Are Yield Farming-based DeFi Platforms Truly Decentralized?

Published by
Are Yield Farming-based DeFi Platforms Truly Decentralized?

Several yield farming platforms have taken the world of decentralized finance [DeFi] universe by storm. The enormous popularity surrounding these new protocols have managed to attract various centralized projects crawling out of the shadows disguising as the opposite. While ‘centralization’ might be a blanket term, but the latest platform to have attracted the label is Harvest Finance.

Advertisement

The endless debate of Centralization

In the latest development, the anonymous developers behind the DeFi platform reportedly refused to give up centralized control of $1 billion locked in the DeFi project. This has reignited the infamous tussle of centralization and decentralization. This was first started when Chris Bleck, a DeFi researcher questioned about the admin key of the platform, Harvest Finance’s anonymous dev under the name ‘Bread for the People’.

It is important to note that, the DeFi platform has one admin key for making updates to the smart contract. Since the owner of this key is able to carry out a wide range of changes, hence the FARM governance community, in general, is rendered powerless if the current arrangement is taken into account.

To this query, Harvest Finance noted,

“Yield farming is a very competitive field. The users that have been with harvest, for the time we’ve been around, understand this. Imagine if instead of coding, we had to spend time chasing defi influencers around to approve txes”

The tweet further read,

“No one can spend 1B, it’s not useful, it’s much better to have a project where people can benefit from it. It would be much better if those people just had a good time, get some APYs, don’t bother us too much, and we just do our work.”

Advertisement

What’s Harvest Finance?

Source: DeFi Pulse

Harvest Finance is a decentralized platform that allows users to automatically farm assets for the highest returns in other DeFi projects. The total value locked in Harvest Finance surged to an all-time high of $1.09 billion on the 23rd of October. It is worth noting that the dramatic growth in TVL figures has come at a time when popular platforms showed rather sluggish figures in terms of TVL.

The latest feud on the microblogging site has caused a stir in the community, which, in turn, resulted in a minor dip in TVL figures. However, it was still hovering close to its peak and as of 25th October, the total value locked in Harvest Finance was found to be at $1.03 billion.

Advertisement

Share
Ketaki Dixit

Experienced writer and editor with a demonstrated history of working in the industry. Skilled in Copywriting, Web Content Writing, Copy Editing, Writing, Cryptocurrency News Writing, and News Editing.

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • Bitcoin News

Breaking: Bitcoin Hits New ATH Above $125k as ‘Uptober’ Kicks Off in Full Force

The Bitcoin price has hit a new all-time high, after staging a monstrous rally since…

October 5, 2025
  • Bitcoin News

99.3% of Bitcoin Supply in Profit, Analyst Warns of Short-Term Correction

Bitcoin (BTC) is in profit on almost all of its supply, leading to discussion by…

October 5, 2025
  • 24/7 Cryptocurrency News

Pro-Crypto Mike Selig Emerges As CFTC Chair Frontrunner, Gains Ripple CLO’s Endorsement

Pro-crypto Mike Selig is reportedly the frontrunner to become the next chair of the U.S.…

October 4, 2025
  • 24/7 Cryptocurrency News

‘Every Crypto ETF You Can Imagine’: Expert Predicts Flurry of Filings After REX-Osprey’s 21 Applications

Nate Geraci, president of Novadius Wealth Management, has predicted that several crypto ETF filings could…

October 4, 2025
  • Bitcoin News

Robinhood Lists Strategy’s Bitcoin-Backed Stocks, Boosting Saylor’s BTC Credit Model

Bitcoin-backed stocks of Strategy can now be accessed on Robinhood. This represents a significant move…

October 4, 2025
  • Bitcoin News

Bitcoin ETFs See 2025 Record Weekly Inflows of $3.2B as BTC Eyes New ATH

The Bitcoin ETFs have seen a huge turnaround this week, recording their largest weekly inflows…

October 4, 2025