With its current cooperation with Harvest Finance, the Polygon platform is expanding its DeFi and yield farming capabilities. Harvest Finance, among the first yield farming aggregators, will also be permitted to use the Polygon network to implement farming techniques.
This advancement will help users by lowering entrance constraints. Decentralized finance (DeFi), in particular, is a rapidly expanding business with a wide range of possibilities, goods, and solutions. Harvest, which is also a portfolio management platform, takes use of this to provide consumers with the highest possible return on funds placed. Tokens, stablecoins, and liquidity pool tokens are examples.
Those who have assets that they are not using might avail benefits of this opportunity instead of letting them sit dormant. Harvest will debut on September 1st, 2020, with the motto “Bread for the People.” The platform has evolved to transform into one of the world’s biggest and most successful yield generators. Harvest also finances initiatives including bounty schemes, creative competitions, and developer challenge rewards through its Operational Treasury.
Nonetheless, the yield farming aggregator faced a few challenges when it first launched on the Ethereum network. The most major factor is the hefty network fees that customers must pay. Smaller farmers may see a reduction in their profits as a result of these changes.
Harvest must diversify its services beyond the Ethereum network in order to maintain cost-effectiveness. Polygon was proposed as among the answers to the problem of excessive gas prices. Harvest may now provide additional farming techniques, such as vaults, to participants at a lower cost because of this interface. Polygon’s quick and client friendly technology also enables Ethereum scalability, allowing users to enter the world of Web 3.0.
Polygon’s well-designed platform also makes Ethereum network based development easier. Polygon architects are all Ethereum developers. The Polygon SDK is the main element of Polygon. It’s a compact and adaptable network that allows Secured Chains to be developed and linked. Plasma, zkRollups, Optimistic Rollups, and Validium are examples of such chains. Polygon SDK also allows stand-alone chains with integrated freedom and adaptability, such as Polygon POS.
Polygon has attracted a range of initiatives, both inside and beyond the DeFi sector, due to its cheaper business costs. More than 450 DApps and 350 million safe transactions are now supported by the scaling solutions provider. The network’s customer base has increased to over 13.5 million unique users.
Harvest, on the contrary, is a wealth management platform that aims to optimize returns on users’ investments. The platform continues to make strenuous efforts to reduce gas prices, which helps both consumers and developers. Harvest is also working on sophisticated techniques to transform into a go-to source for DeFi yield farming.
