Beefy Finance is a Decentralized Finance (DeFi) Yield Optimizer project, that allows its users to make more crypto with crypto. DeFi applications are 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 middlemen. Beefy Finance caters its users by making it easy to get a yield on their crypto capital in a safe and decentralized manner. Through a set of smart contracts and several investment strategies, Beefy Finance automatically maximizes the user rewards from various liquidity pools (LPs), automated market making (AMM) projects, and other yield farming opportunities in the DeFi ecosystem. This provides a huge advantage over attempting to do this manually yourself. Beef up those yields!
The project consists of an anonymous team, directly inspired by the yield optimization projects that had been developed on the Ethereum network. As a team that has been part of the crypto world for many years, we are strong proponents of “Don’t Trust, Verify”. This is why data such as our governance token distribution contracts are open for anyone to verify that everything will work as intended. We are committed to this idea of radical transparency, which is especially important in nascent ecosystems like Decentralized Finance.
Beefy Finance offers complex strategies that are simple and intuitive for any investor to take part in through the vault offerings on the platform. 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. With the inherent advantage of speed and low fees with Binance Smart Chain, the team is exploring new methods of optimizing automation to secure the largest yields available. Upon initial deployment on the Binance Smart Chain, Beefy Finance later expanded on other blockchains such as the Huobi Eco Chain (HECO) and Avalanche.
From all of the vaults deployed on every blockchain, Beefy Finance has its native governance token $BIFI at its core. Platform revenue is generated from a small percentage of all the vault profits and distributed back to those who stake $BIFI. As a decentralized project with a deeply ingrained crypto-mindset, there is also a robust governance system in place to put the decision-making power in the hands of those invested in the project by governance mechanisms build around $BIFI.
How is Beefy Finance different?
There are a few key reasons as to 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 dividend-eligible ‘company’ share.
Beefy Finance has more than 10 smart contract developers who carefully test and review our vaults, investment strategies, new platforms and smart contracts before releasing them to the public. Beefy is also actively encouraging developers to participate and engage to make Beefy Finance an even better product.
Beefy Finance is flexible and operates on more than one blockchain.
Given enough eyeballs, all bugs are shallow. The more widely available the source code is for public testing, scrutiny, and experimentation, the more rapidly all forms of bugs will be discovered. This is a key Beefy principle.
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 is a supported partner of Trust Wallet, Binance’s official decentralized wallet. This provides the project with credibility and improves overall trust.
$BIFI, otherwise known as BIFI, is the native governance token of Beefy Finance.