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Harvest still has over $300M in deposits after a massive $24M exploit Harvest still has over $300M in deposits after a massive $24M exploit

Harvest still has over $300M in deposits after a massive $24M exploit

After seeing its native token lose 65 percent of its value during the weekend following a massive exploit, Harvest Finance seems to have entered into a consolidation period.

Harvest still has over $300M in deposits after a massive $24M exploit

Photo by Joe Green on Unsplash

After seeing its native token lose 65 percent of its value during the weekend following a massive exploit, Harvest Finance seems to have entered into a consolidation period. At press time, deposits in Harvest have surpassed $311 million. While this is a far cry from the $1 billion in TVL the protocol saw last week, the quick recovery led many to believe that Harvest still has a chance to recover.

Deposits on Harvest are increasing after the protocol dropped over 60% of its TVL

Harvest Finance, the newest darling of the DeFi ecosystem, has suffered the โ€œlive fast, die youngโ€ motto of the industry. After rising to fame in mere days and accumulating over $1 billion in total value locked (TVL), the decentralized yield farming protocol fell victim to a massive hack that devastated both its token value and the entire protocolโ€™s security.

The โ€œhackโ€ took place last weekend when a skilled trader took advantage of shortcomings of Harvestโ€™s smart contracts and siphoned around $24 million worth of stablecoins from the system. FARM, the protocolโ€™s native token, dropped from around $232 in the early hours of Oct. 24 to $96 in a matter of minutes, losing almost 60 percent of its value in a blink.

However, it seems that the security flaws or possible attack vectors in Harvestโ€™s smart contracts havenโ€™t stopped dedicated yield farmers from completely withdrawing from Harvest.

Data has shown that there is currently around $311.7 million worth of deposits in Harvest.

Screengrab showing deposits in Harvest at press time
Screengrab showing deposits in Harvest at press time. (Source: Harvest.finance)

Crazy APYs keep yield farmers flocking to Harvest

Despite currently holding only 30 percent of its value from two days ago, the platformโ€™s native FARM token is being heavily utilized. Around 78 percent of all the circulating supply has been staked on Harvest, with the coin currently holding a market cap of just under $25.4 million.

Screengrab showing the total value locked (TVL) in Harvest finance from Oct. 1 to Oct. 28
Screengrab showing the total value locked (TVL) in Harvest finance from Oct. 1 to Oct. 28. (Source: DeFi Pulse)

While itโ€™s still too early to predict whether Harvest will be able to pull out from the rut and get back to its pre-hack TVL, one thing remains certainโ€”the protocolโ€™s attractive APYs on farming various DeFi assets keep traders coming back for more.

Screengrab showing APYs on Harvest
Screengrab showing APYs on Harvest. (Source: Harvest.finance)
Posted In: DeFi, Hacks