Correction: In the initial report, we incorrectly calculated FARM’s P/E ratio as being much higher than it actually was. The contents of this report have been updated to reflect that.

Disclosure: Delphi Ventures owns YFI. Members of our team hold YFI and FARM. These statements are intended to disclose any perceived conflict of interest and should not be misconstrued as a recommendation to purchase FARM, YFI, or any other tokens. This is not investment advice.

Harvest Finance is a yield aggregator that offers DeFi users the ability to access a wide variety of yield farming opportunities from a single interface. Going beyond just aggregating strategies, Harvest also saves users a significant amount of money on gas.

People deposit funds into a vault for a particular asset and strategy, like a USDC vault that farms CRV on Curve Finance. Instead of hundreds of farmers individually claiming and selling their CRV, the vault does it for all of them in a single transaction.

If this sounds eerily similar to yEarn Finance, that’s because it is. yEarn’s token, YFI, was the poster child for DeFi Summer, but the protocol has come to somewhat of a standstill in recent months.

Harvest has been adding new strategies and has achieved a fairly sticky TVL despite succumbing to one of DeFi’ largest exploits. Additionally, its native token, FARM, is already undergoing a re-pricing as the market takes note of Harvest’s gr

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