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What is Beefy Finance?
Beefy Finance is a decentralized, multi-chain yield optimization solution (optimizer) where investor can earn compound interest on the cryptocurrency they hold. Launched on September 21, 2020, this platform comes with an array of investment strategies that are secured and executed by smart contracts. This enables users to automatically maximize their gains from different liquidity pools, AMM protocols, and yield farming projects presented in the DeFi scene. The key feature of Beefy Finance is the so-called Vaults – smart contracts where participant can place his tokens. The investment strategy determined for the certain vault automatically increases the user’s stake by compounding arbitrary yield farm reward tokens back into the user’s deposit. User funds in the Vaults are never locked: members can claim their balance at any moment. BIFI is the native token of the platform with governance functionalities. By staking BIFI tokens in the Vaults, BIFI earning pools, or by simply keeping this token in the wallet, users can participate in the voting procedures to decide on the future direction of Beefy Finance. BIFI Token is also a “dividend-eligible” profit share mechanism that allows token holders to receive a portion of revenues generated by the platform.
Who are the founders of Beefy Finance?
Beefy’s foundation members are anonymous. It is stated that staying anonymous helps the team better focus on delivering a great experience for users. They urge anyone who thinks that anonymity diminishes the reliability of Beefy Finance to join their Discord community and be convinced of the project’s strength and commitment.
What makes Beefy Finance unique?
There are a few features that set Beefy Finance (BIFI) apart from other existing yield optimizers. The platform offers exclusive strategies that are not available on other DeFi yield optimizing networks. This includes liquidity pool pairs that are presented on the Beefy platform only. Beefy’s source code is available on Github for public testing, verification, and experiments to detect any kind of bugs and vulnerabilities . Certain pools on this platform offer greater (up to 42%) APY compared to other yield farming optimizers. The major part of Beefy Finance’s profits is distributed among those who stake BIFI. With BIFI, users essentially own a share of a company that is eligible to receive dividends. The project is flexible and integrates with many popular blockchains, including Polygon, Moonbeam, Celo, BNB Chain, and a dozen of other chains. It is supported by Trust Wallet, the officially recommended wallet for Binance, one of the largest crypto exchanges in the world.
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