The FARM token, native to Harvest Finance's yield farming protocol, made waves in the U.S. market, trading at $88, marking an impressive 80% surge within a single day.

At the time of reporting, FARM boasted a remarkable 24-hour trading volume of $218 million, soaring by an astonishing 19,000%. This recent surge propelled the token's market capitalization to $60 million.

Harvest Finance operates as a yield farming protocol, strategically reallocating user funds across various decentralized finance (DeFi) platforms to generate returns. Initially native to the Ethereum blockchain, FARM is also tradable as a BEP-20 token on the BNB Smart Chain.

FARM reached its all-time high on its debut day, September 2, 2020, likely due to its initial circulating supply being minimal. CoinMarketCap recorded FARM's peak price at $2,236.

However, following its launch, FARM experienced fluctuations, dropping to around $78 shortly after its debut, coinciding with the end of the "DeFi summer" in 2020. During the 2021 crypto bubble, FARM reached highs of approximately $303, but subsequently dipped as the market cooled off towards the end of the year.

The protocol, imposing a maximum supply of 5 million coins, saw investors voting to further limit supply to 690,420 tokens by reducing weekly token generation by 4.45% until August 2024.

Despite efforts to control supply, data from crypto tracker Messari indicates a rapid increase in FARM's supply, from around 250,000 in October 2020 to approximately 456,000 by January 2021. Nonetheless, the project's market capitalization continued to rise, reaching a peak of $194 million in February 2021.

Harvest Finance allocates newly issued tokens, with 70% going to liquidity providers, 10% towards protocol development, and the remaining 20% to a development fund. Periodically, tokens from this fund are sold via the cryptocurrency mixer Tornado Cash to compensate developers contributing to the protocol's growth.