The decentralized Harvest Finance platform for “profitable farming”, which allows you to make a profit on other DeFi projects, has assets equivalent to more than $700 million blocked.
According to DeFi Pulse, the total dollar value of the DeFi Harvest Finance protocol for the week increased by 110% – from $334.41 to $704.1 million. Currently, the project ranks seventh in the DeFi Pulse rating in terms of the total value of blocked assets, ahead of such popular DeFi projects as Synthetix, yearn.finance, RenVM and Balancer.
According to the platform’s website, Harvest Finance’s total deposits on Wednesday exceeded $1 billion. The project’s development team said that the growth was partly due to” storage migration ” – users moved their assets from existing pools to newly created ones to maximize the return on assets.
The Harvest Finance platform, launched in September, aims to simplify so-called “income farming” for small and novice investors in the DeFi sector. Earning income from “farming” has become more difficult due to the instability of the industry, high transaction fees, and potential security risks of smart contracts.
Harvest Finance is audited by third parties, and 10% of the protocol tokens are used to support the audit process. According to the analytical company Messari, the FARM platform token also rose by 35.72% to $322 from Tuesday to Wednesday, but soon fell again and is now trading at $268.
Recall that last week, DeFi Pulse and Gauntlet Networks created a system for assessing the risks of insolvency of DeFi projects – Economic Safety Grade. The system will help investors better navigate the DeFi protocols