Total Value Locked in Harvest Finance Surpasses $1 Billion, Up 366,200% Since September

Decentralized platform Harvest Finance that provides users a way to farm assets for the highest yields now has more than a billion dollars in total value locked (TVL), as per DeFi Pulse.

A few days back, Wrapped Bitcoin (WBTC) captured third place by overtaking popular DeFi projects Aave, Compound, and Curve Finance.

The relatively new project Harvest Finance has jumped to sixth place, pushing above Curve Finance and Synthetix. It has fallen two places as just last night; it was in the fourth spot.

This climbing up the ranks happened thanks to the growing TVL, which increased over 630% in just this month. On Sept. 1st, the TVL was a mere $273k.

While enthusiasm in the DeFi sector has waned, the mania cooled down in September after running hot to its peak in August; Harvest Finance took this time to jump out of nowhere and make it big.

The project has about 630k ETH, 27.42 BTC, and just over 66 DAI locked in it.

However, unlike the growth of the funds locked in this protocol, its token FARM is currently down nearly 23% while trading at $231.56.

Audited by third parties, a process supported by 10% of the token supply, the project had a “vault migration” just this week and introduced a new TUSD pool.

With yield farming becoming hard for smaller farmers due to high gas costs and bugs in unaudited smart contacts resulting in theft, Harvest advertises itself as bringing “BreadToThePeople” by doing it all for the users.

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AnTy
AnTy
AnTy has been involved in the crypto space full-time for over two years now. Before her blockchain beginnings, she worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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