figure out what the Egg is on Goose Finance is rather hard to decyper. It appears to be the governance token that is deflationary in nature. This encourages people to keep their EGG longer term until the lockout window that EGG has with it in completed and the EGG “hatches”. 

 

This protocol only has three different coins that are part of it as of right now. Naturally it has BNB but it also has BUSD. You can also deposit your EGG and have it autofarmed and staked. This is a pretty unique idea but to the point. At this point it appears that they have gone the super simple approach for right now with offering just a few farms as it builds up.

 

The BSC leg of Harvest Finance is key to future Harvest and FARM growth. While Ether has been and in my opinion will continue to be a long term force in the DeFi world the gas fees are just way to much right now. BSC fixes this issues and pushes Ether to fix its issues to not lose to much ground and fall to far behind. 

 

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