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.
Total Value Locked in Harvest Finance has increased by 395528% Since September 🚜 pic.twitter.com/Rv8RDDC3Bz
— ₿itDealer (@Bitdealer_) October 22, 2020
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.
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.