Harvest Finance, a decentralized platform that lets users automatically “farm” assets for the highest returns in other decentralized finance (DeFi) 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 (TVL), surpassing popular DeFi projects including Synthetix, yearn.finance, RenVM, and Balancer.
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 project itself is audited by third parties and 10% of the protocol’s token supply is used to support the audit process.
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.

STORY CONTINUES BELOW

Recommended for you:

Unmute

Guild of Guardians Built to 'Win' the Web2 Mobile Space: Game Director

13:18

Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO

05:10

Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny

04:07

The first video of the year 2024

40:07

The last regression video of the year 3.67.0

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.