- Harvest Finance acquires over $1 billion in total value locked
- Investors request a 12 hour time lock
Two weeks after Harvest Finance announced its DeFi crypto asset, it has recorded over $1 billion in its total value locked. This level of value was achieved even after the warnings that the audit report of the DeFi asset revealed.
Harvest Finance, like yEarn and Rari Capital, is a token that comes with a governance token that also tends to accept cash flow from the earnings made from the token platform.
One DeFi researcher, Chris Blec, noted the fact that Harvest Finance has just one admin key that its handler can use to carry out different changes to the smart contract of the DeFi governance token. What this means in essence is that the admin key handler can carry out different changes in the token features ranging from carrying out changes in its strategies and also rolling out a rug pull.
While most DeFi tokens lare dependent on DeFi influencers to help approve their transactions, developers of the Harvest Finance have refused to give DeFi influencers the same level of authority over their transactions.
Basically, the Harvest token has made the DeFi community powerless with the current arrangement they have made.
Harvest Finance has a time lock
An investor, Tetranode, who allegedly invested a percent of his portfolio in the DeFi token, has asked the developers of the token to include a time lock on the dashboard of the token.
With this lock-in, users can be sure that the token developers cannot make any changes on the token as they would have been able to leave their positions before the developers can carry out those changes.
The timeliness of the response of the token developers has impressed Autism Capital. They gave the developers a 70% rating for the level of their response.
Investors are advised to carry out a properly investigate the tokens and also have a basic understanding of how smart contracts work.
The token price has also not been stable within the last couple of weeks. It has moved between $80 to $300 within the said. However, it presently sells for $234.