Harvest Finance Doubles Total Value Locked to $704M in One Week

Oct 21, 2020 at 16:32 UTC.Harvest Finance, a decentralized platform that lets users automatically "Farm" assets for the highest returns in other decentralized finance projects, now has more than $700 million in total value locked, according to DeFi Pulse, unseating decentralized derivatives exchange Synthetix.

The total value locked in Harvest Finance surged to $704.1 million on Tuesday, up 110% from $334.41 million a week earlier.

The project is now ranked seventh on DeFi Pulse in total value locked, surpassing popular DeFi projects including Synthetix, yearn.

According to Harvest Finance's website, the total value of its deposits has crossed $1 billion Wednesday.

Harvest Finance's dramatic growth took place during a time when enthusiasm around the DeFi space has slowly hit a wall.

The anonymous team behind the project told CoinDesk in a Telegram message the gain was partly due to "Vault migration," meaning users were moving their funds from existing pools to newly created ones in order to maximize returns on assets.

The asset management platform, which was launched in September, aims to make so-called "Yield farming" easier for small and novice investors in the DeFi sector.

According to Harvest Finance, yield farming has become harder for small investors due to volatility in the DeFi space, high transaction fees and potential security risks on smart contracts.

The platform's token FARM also saw a big jump, up by 35.72% over the past 24 hours, according to Messari.

At the press time, FARM was trading at $322.64.Disclosure.