Harvest announces integration with Binance Smart Chain as the protocol looks to increase user yield while reducing the cost of farming.
Harvest Finance Announces New Farming Strategies on the Binance Smart Chain
Harvest Finance has dropped a new update for users of its Yield farming protocol. According to its official Tweet on July 21st, 30 new farming strategies have been added after its successful integration with Binance Smart Chain (BSC).
What’s more, over $2million on gas fees have been saved for users/farmers. This write-up explains the details behind the platform’s integration of the reliable network and how users can participate in the yield farming process.
Harvest Finance on BSC
The protocol decided to embrace BSC’s unique features in April 2021. The target was to increase the user’s yield while ensuring that the cost of farming is reduced.
Without a doubt, the BSC network has grown exponentially since its inception in April 2020, and Harvest Finance tapped from this by deploying several vaults which feature many platforms such as Pancake, Venus, Ellipsis, and Goose.
At some point, users of the protocol made deposits up to $20 million across the platforms mentioned above. In addition, over 1000 users deployed their assets to farm on BSC, and 30 new strategies were added for farmers.
The protocol also launched its native farm token on BSC — $bFARM. The token is used to incentivize Harvest vaults, bridge the liquidity from $FARM on its Ethereum blockchain over to the BSC, facilitate the transaction of $FARM on BSC, and for staking and earning boost.
Harvest Finance Yield Farming on Binance Smart Chain
As stated earlier, Harvest Finance has expanded its yield farming feature to the BSC network with 30 vaults available. Below is a detailed explanation of how to farm on Binance Smart Chain.
Visit the harvest.finance page and select the Binance Smart Chain area to open and see the various farming strategies/vaults available. Hence, choose a preferred vault.
According to the Harvest Medium blog post, we use the $CAKE token — the native currency of the PancakeSwap platform –– to explain how to complete the farming process.
The protocol automatically detects the amount of $CAKE in a user’s wallet after the CAKE-BNB vault is opened. For example, in the image below, approximately 2.46 $CAKE is deposited. To confirm the transaction, users should click the deposit button.
Upon making the $CAKE deposit, including any other asset, users will receive a corresponding bToken to their wallets as proof of stake. Here, the user gets bpancake_CAKE for depositing $CAKE.
The figure above shows that the $CAKE is now effective, but the user is ineligible for $bFARM rewards. To become eligible for $bFARM rewards, the user must click the “stake all” button.
What is Harvest Finance?
Harvest Finance is a yield farming protocol that lets users put their assets to work in its very productive farming strategies. The protocol holds support for farming opportunities across several blockchains, including the BSC and Ethereum. In short, Harvest Finance is a yield aggregator that aggregates and automates yield farming processes for users.
Harvest Finance has grown since the BSC integration. With up to 30 vaults made available for yield farming on the BSC, users can enjoy the best Annual Percent Yields (APYs) and harvest the best yields. Thus, harvest Finance has made farming easier for users, not only on the BSC but also on other blockchains. However, the protocol intends to work with Binance in the future after the considerable success gained from the BSC integration.
Source : bsc.news
Founded in 2020, BSCNews is the leading media platform covering decentralized finance (DeFi) on the Binance Smart Chain (BSC). We cover a wide range of blockchain news revolving mainly around the DeFi sector of the crypto markets. BSCNews aims to inform, educate and share information with the global investment community through our website, social media, newsletters, podcasts, research, and live ask me anything (AMA). Our content reaches hundreds of thousands of global investors who are active in the BSC DeFi space.