Before trading any crypto assets it is important to understand the risks. This overview summarizes certain risks associated with FARM.
No securities regulatory authority has expressed an opinion about FARM, including an opinion that FARM itself is not a security and/or derivative.
Token Description & Project Background
Harvest Finance is a yield aggregator that operates across multiple blockchain networks including Ethereum, Binance Smart Chain, and Polygon. It provides users with the ability to participate in automated strategies through user-generated Vaults, allowing them to access various yield-generating opportunities. One of the most notable features is a seamless swapping functionality between different Vaults, that has eliminated gas fees.
The native token of Harvest Finance is FARM, which serves as a means for staking and earning rewards in the form of additional FARM tokens. FARM holders also possess the ability to participate in the governance of the protocol. Holders can vote on protocol parameters and propose or veto the introduction of new Vaults. It is important to note that the founders of Harvest Finance remain anonymous. The token was distributed via fair launch with no token sales to investors.
Unfortunately, In October 2020, the network experienced a security breach, resulting in a significant decline in the price of FARM by 65%.
Risks of FARM
Like an investment in other crypto assets, there are some general risks to investing in FARM. These include: (i) volatility risk and liquidity risk, (ii) short history risk, (iii) demand risk, (iv) forking risk, (v) code defects, (vi) regulatory risk, (vii) electronic trading risk, and (viii) cyber security risk. For additional information of these and other general risks associated with crypto assets and Uphold’s platform, please refer to thestatement.
In addition to these general risks, an investment in FARM is subject to the following specific risks:
- FARM operates using smart contracts, which have an association with vulnerabilities and security breaches. Despite undergoing successful audits by well-regarded third-party entities, it is essential to acknowledge the existence of inherent risks. Furthermore, the project’s future trajectory hinges on the decisions made by a global community of FARM token holders.
We emphasize that this Crypto Asset Statement is not an exhaustive description or summary of all risks associated with FARM. Investors should conduct their own research and perform their own assessment before trading any crypto asset to determine the appropriate level of risk for their personal circumstances.
The FARM community are not under any legal or regulatory obligation to disclose material information to the public regarding its activities. Holders of FARM have no recourse to FARM community, or Uphold if FARM declines in value for any reason.
Changes to applicable law may adversely affect the use, transfer, exchange, or value of any of your crypto assets, and such changes may be sudden and without notice.
Uphold’s Evaluation Process
Prior to listing FARM on the Uphold Platform, Uphold performed due diligence on FARM and determined that FARM is unlikely to be a security or derivative under relevant securities legislation. Uphold’s analysis including reviewing publicly available information on the following:
- The creation, governance, usage, and design of FARM, including ensuring the source code is open-source, audited and peer reviewed, security, and roadmap for growth in the developer community.
- The supply, demand, maturity, utility, and liquidity of FARM.
- Any marketing materials put forward by the FARM social team including on, Twitter, Medium blog, LinkedIn posts, Discord and Telegram channels.
- Material technical risks associated with FARM, including any code defects, security breaches and other threats concerning FARM and its supporting blockchain (such as the susceptibility to hacking and impact of forking), or the practices and protocols that apply to them.
- Legal and regulatory risks associated with FARM, including any pending, potential, or prior civil, regulatory, criminal, or enforcement action relating to the issuance, distribution, or use of FARM.
Uphold has prepared this Crypto Asset Statement based on publicly available information. Although Uphold has taken steps to obtain information from apparently reliable sources, information contained in this Crypto Asset Statement may be inaccurate, incomplete or out-of-date. This overview is a starting point for you to perform your own research prior to investing in a crypto asset.
Uphold users should read thestatement for additional discussion of general risks associated with crypto assets made available through the Uphold platform.
Canadian residents, please note that Uphold has filed an application for registration in certain Canadian jurisdictions but has not yet obtained registration. Until such time as Uphold obtains registration, Uphold has agreed to abide by the terms of an undertaking available at the following. Please also review the for additional discussion of general risks associated with the crypto assets made available through Uphold Platform. Please be aware that statutory rights of action for damages or rescission in section 130.1 of the Securities Act (Ontario) and, if applicable, similar statutory rights under securities legislation in the other provinces and territories of Canada do not apply in respect of this Crypto Asset Statement or other disclosures on the Uphold website and statement.
Last updated on June 21, 2023.
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