FARM, the native token of the yield farming protocol Harvest Finance, has been making waves in the U.S. market with a price of $88, marking an 80% increase in just one day. The token has seen a 24-hour trading volume of $218 million, a staggering 19000% increase. This surge has pushed FARM’s market cap to $60 million.

Harvest Finance is a yield farming protocol operating on the Ethereum blockchain, with the option to trade as a BEP-20 token on the BNB Smart Chain. The protocol leverages user funds across various DeFi platforms to generate returns.

FARM experienced an all-time high on its first day of trading, hitting $2,236. However, the token’s price dropped to $78 shortly after, coinciding with the end of the “DeFi summer” in 2020. During the 2021 crypto bubble, FARM reached highs of $303, only to plummet as the market corrected. An October 2020 hack that siphoned $24 million from Harvest Finance caused FARM to drop by 65% in just one hour.

Despite setting a maximum supply of 5 million coins, FARM’s supply has been increasing rapidly. The project’s market capitalization peaked at $194 million in February 2021. The capped maximum supply aims to create scarcity and potentially increase FARM’s value as demand grows.

Harvest Finance issues new tokens weekly, with 70% allocated to liquidity providers and individuals contributing capital to the platform’s strategies. Another 10% goes towards protocol development, while the remaining 20% is placed in a development fund used to compensate developers.

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