Harvest.Finance — From Chad Farmer to Legit Operation (time lock, audits and cash flow)

Although we’ve made a Harvest Finance video before, it’s matured since then and our confidence level has increased accordingly. So what’s new? Well they have half a billion dollars AUM (assets under management), which according to a recent tweet, means $12M in profit sharing so far, which puts their current P/E (profits to earning) ratio of 2.98, which is incredibly low. This is potentially a sign that it’s radically undervalued.

RECENT HARVEST UPDATES & PARTNERSHIPS

Far from resting on their laurels, Harvest has been working hard to come out with new strategies, such as their recent SushiSwap pool featuring WBTC/TBTC, which farms Sushi tokens (around 18% at time of writing) and auto-sells it back for my TBTC and additionally gives FARM tokens (around 14%). Assuming these two variants of BTC stay at their peg and the risk of impermanent loss is reduced, this could be a very attractive cash generator.

They’ve also added all of the UniSwap strategies which reinvest earned UNI into the particular pools and also produce FARM Tokens as an additional reward.

They’ve also recently integrated with SnowSwap, a project we covered a couple weeks ago. This wide arrange of partnerships with some of the biggest players in DeFi also lends some credibility to the project. Along those lines, they’ve recently been integrated into Zapper.fi. Zapper.fi is an easy way to get into Harvest pools.

They’ve also recently commissioned three security audits from three companies, and released the results of two of them already.

Another user-friendly change to prevent sudden rug-pulls and abrupt changes of strategy is a time-lock feature in many of their pools. Not all of the pools have them now, but that’s their stated aim is to transition toward that.

HARVEST STAKING OPPORTUNITIES

The Creativity Farm incentivizes artists and creators with generous FARM token rewards, in addition to their generous APYs for other LP token staking rewards. The UNI USDC/UNI pool is obviously quite subject to impermanent loss as the token undergoes price discovery, but the generous 665% APY mitigates some of that risk.

The top left farm linked below is simply depositing your FARM tokens, with a 100% APY payout for fees collected and profits shared.

SUMMARY THOUGHTS

While the team is anonymous, increasing the overall risks considerably in our view and giving pause to many potential investors, it appears the team is hard at work; networking with other projects, commissioning audits, making the time-locked pools, building their community through the Creativity Farms, and sharing their profits generously with users and stakers. Whoever they are, the team seem to have a longer-term outlook than might have been anticipated in their early days.

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