The DeFi Chronicle: 600,000% APY and Harmony Incentives…Is this for real?

Scott Debevic
5 min readNov 24, 2021
Picture by Rodnae Productions on Pexels

Delayed gratification is the nemesis for the overactive trader. How many times have you sold an investment only to watch its price rise dramatically from the price you sold it at? Some are fine with this scenario and others mentally agonize thinking, “Why didn’t I…?” or “I should have held some…” or “Just my luck. I sell and it rockets higher.”

Such is investing. And while some learn from these experiences, others sadly repeat the same mistakes. Crypto is traditional investing on steroids with three Monster Energy Drinks and an ivy league college student’s Adderall quota during finals week. So when you see 600,000% APY you may be taken aback or you may just realize this is part of the 2021 crypto market. Enter Euphoria.

Is the APY sustainable? Probably not. Will the APY come down? Probably. How does it work? You can try to figure it out, but it can be deduced to a combination of speculation and a game of chicken.

Olympus DAO (OHM), residing on Ethereum, set off a chain reaction of forked copycats invading competing smart contract platforms. Its current 7,369% APY seems paltry compared to its new and improved competitors. Ethereum’s crazy gas fees illustrate how easy it is for less fee-intensive chains to steal market share.

Wonderland (TIME), residing on Avalanche, is an OHM fork that has nearly double the token holders of OHM. With over 16,000 TIME token holders, this has been a benefit to the entire Avalanche ecosystem and TIME holders. Sporting an 80,409% APY, it’s easy to see why regular investors would rather swim in Avalanche’s pool for higher rewards and only pay Avalanche’s more reasonable gas fees.

Enter Euphoria

Two weeks ago, a new contender entered the arena for crazy high APY DeFi projects. Euphoria (WAGMI) sits on the (up until now) quiet Harmony chain. This is the second blockbuster release on Harmony with over 10,000 users interacting with the hybrid exchange/game/NFT platform DeFi Kingdoms.

Euphoria is an OHM fork, but aside from having a much higher APY (600,090% at the time of writing), it has a unique twist on game theory to further reward good actors.



Scott Debevic

My goal is growing wealth and earning passive income. Mainly focused on Bitcoin and crypto. Feel free to contact me at: