Recap: Binance AMA
A summary of Harvest’s AMA with Binance for farmers who were too busy with their tractors
Dear Farmers
On 24th August, we had a chance to sit down with Binance and introduce Harvest to curious Binancians. The AMA took place on Binance’s English Telegram and took nearly one and a half hours.
What’s more, there were in total $5000 worth of $FARM to share for participants!
The AMA was split into 4 segments:
- Introduction
- Questions by the Binance Team
- Quiz Time!
- Questions from the Community
Let’s recap each segment in detail!
1. Introduction
Our Co-leads & Mods — Red & Josh, were on the frontline of this AMA, shaking hands with Binance representatives and briefly introducing Harvest to Binancians.
2. Questions by the Binance Team
In this segment, Red & Josh had a chance to explain and introduce Harvest in great detail to the listeners, as many of them may never have heard of Harvest before.
Let’s take a look at the questions by the Binance Team and our answers to them:
Q1: What is the purpose of Harvest Finance?
A1: Well, it started with the problem of the sheer amount of liquidity incentives across the DeFi space run by projects each on their own, different terms. Harvest lists them all in one place and lets users deploy their assets like $ETH or $DAI via the same familiar interface.
Q2: What role does the $FARM token play in Harvest’s Ecosystem?
A2: $FARM token is what makes Harvest cash flow positive since day one. Harvest takes a cut of all profits across farming strategies and uses them to buy back $FARM on the open market. These $FARM tokens are then being distributed to stakers via the $FARM profit-sharing pool that’s available at harvest.finance
Q3: What defi users can find on harvest.finance?
A3: Good question! Harvest pretty much offers a wide selection of farms. You can be a stablecoin lover, $ETH bull, or a holder of exotic tokens — you’ll likely find farms that fit your needs. What’s more, we have farms for mirrored stocks like mAMZN or even NFTs! We’ve got more than a hundred of them; it’s hard to count them all, haha.
Q4: Who really runs Harvest?
A4: Just like Satoshi, Harvest’s creator — Bread — remains unknown. He simply gave us the license to make things happen and build whatever we think is reasonable. Today, Harvest is run by a bunch of internet characters that meet on discord without the need for a corporate structure and other legacy rules like specific working hours.
Q5: What are the next steps on Harvest’s Roadmap?
A5: Honestly saying, Harvest doesn’t have a roadmap. It never needed one. Given the pace at which DeFi develops, we want to remain flexible by not committing to any specific long-term goals. Instead, we live by the following motto: “Bread For The People” which translates to searching and developing more opportunities for people that make their assets work for them.
3. The Quiz
In this segment, Binancians had a chance to challenge their knowledge about Harvest by taking part in a series of short polls.
Harvest saw more than 1200 participants taking part in this segment!
Questions & Answers as follows:
Q1: What was the first chain Harvest launched on?
A. Ethereum
B. Solana
C. Binance Smart Chain
D. Polygon
Q2. What’s next on Harvest’s Roadmap?
A. FTX Listing
B. New $ETH Farming Strategy
C. Harvest doesn’t have a roadmap
D. Own NFT Collection
Q3. How many farms does Harvest offer across all chains?
A. 10
B. 50
C. 80–100
D. 100+
Q4: What is the main slogan of Harvest finance?
A: Farm or get farmed
B. Bread for the People
C. People’s Farm
D. Bread for farmers
Q5: What chains does Harvest currently leverage for its farms?
A. Ethereum
B. Binance Smart Chain
C. Polygon
D. All of the Above
To qualify for the share of the $4500 Quiz Prize, you had to answer all these questions correctly.
4. Questions from the Community
This part was really exciting. The chat saw more than 250 questions in total, pouring in a span of a minute. It wasn’t an easy task to pick the most interesting ones. Let’s take a look at them!
They are pasted in a raw, unedited format. Please note Red & Josh didn’t have much time to fix all the typos on the fly 🙏
@huroay
Q: Hello sir, I want to know is why iFARM exists on Matic and what the benefit is of holding it there as opposed to on eth and bsc (apart from fees)
A: iFARM is separate from FARM. Let me quickly explain. iFARM is given to users that deposit their FARM tokens into the profit-sharing pool on the front page of https://harvest.finance/
This iFARM allows users to have a liquid, tradable asset WHILST STILL EARNING APY% from the Profit Sharing pool
iFARM is the same on Matic and BSC. And the benefit is the same on all chains, but it is the most versatile on Ethereum. On Ethereum, you can utilize your iFARM for more things, such as fCASH and collateralization on Rari Capital
@SyreetaWatters
Q: What strategy will you implement to bring non-crypto-natives into your ecosystem? How do you keep a balance between developing the technology and also improving the value of your token?
A: Harvest goal is to be a “1 click” solution for any user type from New User to Advanced crypto degen, so we aim to make the protocol so simple to engage with, anyone can use it. From there we continue deploying new cutting edge strategies for users to farm, constantly refreshing the APYs available to users. As more and more strategies deploy, this means more and more profit is flowing to stakers and FARM holders.
@SaraNeha
Q: Why did you choose Binance as Harvest Finance platform? Why you did partnership with Binance?
A: Because Binance has the BEST community and the BEST platform that is available in crypto today. Ask anyone around the world how they buy their crypto, most people will say “Binance”. We wanted FARM to be available to everyone; working with Binance was the best way to do this
@Rajon345
Q: Can you reveal some of your partners that you already established and how they are helping you to get real world adoption?
A: This is one of our favorite parts to talk about, Collaborations! We LOVE partnering with other projects as it usually means a synergy is formed, and both projects can produce something greater than if just standing alone. We have made financial investments in five other protocols including Pendle, PerpFi, APWine Finance, CompliFi, Babylon Finance, in addition to other partnerships like Mirror.Protocol and Terra Money where we list both Mirror Assets (derivatives) and also host the UST stable coin in a Uni V3 vault on behalf of Terra which they send rewards to us to share with depositors
** Second round of questions **
@Dcjanio
Q: who is bread?
A: All of us. Bread is the concept of a DeFi user that wants to operate together with other DeFi users!
@satishgmr
Q: We have seen so much risks attached with the Yield Platforms, What’s your view on these risks? How will you ensure safety & Security of the Harvest Finance platform?
A: Red: Yes DeFi is like the American Wild West stories, a chance to get rich with promises of gold and land… But there are hidden dangers of scams and robbers everywhere! Harvest has conducted 5 independent audits from 3rd parties, in addition to having a various reviews of the code conducted internally and with friendly developers known to the project. SAFTEY is key at Harvest and everyday users send us the hottest Alpha farms to deploy, but sadly we must pass on many opportunities because the code is not perfect, or is not safe for us to connect to. We will never deploy a farm regardless of APYs unless we feel it is absolutely safe! We also host a bug bounty program on Immune Fi to proactively incentivize others to help us find any critical issues
@AymanAliza
Q: Currently Harvest Finance V2 isn’t available for mobile users. When will it be available for mobile users?
A: JB: Great question. We have a huge base for mobile phone users and this is really important to them. The v2 mobile update is just around the corner. This is especially big news for our Chinese communities, for whom the mobile app is very popular. The last time we ran a poll, it was ~80% of Chinese users were on mobile!
** Third round of questions **
@BeRuZ55
Q: Who will have the final say in development and business decisions? How much will the elected representatives be able to influence when it comes to business and development decisions? Will the company have some kind of veto when it comes to decisions?
A: Red: Great question! The core anon devs have given the community representatives a lot of freedom to make decisions and broker deals with other projects. Most can be completed without much oversight as long as no technical changes or programming are needed. But in cases, like our community brokered deals like UMA or Bancor, some technical updates were needed to the protocol, so the core devs needed to review and approve. Otherwise, most things that happen in a business on a day-to-day basis, the community manages without direct oversight or approval.
@Abdul0241
Q: Can you please tell me a little bit about the council of 69 and how it works?
A: JB: Ah the Council of 69! this is a really important part of the Harvest + Community ecosystem and a great example of how community members can get rewarded for their hard work and good ideas. Harvest will then vote, and fund the project.
This enables people to be a part of the seed rounds that are normally exclusively reserved for DeFi whales or other connected parties. The best part is the feedback of rewards that are gained from the Council of 69. 10% of the realized profits are fed back to the proposer!
Our average returns over the last five investments are ~400%. And we’ve also garnered a great relationship with some of our early-stage investments. Examples include Perpetual Protocol and Pendle
@yashikde
Q: How does the Profit Share work? Where does the 30% come from?
A: Red: The profit share is a fee-sharing pool where users deposit/stake their FARM tokens and collect 30% of the profits generated by the protocol. These profits come from the farming strategies themselves.
For instance, if the USDC vault is yield farming on Convex Finance, that vault is collecting CVX rewards from Convex, and then selling it back into USDC. 70% of that USDC profit goes to the vault depositors of that strategy, the other 30% of profits are used to market buy the FARM token, which is then sent to users staked in the Profit Share.
Thank you all Binancians for attending 🙏
The prizes will be distributed within 20 days by the Binance team directly to the winner’s wallets.
Connect with Harvest: Website — Twitter — Discord
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