Developers of Harvest Finance, one of the first DeFi “profitable farming” protocols, are deploying the application’s tools on the second layer of Ethereum’s Polygon network.
According to a statement from the Polygon developers, Harvest Finance’s farming tools have been deployed using smart contracts on the network. The high bandwidth and low fees on the Polygon Tier 2 network will increase the efficiency of “profitable farming” for Harvest Finance users.
In general, more and more DeFi protocols are using the Ethereum Layer 2 network. The Tidal Finance decentralized insurance protocol was also launched on Polygon this week.
1/2 @harvest_finance is now live on Polygon!
With Polygon integration, Harvest, a yield farming aggregator introduces a new set of strategies to minimize fees and maximize yields.
Learn more: https://t.co/TxgjLSgPyW pic.twitter.com/XtAgfygzeZ
— Polygon (@0xPolygon) July 27, 2021
Initially, Harvest Finance used smart contracts from Ethereum itself. However, due to the rise in transaction fees this year, some pharming projects have become unprofitable. The high fees especially affected DeFi app users who had no previous experience with complex protocols. According to the developers, the partnership with Polygon will lower the barrier to entry for newcomers to the DeFi industry.
In addition to empowering current strategies with better technical tools, Harvest Finance is planning to launch new profitable farming projects. New farming tools, primarily storages for different tokens, will be launched with significantly lower fees compared to previous projects on Ethereum.
Recall that last year hackers attacked the Harvest Finance protocol and were able to withdraw cryptoassets worth $ 25 million. The protocol developers launched a program to compensate users for losses.
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