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For those of you that have a regular attendance to this blog, you will have noted that I am not and have never been a fan of the DeFi Token based and supplied by the platform and environment of Harvest Finance - IFARM
I hate to say I told you so in respect to IFARM... Given I have no use for the token personally, but this is not my sole reason for disliking this token... The platform itself is not my cup of tea, nor are the fees, bla, bla, bla and the very fact that the platform is just not a NEXO or Crypto(dot)com... IFARM has been on a slippery slope for some weeks, possibly since the hack in all reality, before this latest BTC and Alts nosedive. And as I expected... Any dive by certain crypto within the Harvest Finance environment was always going to absolutely slaughter the IFARM token in the markets... And well we are all seeing the results of that dive now...
But it not all doom and gloom, I do actually hold some hope of a turn in fortune for IFARM and Harvest Finance, provided, the community has not wiped out their stashes, and Harvest did the damage limitation on their side of the fence...
However... This has been the risk of using such a token as a method of payment - the risk involved is way too high. Since IFARM has been a payment token here at PublishOx - the spiral has been more downwards than up, but now as of today the situation is dire... Let's not forget that in late 2020 Harvest Finance had been subject to a hack in which the hacker manipulated prices on one money lego which is the Curve Y pool, resulting in $25-million being stolen.
IFARM token has single handedly wiped out around 40% of the value of the XTRM article hodl, this will be the same for all in the PublishOx community reader or author. .. Albeit this is not about the earnings on articles in relation to XTRM, but for some authors and readers, this hodled Cryptocurrency is part of a lifeline - it could take months to recover or it could take hours... But given IFARM and its track record - ouch!
Let's hope for a speedy recovery, I do not like to see anybody fall wayside, especially developments and projects that do have potential - which Harvest Finance has always had, potential - but for PublishOx and Harvest Finance I think it is back to the drawing board for both sides unfortunately.
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