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a Multi-Chain, Decentralized Finance Yield Optimizer |
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.
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.
We are a team of developers that want to nourish the long term DeFi ecosystem and make it easier for everyone to participate within it. The yield optimization projects created by yearn.finance, Andre Cronje and the YFI community have quickly inspired many others. This is an excellent development that is helping to grow and secure the Ethereum ecosystem. However, in recognizing the fundamental properties of other chains, opportunities for significantly different approaches are apparent.
Yield optimizers on fast blockchains, such as the Binance Smart Chain, present a different set of problems, challenges and opportunities. While on Ethereum, where gas fees are high, it makes sense to focus on gas savings, and pooling funds to deploy strategies. Working on the Binance Smart Chain, where the fees are far smaller, the focus moves to optimizing automation to secure the greatest yields with less concern for the amount of interactions necessary to constantly improve a moving APY. The doors open up to more complex strategies and frequent rebalances.
With this automatization, we 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. We see this 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.
Building within Binance Smart Chain's open ecosystem, with its connection to the Binance infrastructure, removes far more constraints than just high fees. Our goal is to lead a phase of open experimentation that will bring yummy stakes to your table.
Our long term goal is to help projects in DeFi grow together, providing help with auditing, creating hackathons for interesting strategies to add to the platform, etc. All of this will be coordinated decentralized by the community and the holders of the governance token $BIFI.