Ethereum farm token yield up 200% in week after entering Coinbase

For ranchers, the harvest season came early.

According to data from crypto metrics platform CoinGecko, the price of the farm, the management token of decentralized financial protocol Harvest Finance, rose 201% last week and 46% in the last 24 hours to $ 264.

Harvest Finance is a Defi protocol specializing in crop production, it is a very profitable but also risky way to invest in cryptocurrency by locking companies into the smart protocol contract. Because the cryptocurrency provides liquidity for loans, the token lock generates a reward (fixed or variable rate).

Fermat, a protocol management token, is also negotiable.

The token’s rise this week followed a record yesterday on Coinbase, a major cryptocurrency exchange, and one of the most recognisable, especially in the US.

The phenomenon in which the price of a coin rises on the coinbase list is known as the “Coinbase Effect”. This was first noticed in 2017 after the exchange mentioned bitcoin cash and Litecoin’s bitcoin hardforks, and their prices doubled.

Coinbase allows corporate clients to run the farm from May 24 and accepts transfers to Coinbase Pro from July 26.

Major Bubage, a community leader under the moniker Harvest Finance, told decrypt that community leaders had urged farmers to deposit the farm into their accounts at Coinbase to ensure adequate liquidity from the various groups, possibly contributing to the price increase. “We suspect that a small cap is the cause of speculation when people see more than larger projects,” he said.

Fortunately for FARM, the entry coincided with a bullish trend in the cryptocurrency market, with Bitcoin and altcoins beginning to rebound after the summer recession this week. The bullish outlook is key to the Coinbase Effect-if coinbase mentions a coin when the market falls, as it did with Dogecoin last month or XRP in February 2018, it usually fails.

Attack on farmers
Last year’s harvest season wasn’t so plentiful

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