Beefy Finance is a Decentralized, Multichain Yield Optimizer that allows its users to earn compound interest on their crypto holdings through a set of investment strategies secured and enforced by smart contracts.
This yield optimizer earns you the highest APYs with safety and efficiency in mind by automatically maximizing the user rewards from various liquidity pools (LPs), automated market making (AMM) projects, and other yield farming opportunities in the DeFi ecosystem.
Beefy Finance offers complex strategies that are simple and intuitive for any investor to take part in through the vault offerings on the platform. Among the many available products, the main product offered by Beefy Finance is the ‘Vaults’ in which you stake your crypto tokens.
Vaults are DeFi creations unique in the sense that they are permissionless and trustless, meaning that anyone with a supported wallet can interact with them without the need for a trusted middleman. In the vault, users have funds staked and remain 100% in control of their crypto tokens. The first set of vaults went live on October 8, 2020, on the Binance Smart Chain (BSC), making Beefy Finance the first Yield Optimizer on BSC. Then, it later expanded to many more blockchains (currently 10+ and counting), establishing itself as the Multichain Yield Optimizer.
The BIFI Maxi vault allows users to stake their $BIFI much like in the native token earnings pool, but receive instead their rewards in $BIFI. By staking their $BIFI, each participant converts and compounds their share of the protocol’s revenue into more BIFI tokens. As no more BIFI tokens are to be minted, these are provided to stakers by buying BIFI from the open market with the native token of the blockchain.
This Vault is for users that want to convert and compound their share of the protocol’s revenue in more BIFI tokens. As BIFI has no inflation, the strategy market buys BIFI with native token rewards.
The investment strategy tied to the specific vault will automatically increase your deposited token amount by compounding arbitrary yield farm reward tokens back into your initially deposited asset. Despite what the name ‘Vault’ suggests, your funds are never locked in any vault on Beefy Finance as you can always withdraw at any moment in time.
Beefy Finance intends to help projects in DeFi grow together by providing help with auditing and creating hackathons for interesting strategies to add to the platform. All of these activities will be coordinated and decentralized by the community and the holders of the governance token $BIFI. Beefy Finance’s automatization can provide a simple way for investors to interact with pools, projects, and other yield opportunities without having to constantly make decisions and take manual actions. This serves as a necessary step to leveling the playing field, allowing small investors to have access to the same opportunities that so far only whales and full-time yield-farmers on Ethereum have had access to.
$BIFI tokens are revenue shares in Beefy Finance, through which holders earn profits generated by Beefy Finance when staked, and are entitled to vote on important platform decisions. For all the vaults deployed on every blockchain, Beefy Finance has its native governance token $BIFI at its core.
Who are the founders of Beefy Finance (BIFI)?
The project consists of an anonymous team, directly inspired by the yield optimization projects that had been developed on the Ethereum network. The team is committed to this idea of radical transparency, which is especially important in nascent ecosystems like Decentralized Finance.
What is Beefy Finance (BIFI) used for?
Voting requires you to hold $BIFI, which can either simply be held in your wallet or staked in the native token earnings pool or BIFI Maxi vaults. You do not need to remove your stake either to vote. Voting power is based directly on the amount of $BIFI each voter holds.
What is the Unique Point of Beefy Finance?
There are a few key reasons why Beefy Finance differs from a large number of Yield Optimizers out there today. Beefy Finance largely distributes platform revenue back to those who stake $BIFI. With $BIFI, you essentially hold a revenue share in Beefy (when staked).
Beefy Finance has more than 10 smart contract developers that carefully test and review the vaults, investment strategies, new platforms, and smart contracts before releasing them to the public. Also, Beefy Finance is flexible and operates on more than one blockchain.
Beefy offers unique strategies that other yield optimizers simply do not have. This includes liquidity pool pairs that you can find only on the Beefy platform. The mooVaults for yield optimization boast large APYs that outperform many of our yield farming competitors. Beefy Finance has many recognized partners. This provides the project with credibility and improves overall trust.
How many Beefy Finance (BIFI) coins are in circulation?
After an initial distribution period of around two months back in Q4 2020, 72,000 tokens were supplied to the community with 8,000 being locked for the founding team. All 80,000 BIFI will be in circulation by 2022-07-06.
How secured is the Beefy Finance Network?
The development team operates on strong proponents of “Don’t Trust, Verify”. Hence, data such as the governance token distribution contracts are open for anyone to verify that everything will work as intended, enforcing security and openness. Also, beefy has also been audited by security organization CertiK.
In addition, to guarantee top-level security for deposits, Beefy Finance has launched a bug bounty program with ImmuneFi. On Immunefi, white hat hackers secure DeFi contracts, save funds from theft, and get paid to do it.
The bug bounty program covers Beefy’s smart contracts and apps and is focused on the prevention of significant Vault hack/exploit, theft of Governance Funds, and website down/DDOS attack.
How do I buy Beefy Finance (BIFI)?
BIFI tokens are revenue shares in Beefy Finance, through which holders earn profits generated by Beefy Finance when staked, and are entitled to vote on important platform decisions.
The BIFI token can be used for a wide range of uses like staking and voting.
The following steps can easily purchase BIFI tokens.
* Open an account with the crypto trading platform.
* Transfer the specific amount of your fiat currency to your account.
* Wait for your deposit to be confirmed and buy BIFI through your trading account.
Which Cryptocurrency Wallet Supports Beefy Finance (BIFI)?
The PTPWallet platform supports many cryptocurrencies simultaneously, such as Beefy Finance (BIFI). Because of its vast use case, it has grown to become one of the most used platforms, as it serves as an exchange and an engine to discover other cryptocurrencies. Users can easily use PTPWallet as their BIFI wallet because it offers a simple and interactive interface, making it easy for people to navigate its system.