Harvest Finance (FARM) has risen over 100% in the previous 24 hours as of this writing. FARM is used to fuel one’s prospective earnings as a native and governance token to the Harvest Finance DeFi (decentralized finance) protocol.
Many people are curious about the price of FARM in 2022, given the current spike in Harvest Finance.
What is Harvest Finance, and how does it work?
Harvest Finance is a DeFi protocol that is best defined as farming the highest yield from other DeFi protocols automatically. Harvest Finance optimizes the yield each vault may make with its farming procedures and techniques.
Harvest Finance functions as a kind of digital cooperative, with “farmers” pooling resources to reportedly obtain the maximum yields automatically. Harvest Finance is popular among users since manual farming takes a lot of time and money. Participating in a protocol that works automatically is beneficial.
How do people get their hands on FARM tokens?
Users must first connect their wallet to the Harvest Finance website and confirm that they have adequate liquidity to deposit into the corresponding LP to begin harvesting and earning FARM tokens (liquidity pool).
Users can start collecting interest and harvesting FARM by depositing stablecoins such as USD Coin (USDC), tokenized BTC, and other LP tokens.
If users want to deposit USDC to harvest, for example, they must do the following:
- Purchase USDC and deposit it in your browser extension wallet (i.e., Metamask)
- Go to Harvest. Finance and sign up for an account.
- Look up the USDC pair and check the APY (annual percentage yield)
- Make a USDC token deposit
- in return, you’ll get fUSDC
- Stake fUSDC tokens to earn FARM and farm fUSDC tokens to earn interest.
Tokens on the protocol with a lower-case “f” in front of the cryptocurrency, such as fUSDC in the example above, merely denote that they are yield-bearing tokens.
Harvest Finance Price Prediction 2022
Despite this flaw, the protocol appears to encourage users to harvest and stake to gain more FARM, which serves as the protocol’s governance token. The coin is now experiencing a minor price decline from its 24-hour all-time high and could be on its way to breaking the record all-time high set in 2022.
Harvest Finance is a good promising project which is attracting many investors and buyers. It will break out soon on charts. The current future of the crypto is uncertain. Nothing can be said accurately this time because crypto market is volatile and depends on project success.