The attacker siphoned stablecoins USDC and USDT from Harvest’s liquidity pools by exploiting an error in the protocol’s smart contracts. Last year’s harvest season wasn’t so bountiful for Harvest Finance the protocol suffered a flash loan attack of $34 million in October 2020. The sight of bulls is key for the Coinbase Effect to kick in-it often turns out to be a dud if the Coinbase lists the coin when the market is down, as Dogecoin experienced last month, or XRP in February 2018. “We suspect the small cap drove speculation, with people seeing more upside than some larger projects,” he said.įortunately for FARM, its listing coincided with a bullish turn in the cryptocurrency market Bitcoin and altcoins began to recover from the summer slump this week. Major Boobage, a pseudonymous Harvest Finance community leader, told Decrypt that the community leaders issued a call to farmers to deposit FARM into their Coinbase accounts to ensure there was enough liquidity from a diverse group, which likely contributed to the price surge. It was first observed in 2017 after the exchange listed Bitcoin hard-forks Bitcoin Cash and Litecoin and their prices doubled.Ĭoinbase has let institutional clients hold FARM since May 24, and accepted inbound transfers on Coinbase Pro since July 26. The phenomenon of a coin’s price going skyward upon a Coinbase listing is known as the ‘Coinbase Effect’. The token’s rise this week follows its listing on Coinbase yesterday, a major cryptocurrency exchange and certainly one of the most recognizable especially in the US. Locking up tokens generates rewards-a fixed or variable interest-as crypto provides liquidity for loans.įARM, the protocol’s governance token, is also a tradable asset. Harvest Finance is a DeFi protocol that specializes in yield farming, a highly lucrative but also risky way of investing crypto by locking up holdings in the protocol’s smart contract.
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