One of the most important tools, probably the one to work on after you get your [[DeFi Wallet]] is your Portfolio Analytics tool.
As I write this, I have (sadly) been using Google Sheets while I hunt for the right tool.
Here's what mine looks like (as of April 5, 2025):
Even if you get one, I suggest in the beginning tracking things via a spreadsheet or, worse case, a journal.
Things can get quite complicated because, unlike investing in stocks, tokens can be composed into other kinds of investment products.
For example, I may purchase ETH.
But then I convert a portion of this into Lido Staked Eth (stETH).
But then it seems like I can wrap this staked Eth to make it more liquid in the form of wstETH.
Being able to track what I did and when, at this point, is already complicated.
For example, if I have $10,000 USD.
This converts to say 3 ETH
2 ETH may then go from ETH to stETH.
So my static analytics would show:
- 1 ETH
- 2 stETH
This still may not seem that complicated for some.
But then I may have 1 stETH -> 1 wstETH
So now I have:
- 1 ETH
- 1 stETH
- 1 wstETH
But, to me at least, I may have purchased the ETH at a particular point in time with the cost basis for 3 ETH.
But the staking and wrapping could take place 1 month in between.
So already for me the dates are disconnected if the cost basis is changing.
(Note: I'm writing about these specific types of trades separately, this is just for illustration right now).
But then 1 stETH + 1 wstETH could go into a liquidity pool as a pair. So they disappear and I would get some kind of a token in return for the pair.
Don't know about you, but this is super complicated.
But I need a way to manage this.
I am using two tools right now (and still working out the details).
One of them is [[Coin Tracker]].
The other one I am just starting to explore is [[Zapper]].
I'm going to go into detail with each one, but here's what I'm looking for right now:
1. Accuracy across all chains, all tokens
2. Track actual growth, not just value at a point in time
Here's a screenshot of my use of [[Zapper]]:
I like the interface from a clean way to see all of the assets that I currently have.
Liquidity pools are also displayed in an understandable way:
I found that this we helpful for me to understand what I have and what is the "underlying" asset when they are in pairs for liquidity pools.
The Activity log is valuable to show a history of what transactions I made and when:
I think this is very valuable for the reason I described above: the static "current assets" view is harder when some assets are composed from others.
I suppose someone could argue that it doesn't matter, that the final end asset, quantity, and value is sufficient.
But I like having some kind of a history because, honestly, when assets didn't show up in the way I expected, such as having a liquidity token in my wallet, I had no idea where the funds ended up.
How you decide to manage your portfolio and your analytics will be an important part of your work flow, so figuring out what works best for you will be part of the journey.
Granted, it could change as you level-up during the process, but I think having something that is helpful in the early stages will help.
I'm going to do more thorough reviews probably as I go along my own journey, as well, and share the results with you.
Let me know what you think or what recommendations you may have below.
TLDR;
Harvest Finance is a protocol which auto compounds yield-generation deposits.
This is similar to Yearn Finance, as one of many examples of yield harvesting protocols.
The auto-compounding benefits users by a) reducing the number of manual steps that user typically needs in order to compound the yield from their deposits; b) reduces the gas fees for the user by batching smart contract calls.
Like other protocols, there are rewards issued to those who deposit in the form of their own native token, $FARM, which represents a kind of profit-sharing of the fees generated by the protocol.
Who should use it?
For those who are just getting started in DeFi, Harvest is a good on-ramp to the world of yield farming.
The number of users as of today (July 27, 2024) may not be higher, and the Discord may only have a handful of active people, that is actually a good thing.
In the same way that many people first get into stock investing through simplified vehicles like like Vanguard's S&P Index fund, DeFi needs an on-ramp.
Not through specific cryptocurrencies or memecoins, but through a protocol that has one of its goals simplicity both in UX and in the underlying strategy.
I anticipate that there will be more protocols that adopt this approach to building their TVL by playing long-term games on the growth of DeFi. But right now, Harvest is a good on-ramp.
Because as a yield farm it must work on top of other protocols and assets within those protocols, it can be a good launching pad to go deeper.
This is what I did, and you can follow along on my journey here.
Differences and Benefits
Most DeFi protocols are complicated, both conceptually and in workflow.
For the most part, Harvest is easier to understand conceptually (although as you'll see it still has some nuances); but where it shines is in the workflow (once you understand what you are doing).
The UX simplifies the overall understanding and metrics compared to many other protocols.
This is one area that, as DeFi becomes more mainstream, will become more and more important and likely a differentiator.
In fact, the more I started to understand how it actually worked, the more I pulled out of some original DeFi products to replicate similar strategies in Harvest.
I also found the community very helpful and knowledgeable about DeFi.
I asked alot of questions, not only about Harvest, but about DeFi concepts in general, and the people in the Discord (not very many of them are active) were very helpful.
The 'Getting Started' Experience was also easier than with other protocols.
A simple version is, in fact, baked in as a unique User Journey which I found unique to the DeFi products to date; I think long-term this will give them advantage in terms of on-ramping more people.
Strong visual UX
Automation and Streamlining Experience
Strong 'Getting Started' Experience
Challenges and Drawbacks
I had been using Zapper as my Portfolio Management tool.
And many Harvest Farms plus their yields sometimes didn't show up. As if today, June 2024, I could only see Farms on Polygon.
This is a dependency on Zapper, not Harvest; but is largely a function I think of their usage since Zapper is likely incentivized by demand.
The other is fully understanding the mechanics.
One of my goals is to help illustrate how the mechanics work for some of these strategies to give you the tools to do so for any other protocol you are involved in.
In this regard, Harvest is not that different from other protocols: they all have complexity. This is in the nature of the different loops and flywheels often in place.
But it is something that will need extra effort (hopefully I help to explain here).
Or this could change based on what I use for my tools Portfolio Management in DeFi.
Getting Started
For those who want to get started with some hand holding, Harvest Finance has a good process with much to appreciate.
The "getting started" UI simplifies many of the things involved with earning yield.
Here's what the "For Beginners" page looks like:
https://res.cloudinary.com/dt9hlo5sw/image/upload/v1719590048/obsidian/image_ttayyo.png
I'll walk through some of the basics of the UI, but their docs also do a great job of explaining concepts and the workflow: Harvest Docs - Get Started Farming
The core value of Harvest is its simplicity in doing the auto-compounding and making it easy to understand the market dynamics.
The above grid is brilliant and shows what my chart looks like after one day.
The purpose shows the underlying balance, which should slowly increase because as yield is earned, the corresponding primary asset, in this case ETH can eventually be redeemed. This is showing the number of units of that asset.
For someone who is long ETH I want to see this accumulate -- even without me adding capital.
The green line is the market value of their yield-seeking token. This goes up and down with the market value of the underlying asset it can be redeemed for. It's like a coupon that entitles me for additional ETH.
But as a result of this, because of the ETH exposure, goes up and down in price.
To add on top of it, their native Harvest token $FARM could potentially also fluctuate in the market as a tradeable asset.
As you can see, this is quite different from putting money into a savings account which is a linear growth to input. Or even a single stock or index fund, which just has an up or down over time.
The complexity may seem like the problem.
But as I'll write about, it actually is the opportunity in DeFi.
Finding Farms
I broke this up into two parts since I've been working through this over several weeks.
How to Select Farms - Part 1
Here is currently how I am going about selecting Farms (07/02/2024):
I have been spending time thinking first and foremost about my Portfolio Strategy in DeFi.
I include a snippet below:
Why Start with the Portfolio Strategy?
This helps to provide a true north on top of any thesis you may have.
This mostly applies to not-professional investors -- like myself and perhaps you.
Sophisticated investors likely do more specific investment into projects, but the way I see DeFi, that plays a smaller role.
Here are some perspectives:
Jack Bogle (Founder of Vanguard Group)
“The most important decision you make isn’t picking stocks—it’s choosing the mix of stocks, bonds, and other assets you’ll hold.”
Harry Markowitz (Nobel Laureate, Father of Modern Portfolio Theory):
“Diversification is the only free lunch in investing.”
David Swensen (Chief Investment Officer of Yale University):
Asset allocation determines the risk-reward ratio of a portfolio more than any other decision an investor makes.”
With this in mind, I spend much of time time ensuring I have thought through these foundations.
Knowing the allocations helps provide a true north.
Note: I'm still on the hunt for the right set of tools for my Portfolio Management in DeFi. So many of the details will likely evolve over time.
But as of today, I'm using Google Sheets, and trying to come up with the right allocation.
Harvest has filters for three big buckets: LP, Single, and Stable.
LP are Non Stable Pair liquidity provision Liquidity Pools.
Single are usually a single asset put into Lending Protocols.
Stable are Liquidity Pools but of Stable Coins.
These can be considered the primitives for most of DeFi, missing only Staking for Yield.
However, if the underlying asset is a staked asset (typically wstETH but I imagine there will be many others), then you're already participating in the staking.
However, there are different dimensions to coming up with the a Portfolio Strategy in DeFi.....and I haven't yet written that section yet (as of 07/02/2024) so just going along with things broadly right now.
For example, a strategy I have been exploring just within Harvest (versus my entire allocation across assets and protocols) right now looks like this:
StrategyAllocationsLP (Non Stable Pairs)30%Single (Lending Protocols)30%Stable (LP Stable Coins)40%
There are a few considerations I made when determining these allocations:
What is my goal (appreciation versus cash flowing from yield)
Assets I want to hold long-term
Assets I am okay with seeing a reduction in them in LP (due to Impermanent Loss)
Right now, my core assets outside of BTC are those I want to hold long term.
I don't know much about many other core assets besides ETH and SOL right now (and Harvest is only in the ETH ecosystem).
And because outside of Harvest, I may have other exposures, I'm using this, and treating Harvest more from a how do I maximize my yield/cash-flow perspective without exposing me to alot of risk (since I have risk in the core assets).
This will certainly evolve over time, but this is where I am starting.
Selecting Farms - Part 2
Now that I have this, let's work through these.
Here is the All Farms screen on Harvest:
I am looking at a few things (and still evolving my own strategy as of 06/28/2024)....
But I sorted this by the Live APY . Typically the listed yield percentage is just a signal at a point in time in a very volatile market.
Here is how Harvest describes it:
The Harvest smart contracts are an automated yield-farming solution that relies on third-party products and applications to provide sources of yield and their corresponding rates of return. All rates should be validated with the 3rd party protocol as there may be mistranslations of the rates of return provided by the 3rd party. Additionally, Harvest may "boost" the APY% of a given pool by adding $FARM reward emissions to the overall earnings.
How the Yield is denominated can be confusing:
The stated APR/Y (the 'Rate') is denominated in terms of RELEVANT TOKEN, not USD or other fiat currency. The Rate is a forward-looking projection based on good faith belief of how to reasonably project results over the relevant period, but such belief is subject to numerous assumptions, risks and uncertainties (including smart contract security risks and third-party actions) which could result in a materially different (lower or higher) token-denominated APR/Y.
In other words, they are baking in assumption about the underlying token performance, which is largely speculative.
This may be confusing -- and it is -- and so it does involve thinking about the relative rates.
So let's start with the Single investments first.
Selecting Lending Farms (Singles)
So now I'm going to look at the Singles, and you'll see that many of them are Stable Coins that are being placed in Lending Protocols.
In many ways, this makes sense for the borrower to just pay an interest rate based on something Stable versus something Volatile.
So I scan through these, based on the Live APY and TVL.
As noted above, most of the returns comes from rewards based on the lending protocol -- they want an incentive for those to provide collateral.
Lodestar is a lending protocol that is newer, so their APY for now is higher.
But it also means it's riskier.
However, I put some into it as part of my allocation.
But I need to also consider lending assets that I expect to continue to go up.
Here's an example where I am [staking](Staking for Yield) ETH, but also placing it into the FARM vault to increase that yield, which returns two tokens at the time of writing this (07/02/2024): $iFARM and $fLODE.
In this example, I have wrapped staked ETH as wstETH.
With an underlying asset of stETH I earn staking rewards, primarily fees paid to validators on which I am providing liquid stake.
It has been wrapped in order for it to compose to other protocols, like Harvest.
Under Harvest, there are Single farms which take a single asset and auto-compounds the yield.
For a staked asset, there are staking rewards. But as a single asset, there are also additional yield from lending on Aave or Curve.
In this case, the Harvest protocol takes the deposited asset and auto compounds both the staking rewards and lending rewards for single assets such as wstETH.
The auto-compounding is for the underlying assets. So in the case of wstETH, the rewards are additional wstETH. In the case of liquidity pairs, the compounding is in additional tokens represent the pairs.
However, for some assets, there are $iFARM rewards for staking in the Farm.
Example from Curve on Harvest
Let's take another example, this one on another protocol, Curve Protocol.
On Curve, there's a pool on Arbitrum which looks like this:
https://res.cloudinary.com/dt9hlo5sw/image/upload/v1720068770/obsidian/Pools_-_Curve_2024-07-03_at_9.51.42_PM.jpg_g7fjsi.jpg
So the base APY at this time (07/03/2024) is 1.39% but there are rewards across 3 different assets, CRV, OVN, and ARB.
Harvest has a Farm with a similar pool:
The rewards in this case are for $iFARM and the yield is for auto-compounding back into the underlying assets: USD+, FRAX, and USDC.e.
How does Harvest make those incremental purchases?
From the Rewards of CRV, OVN, and ARB which are then resold to increase the value of the underlying.
The benefit is this approach auto-compounds into your core assets, reducing long-term exposure to the rewards.
But this could also be the downside if you would prefer to own OVN, CRV, and ARB.
Strategy Discussions
If you want to discuss specific strategies or Farms, go to them through a discussion below.
If you want to want to add to other discussions on Farms you are depositing into or researching, feel free to start one.
https://www.defikarma.xyz/discussion-8fryuzxa/post/harvest-ovn---usd-Qa4eNdClPVFZSP5
As I wrote about in Part I of this article on Harvest Finance, having an overall allocation strategy helped me to figure out my goals.
Although Harvest takes care of the manual process of auto-compounding, there's still decisions that need to be made on what pools to allocate into.
Here's my currently kludgy and manual way of breaking down positions in Harvest into a portfolio strategy.
I'll share how I've been building this.
The above is taking the positions, filtered them by Protocols, and each position I took I assigned to a core strategy.
For now, I have a kludgy way to place my targets and actuals side by side. This is something I'll need to work on. (If you know how to do this, please post a comment below!)
How I come up with this allocation is something in flux, and I'll share a little bit of my reasoning (as of July 4, 2024!)
But with the current state of the market, which looks like it could hit a recession soon, but my overall long-term bullishness on core crypto assets like BTC, ETH and SOL, I want to have dry powder available, while also generating cash flow.
Lending (as I've started to realize after putting non stable coin assets into lending) probably best makes sense for stable coins. This is probably because those who are taking out loans don't want the volatility in their liability.
However, I'm sure there are sophisticated traders who take loans of ETH or other assets and do things with them. I'm hoping to learn how to do that, but not today.
So Stable Coins and Lending should be mostly stable coins, which will generate some yield but likely not alot, but should allow me to have dry powder.
Similarly, the Liquidity Pairs that tend to have lower yields are like-like stable. Because I am right now trying to figure out how to better manage impermanent loss, I'm taking that approach.
I have my core assets like ETH, BTC, and SOL outside of these protocols, so I want to limit my additional exposure to them (I didn't do a particularly good job at this time, as you'll see, though).
Why aren't all those assets also placed into protocols, like lending and liquidity pools?
For BTC at least, because of its scarcity, I'm putting those into cold storage.
For ETH, I'm realizing that I need to stake these to offset inflation of the protocol, but I'm still wading into this, so only allocated a portion of my ETH into staking for now.
My Allocations Within Harvest
Alright, now that I have an allocation strategy in place, I would normally then begin to evaluate options within a protocol, a chain, and a strategy.
I did this a little bit backwards so will write out what I did and how I will try to course correct.
So far, the best wallet and portfolio management tool I've found has been Zerion.
Here's how they break down my holdings in Harvest:
Right now we are seeing a sell-off in all of crypto, and I entered the DeFi while things were going up and up just a week ago so...lots of red.
This view is good because I can see easily the pools at a glance and the value.
Because I have been building the pivot table by hand (painful, so working on an automated solution) this is also helpful to do the data entry.
Here is how it starts to look in the pivot table:
This doesn't look nearly as nice as how Zerion displays it, but this is also more technically an accurate picture of what it means when I deposit into the Harvest farms.
the f tokens represent receipts of for the underlying assets that are locked in the Farm contracts.
So, for example, flodestarHodl_USDCe is in on the Arbitrum chain on a lending protocol called Lodestar. And the asset I deposited was USDCe, a USD-pegged stable coin.
What I'm missing from the picture can be found in Harvest's own UI:
Here I can see the Live APY , yield and rewards.
Because my primary goal is to generate yield while either extending exposure to long-term assets or building up dry powder, being able to see the cash flow is valuable.
However, as nice as the Harvest table is, it's still not giving me the view that I want, so the search and hacking continues.
But using Harvest's dashboard, Zerion, and my own Google Sheet I'm starting to get a better picture.
Drilling Into Harvest's Dashboard
You may be wondering what the APY is, and using the "Expand All" option at the bottom of the dashboard results in this view:
From the Harvest docs:
The Rate is a forward-looking projection based on good faith belief of how to reasonably project results over the relevant period, but such belief is subject to numerous assumptions, risks and uncertainties (including smart contract security risks and third-party actions) which could result in a materially different (lower or higher) token-denominated AP[[R]/[Y]].
Let's look at the first Farm wstETH of 17.10%.
That's unusually high and is likely going to revert to a much lower percentage.
As a lending protocol, the returns must be lower than the borrowing rate. And because it is wrapped staked ETH, it is likely less attractive than a stable coin with less volatility.
However, there is probably a combination of lending yield, incentive rewards, and maybe staking returns (I don't know if those are collected or captured, need to find out).
The rewards as you see are $0.94 for the $iFARM reward, and $3.38 for the $LODE token, resulting in a $4.32.
These rewards remain locked in the pool till claimed:
However, the value of the Rewards at this point in time and over the duration are then projected out over a year to give the APY.
Lots of assumptions here:
That the value will remain the same through the year
The rate of issuance for the rewards remains the same
The value of the underlying asset wstETH also remains the same (since the rewards are likely based on a percentage of value in the pool)
The percentage of the pool of your deposit remains the same (if it become smaller, then the percentage of allocated rewards also goes down)
In other words, this number largely needs to be taken with a grain of salt and used directionally on some broader assumptions:
$iFARM as a receipt for $FARM is good to accrue (I believe this to be true)
$fLODE as a receipt for $LODE is good -- hard to tell -- could go to zero
Lots to unpack with this.
So as you can see, coming up with a single view to have a real decision-dashboard isn't easy.
Which is why I think the best approach is to just start with solid allocation.
Repeating myself:
David Swensen (Chief Investment Officer of Yale University):
> Asset allocation determines the risk-reward ratio of a portfolio more than any other decision an investor makes.”
Curve is an AMM and DEX, similar to Uniswap.
But it's lesser known in part because it doesn't have the wide range of assets that Uniswap does.
Because of its focus on stable coins and low-volatility assets, it also uses a different bonding curve than Uniswap's AMM does, which is more general purpose.
I'll dig deep into Curve at another time - the whitepaper can be found below.
But I'll continue my exploration of Harvest Finance which can be used as a way to auto-compound Curve, and do a light introduction and comparison to Convex after the link to the white paper.
https://resources.curve.fi/pdf/curve-cryptopools.pdf
Curve on Harvest
Every farm on Harvest has a detailed section which looks like this:
It explains the source of yield and the underlying asset, which in this case are the Curve LP tokens which represent three underlying assets.
Those assets ARE NOT CRV, OVN or ARB.
The assets in the liquidity pool are: USD+, FRAX and USDC.e which are all stable coins.
In Harvest, you see them in the header.
When one or more of those tokens are deposited (if not all three, then Harvest automatically swaps from one deposit to have all three) it returns a receipt, which is fcurve_OVN.
This was super-confusing to me because I expected the ftoken to enshrine in the name the underlying assets. But OVN represents Overnight Finance.
Different story for another time.
But the important thing is this means, instead of me receive any kind of crv token, Harvest returns it's ftoken which returns those assets, but uses the underlying protocol contracts for the liquidity provision on Curve's AMM.
Depositing on Curve
Were I to have deposited on Curve instead of using Harvest, I would have seen something like this in Curve's dashboard:
I would have received Curve's LP Tokens, been able to stake them on Curve, and were I to withdraw from the contract, received the three underlying assets listed above.
However, I manually did something similar to what Harvest does automatically, which was I staked those LP tokens NOT ON Curve, but on Convex instead.
Staking Curve LP Tokens on Convex
You can see that the instruction on the Convex site is to deposit into the Curve pool, as I referenced above. But to stake them here, as I did, "to earn CVX on top of Curve's native rewards."
Similar to how I staked (without the extra step) on Harvest to get $FARM vis a vis the $iFARM receipts, I receive `$CVX.`
So, why do I do this extra step?
For this, I'll need to dig further into what Convex is in a later post.
The point of this is to continue the Harvest series by illustrating what Harvest does and automates under the hood.
You can read more about that here:
https://www.defikarma.xyz/article-w7iljcrz/post/harvest-finance-3P4T8Ffj7WLCCt5
TLDR;
Understanding this strategy took over 10 hours of research and talking directly with the Harvest team.
You won't be disappointed.
The Single strategy on Arbitrum uses a compounded lending strategy based on the Lodestar lending protocol to generate yield for certain assets.
It does so by borrowing against collateral from deposits.
That borrowed asset, despite being a liability, is then used as a collateral to earn more.
This works when the associated protocol has awards to offset the costs of capital.
Why consider this strategy?
Back to my [[DeFi Portfolio Management]] foundation, part of figuring out what to do in DeFi depends on allocations -- not just based on asset types, but also on the strategies.
My strategy has been long ETH (we'll see how this goes with the recent dips below $3000 today, which I'm buying up in addition to the DCA).
But when markets are down and potentially going sideways as they have been, what should I be doing? Till I started to understand more and more about DeFi, particularly being a liquidity provider, it was opportunity cost.
But....it's possible to actually generate some yield while holding long term.
Enter Harvest's Lodestar strategy for wstETH on Arbitrum.
What is Lodestar?
Lodestar is another lending protocol on the Arbitrum chain. It's like [[Aave]].
A Supplier provides asset that earn interest. It's like being a private lender or bank, where you charge interest.
This is what I had thought was the way Harvest was executing on yield farming strategy.
It ended up being something quite different.
Instead, the Harvest protocol borrows.
In the same way that we put up collateral when taking out a loan, such as our home for refinancing, Harvest takes the deposited asset, in this case wstETH, and borrows.
Here's what how it would start off if you were doing this manually:
The amount available to borrow is typically the collateral that is put up OR is provided by suppliers.
In the case of Harvest, the protocol is both the suppliers (as a form of collateral), and a borrower.
To do this, I'm going to bridge my wstETH from Ethereum to Arbitrum:
Once I have wstETH on Arbitrum, if I were doing this manually, I could borrow and post collateral:
Based on the interest rates, it looks like a supplier can earn 6%; and the borrower pays 3%.
This seems backwards -- the borrower should paying more, and a percentage of those fees rewards the suppliers.
However, Arbitrum issued a grant to Lodestar to develop the lending platform.
For a lending platform to succeed, it needs supply.
As you can see from the screenshot, the supply is about 2x of the borrowing. I don't know what the typical ratio should be, but even if this is correct, the amount of borrowing is always capped by supply.
What would increase supply....increasing the earning rate.
According to the Harvest Finance community (which has been quite awesome and helpful, which is why I would encourage all DeFi newbies to visit):
Without ARB rewards borrowing would be -6.28% and lending 2.92% (edited)
The rewards create an opportunity to get higher returns lending and a lower cost of capital.
How does Harvest use this for yield farming?
Some background details on the Arbitrum grant can be found here, but the core mechanisms is called folding: it's taking loaned assets and putting them up as collateral to then take out another loan and repeat the cycle till the Value To Loan (VTL) imposes a limit.
Example:
Harvest is able to take the deposited wstETH and put it down as collateral.
So in this case, there's an LTV of 75%.
Harvest places 1 ETH as collateral which also earns as a Lender.
Harvest then borrows back out .75 ETH on which it will pay -3% (although the listed cost is much higher like -7.18% right now).
Harvest can then take that borrowed each and, at the same LTV of 75%, lending it again.
But this is lending only 75% of the .75ETH.
Harvest takes the earned ARB (remember, the incentive mechanism provided by Arbitrum to bootstrap Lodestar), and converts them into the underlying asset. So your initial deposit grows.
The '$LODE earned is harvested and enabled back to you, the depositor, as $fLODE, which is like a receipt for the value of $LODE.
That seems confusing, but the breakdown is:
Compound your initial deposit by folding (supply -> borrow -> supply) cycle
The $ARB rewards are used to increase the underlying assets being folded
$LODE is awarded for using the protocol (supplying and borrowing) and added to the harvested rewards for the depositor
Would you do this yourself?
No.
It get dizzy just thinking through the mechanics. I definitely wouldn't want to do this myself.
Harvest does it auto-magically.
What do you think?