Are Yield Farming-based DeFi Platforms Truly Decentralized?

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.

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. Read More