Understanding the details of Harvest’s integration with Binance Smart Chain
Harvest integrated with Binance Smart Chain in April 2021 with a simple objective in mind: to deliver the highest yields possible to our users while minimizing the cost of farming.
This article explains the details behind the integration as well provides a quick guide on how to start with yield farming on BSC via our platform.
As the popularity of BSC grew exponentially, Harvest seamlessly deployed a series of fruitful vaults starting with the most popular platforms such as Pancake, Venus, Goose, and Ellipsis.
Since the integration, at one point, Harvest’s users flooded #BSC with deposits reaching up to $20,000,000 across the platforms mentioned above.
Currently, more than 1000 users deploy their assets to farm on #BSC via Harvest.
Aside from introducing nearly 30 farming strategies, Harvest released its native FARM token on #BSC in the form of $bFARM where b simply underlines that the token resides on the Binance Smart Chain.
$bFARM Token Use Cases
- To incentivize the usage of our vaults.
- To bridge the liquidity from $FARM on the Ethereum Blockchain over to #BSC
- To facilitate $FARM transactions on #BSC
- For staking and earning boost (New Feature!)
How to start farming on Binance Smart Chain
First, head over to harvest.finance and select the Binance Smart Chain area to open up a complete list of our farming strategies.
From here, select a vault that interests you.
This tutorial will show you how it is done using $CAKE, which is the native token of the Pancake Swap platform.
Harvest automatically detects the amount of $CAKE in your wallet. We’ll be depositing the amount totaling ~2.4 $CAKE. Hit the [Deposit] button and confirm transactions in your wallet.
After depositing any asset into our #BSC vaults, you will instantly receive a corresponding bToken to your wallet as proof of deposit. In this case, for depositing $CAKE you will receive a token called bpancake_CAKE.
Now, your $CAKE works for you. However, you are not eligible yet for $bFARM rewards.
To change that and squeeze the most from your assets, we need to stake our freshly received bpancake_CAKE tokens by simply clicking the [Stake All] button and confirming those actions in your wallet.
Note: By default, the “Stake for rewards” box is checked and your wallet should automatically prompt you a message to confirm bpancake_CAKE staking and you should be all set with just hitting the Deposit button. We did separate those actions for the purpose of explaining the staking aspect in more detail.
After a successful deposit, your $bFARM rewards will start rolling in!
That’s it! Happy farming 🚜
Harvest aims to support and further collaborate with Binance in the future.
What is Harvest Finance?
Harvest is an asset management platform that maximizes yield for assets deposited by users. Harvest reduces gas costs and develops cutting-edge strategies to become the stop-shop of yield farming in DeFi.
This article is for informational purposes only. It should not be considered Financial or Legal Advice. Not all information may be accurate. Consult a financial professional before making any financial decisions.