I tried some DeFi platforms before such as beefyfinance, bakeryswap, and even Pancakeswap as they are using the Binance Smart Chain as the network with a low gas fees and smooth to use. Then recently, the Harvest.Finance was released and integrated into Binance Smart Chain that makes more farmer excited.
What is Harvest Finance?
According to Coingecko, Harvest Finance is an automatic yield farming protocol that helps traders take advantage of the latest DeFi platforms with the highest yield.
This can be the best DeFi platform as it is offering the highest yield from different DeFi platform.
Harvest Finance hooked me to try it and since I have few amount of USDT on my wallet, I didn't let the opportunity to pass. As what we all know, USDT is considered as a stable coin as it is fluctuating slowly and steadily compared to other coin and token. Instead of stuck it on my wallet, I decided to grab the opportunity offered by Harvest Finance together with the Venus Protocol.
Farming my USDT at Venus using Harvest Finance with 29.12% APY
In this farming, I used Safepal wallet. Before we start, let me remind you that this is not a financial advice, always Do Your Own Research so you will not blame anyone once you lose your money.
In your Safepal wallet, Click on the Dapps and search for https://harvest.finance. Make sure that you are using the BSC network.
Once you search their platform, you will be redirected on the homepage. Click the Binance Smart Chain and Connect you wallet.
Once your wallet is connected, you will see it on the lower right corner of your screen. Now, you should choose the platform that you want to use, I used Venus and Clicked USDT because it is the only token that I have and available. As you can see, we will have 29.12% APY and it is not bad compared to your sleeping token.
After choosing the asset that you want to farm, click the Max button if you want to use it all on your farm. Once done, click Deposit and wait for its completion.
After the Deposit, you need to Approve your Farm. This will cost you a little amount of BNB, remember that we are using Binance Smart Chain network where we can save more BNB for fees. When the transaction was signed, you are already Staking fVenus-USDT with a 29.12% APY.
As what you can see on the Earning section, it says that you are currently earning bFarm by your staked fVenus-USDT.
In total, I only spent more or less $1.50 for the gas fee for the whole tutorial. This shows that it is helpful to save more BNB and earn more APY.
What is bFarm?
According to Harvest FInance, bFARM is the equivalent of FARM on Binance Smart Chain. bFARM can be swapped to FARM and back using Anyswap bridge.
The integration of Binance Smart Chain and Harvest Finance is a great move especially that there are more users becoming a farmer and wanted to have a low cost of fees, now the farmer's dream come true.
As the moderator of the team said;
“Binance is one of the biggest brands in centralized exchanges and has expertly used it to incubate their own blockchain and DEX which have become fertile ground for productive farming and projects you want to lure away from Ethereum. At Harvest Finance, we see this as an opportunity to demonstrate that “cross-chain” high-yield farming is not only possible, but will be one of the next major milestones for the high-yield farming ecosystem.“
—Red
Conclusion
It's hard to find a DeFi platform that offering a high yield but the Harvest Finance team makes the farmer works easier as they are providing the high-yield on different DeFi platform. Now we can use most of them and provide a low gas fees as it was integrated on the Binance Smart Chain network.
This is a simple guide on how to farm in Venus using Harvest Finance
Sources:
- https://www.publish0x.com/cryptocurrency-topics/i-farmed-at-venus-using-harvest-finance-for-2915-percent-apy-xzwvpzm
- https://harvest.finance/faq
- https://www.coingecko.com/en/coins/harvest-finance
- https://newstten.news/yield-farming-aggregator-harvest-to-integrate-with-binance-smart-chain-cryptoninjas/