Harvest 2021 Recap & 2022 Outlook
As we wrap up 2021, there were numerous updates across the farmlands, the crypto ecosystem and its user base also saw a dramatic shift.
NFTs & Metaverse completely took over the headlines, leaving the ‘DeFi 1.0’ crew in shadows, including Harvest.
Are we jealous about these crazy returns on NFTs?
Ok, maybe just a little.
But as further tokenization of the Web is inevitable in 2022 — Harvest remains committed to building tools for modern farmers.
As web3 approaches the early adopters phase, we need to prepare Harvest for the wave of regular users migrating from web2.
With that in mind, one of the main goals for 2022 is simplifying the yield farming experience by significantly reducing the number of steps required to put your crypto to work.
One of the ways to accomplish these goals is by completely redesigning our app and introducing a proper landing page that explains what Harvest is all about.
With the updates in place, it will be far easier for Harvest to market its services, which till now were reserved for defi degens, to a wider and more diverse audience.
Worth noting that Harvest was able to attract a TVL of $250M+ without a landing page (think: the main page when you enter harvest.finance) in place that would explain our platform's purpose in detail.
🚜 New ecosystems
In Q2, Harvest expanded its farmlands to Binance Smart Chain & Polygon, giving users with smaller capital a more gas-efficient opportunity to start yield farming.
Throughout the year, we’ve received many questions from concerned users why Harvest doesn’t expand more aggressively to other L1s & L2s. The answer to that question lies within Harvest’s general strategy to ensure that the things we deploy are here to stay and profit our commune for the years to come.
We invite everyone to look at Harvest’s list of vaults to verify that this approach has served us well since our origins.
Harvest is home to a handful of farmlands code-named ‘eternal yield printers’ which are the foundation of our platform. Note these highlighted farms were deployed more than a year ago!
And yes, we are exploring other chains and L2s to expand our farmlands.
🎉 CEX Listings
The year 2021 surprised us with a series of $FARM listings across world-class crypto exchanges like Coinbase, Binance & Crypto.com.
We are happy to see their organic interest in the $FARM token and services we provide. These listings enable users worldwide to get their hands on $FARM with a shorter path from their bank accounts.
What’s more, CEX listings bootstrapped liquidity of the $FARM token, which is critical for more prominent traders and investment funds to acquire a piece of the supply.
🎁 Buybacks @ Bancor
In mid-2021, Harvest entirely switched its buyback mechanism from Uniswap over to the $FARM pool at Bancor.
The benefits of this are two-fold:
- FARM stakers at Bancor aren’t exposed to impermanent loss as compared to Uniswap
- Liquidity Providers can stake $FARM in a single-sided manner vs. providing 50% of the capital in the trading pair’s corresponding token.
Since its launch, the $FARM Pool at Bancor remains in the top10 earners, making it a lucrative place for liquidity providers. Each month this year, Harvest bought back approx. $500,000 of $FARM on the open market.
🎄 2021 Ecosystem Expansion
Harvest’s ecosystem expanded rapidly in 2021 with collabs, integrations & listings cementing our position in the web3 space. Here’s a partial list of new names in our ecosystem
- Binance Listing & Staking Product
- Chainlink Feed
- Binance Smart Chain
- Coinbase Pro
- Jarvis & Forex Yield Farming
- Coinbase Wallet
📈 2021 in numbers
1 Jan — 17 Dec 2021
– Approx. 87K $FARM tokens have been bought back on the open market in 2021, worth ~$7.5M at today’s price. Farmers in the FARM staking pool benefited greatly from this mechanism, allowing them to share all Harvest’s yield farming activities.
Saved Gas Fees: Our farmers saved over $87M thanks to Harvest and its farming mechanisms, allowing users a more gas-efficient way to auto-compound and harvest rewards.
Profits: We are thrilled to see farmers earning over $40M worth of yields this year, with weekly earnings by farmers seeing an ATH of $2.9M/week earlier this year.
Harvest is committed to its mission to decentralize its operations & community further. We want to lead an example of what a DAO really should be — an environment that values one’s input & merit rather than the size of their holdings.
We remain aligned to the core principles outlined by Harvest’s Founder — Bread:
Harvest is a DAO with a strong emphasis on the O, as we believe the community is the fundamental aspect of the project’s success. While the core anon developers oversee the security of the deployed code and its UX, the vast majority of operations at Harvest are run by its community members.
From Treasury Management to Networking, Translations, Marketing, and forming new Collaborations, we depend on our community to help us thrive.
And now, as we look to 2022, the protocol itself is moving to become fully decentralized, allowing the community of Harvest devs called “Builders” to deploy new farming strategies and update the UX as needed.
This not only has the benefit of increasing decentralization but also frees up the core developers to focus on innovations in the ever-changing world of DeFi.
Remember, we are all just internet characters anyway.
See you in 2022! ✨