Beefy Finance is a decentralized, multi-chain Yield Optimizer platform that allows its users to earn compound interest on their cryptocurrency holdings.
Through a set of investment strategies secured and enforced by smart contracts, Beefy Finance automatically maximizes user rewards from multiple liquidity pools (LPs), automated market making projects (AMM) and other income agriculture opportunities in the DeFi ecosystem.
In this article, we will discuss:
What is Beefy.Finance (BIFI)?
Beefy.finance (BIFI) is a decentralized, multi-chain yield grow optimizer that allows its users to earn compound interest on their cryptocurrencies through a variety of yield grow methods and platforms. This means that beefy.finance acts as a big decentralized pot that stores its users’ cryptocurrency deposits in vaults and automatically distributes them among the yield farming projects that will earn the best possible rewards.
The main purpose of Beefy.finance is to allow its users to “bolster” their holdings in cryptocurrencies, earning more from their cryptocurrencies. Productivity farmers often scour the Internet looking for the most profitable project, but it takes time, research, and hard to get right. Beefy.finance, on the other hand, uses smart contracts to get the invested cryptocurrency up and running, thus automating this profitable process.
To earn the high interest promised by cash farming, a user will put their cryptocurrency in “vaults” on the beefy.finance platform. Each vault is then connected to a different yield farming strategy, meaning that one vault can place the assets into liquidity pools (LPs), while another can invest the cryptocurrency in automated market making projects (AMM). Additionally, these vaults can be specific to certain assets, asset pairs, or other types of yield crops.
How does Beefy.Finance (BIFI) work?
The beefy.finance platform is an ecosystem designed to create crypto revenue in a secure and decentralized way. It achieves this through multiple components and methods, an experienced team, and much more. Some of its main components are as follows:
Trustless: Beefy.finance is built by an anonymous team of developers who, with many years of experience behind them, have built a platform that operates on a “don't trust, verify” basis. To do this, they have ensured that all of their smart contracts, including contracts governing token distribution and governance, are live on the mainnet and open to scrutiny. With this, the Beefy community can not only see your transactions, but also ensure that everything is working correctly and as expected. This gives beefy.finance credibility and helps it stay ahead of the curve through developer and user contributions.
Decentralized: Beefy.finance, as with any DeFi platform, is decentralized and focused on creating a secure financial system, with no intermediaries taking the lion's share of the profits. To achieve this, he took inspiration from Ethereum and launched on a blockchain with smart contracts to help manage your coffers. However, because beefy.finance is a platform that needs to connect with many yield farming projects to find the most profitable yield farming options, it has been launched on a variety of blockchains. Spreading across multiple blockchains is essential as each blockchain has its own yield farming projects running. In October 2020, it first launched a series of vaults on BSC and connected to projects on that blockchain. After that, it also established vaults on the Avalanche and HECO blockchains and then expanded further to Polygon, Fantom, Harmony, and many others. This gives beefy.finance an incredible yield farming range, which means it has a much better chance of generating serious returns for investors.
Chests: Beefy.finance vaults are essentially their main offering. Vaults are secure locations on the blockchain where a user will deposit their cryptocurrency, according to the yield cultivation method they would like to use. Vaults are run with smart contracts, which automatically identify and select the best income growing opportunities and then invest cryptocurrency accordingly. This means that the smart contract will analyze all available opportunities in that vault and then invest the vault's assets into that opportunity to make money. Despite the name, cryptocurrency deposited in these vaults can in fact be withdrawn at any time, making it a profitable option where the user retains control of their assets.
BIFI encryption: The BIFI coin is the governance token used in the beefy.finance ecosystem. It is the central point that runs the entire system, from executing smart contracts to rewarding users. In addition, the BIFI token is used for governance, thus ensuring decentralization, putting decisions about the functioning of the platform firmly in the hands of the BIFI holders. A small percentage of the profits from the vaults is taken as platform revenue, which is redistributed to users who bet on BIFI.
BIFI token
BIFI tokens are 'dividend eligible' revenue shares on Beefy Finance, through which holders earn profits generated by Beefy Finance and are entitled to vote on key platform decisions.
For all vaults deployed on each blockchain, Beefy Finance has its native governance token BIFI at its core. Platform revenue is generated from a small percentage of all vault profits and distributed back to those who bet BIFI.
The revenue share mechanic implies that you can bet BIFI to earn more BIFI in a BIFI Maxi vault or earn ETH, BNB, FTM, MATIC, AVAX, HT, ONE, CELO, MOVR or CRO in native staking pools.
The supply of BIFI is limited to 80.000 tokens.
What is the Price Forecast for the Beefy.Finance (BIFI) cryptocurrency?
Beefy.Finance price is predicted to reach a high level of $4,004.28 throughout 2022.
As early as 2023 according to our crypto price prediction index, Beefy.Finance (BIFI) may reach a maximum level of $7,706.01, with the average trading price of $5,730.57.
In 2025 according to our crypto price prediction index, BIFI is expected to cross an average price level of $9,289.93. The minimum expected price of Beefy.Finance at the end of the current year should be $8,578.06. Furthermore, BIFI can reach a maximum price level of $9,467.90.
Where to buy the BIFI token?
BIFI cryptocurrency can be traded on the following exchanges:
- Binance
- Mandala Exchange
- Gate.io
- AEX
Conclusion
Beefy Finance is a Yield Optimizer platform that allows you to bet or farm for the highest possible profit, using an algorithm to compare Vault interest rates across different Exchange Liquidity Pools.
When farming in Yield Aggregators, users not only receive interest from the main Liquidity Pools, but also receive Incentive from Yield Aggregators, more specifically their native tokens (Farming on Beefy Finance receives BIFI).
