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Beefy Finance

The Multichain Yield Optimizer
Category
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Finance
Blockchain
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+3
BSC, Polygon, Avalanche, Harmony, Fantom ...
Currency
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BIFI
Publisher
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Beefy Finance Team
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What is Beefy Finance?
Beefy 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 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 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 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 the first Yield Optimizer on BSC. Beefy later expanded to many more blockchains (currently 15+ and counting), establishing itself as THE Multichain Yield Optimizer.

For all the vaults deployed on every blockchain, Beefy has its multiutility 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 differs from a large number of Yield Optimizers out there today.

Safety is Beefy's number one priority. Before a Vault is released, the code has to pass a stringent set of SAFU rules.

Beefy largely distributes platform revenue back to those who stake BIFI. With staked BIFI, you essentially hold a revenue share in Beefy.

Beefy has talented, industry-leading smart contract developers who carefully test and review the vaults, investment strategies, new platforms and smart contracts before releasing them to the public. Beefy is also actively encouraging developers to contribute and engage to make Beefy an even better product.

Beefy is flexible and operates on various blockchains.

Beefy offers unique strategies that other yield optimizers simply do not have. This includes Vaults that you can find only on the Beefy platform.

Beefy has many recognized partners. This provides the project with credibility and improves overall trust.
Information
Type
Automated Market Maker
Blockchain
BSC, Polygon, Avalanche, Harmony, Fantom
BSC, Polygon, Avalanche, Harmony, Fantom
Currency
BIFI
Platform
Windows, macOS
Publisher
Beefy Finance Team
Version
Version 1
FAQ
Our first auditor was DefiYield, which audited $BIFI token, the RewardPool and all the timelocks.
Beefy is also audited by Certik, which guarantees the robustness of our smart contracts and the safety of funds invested through Beefy.
Certik has audited some of the most complex and reusable investment strategies used within the platform. This ensures the safety and sturdiness of important smart contract aspects that the majority of our users interact with.
A yield optimizer is an automated service that seeks to gain the maximum possible return on crypto-investments, much more efficiently than attempting to maximize yield through manual means.
Each vault has its own unique strategy for farming, which normally involves the reinvestment of crypto assets staked in liquidity pools. At the most simple level, it farms the rewards given from staked assets and reinvests them back into the liquidity pool. This compounds the amount of interest received and increases the amount staked that the yield is based on. A yield optimizer can repeat this up to process up to thousands of times a day.
This fairly simple method is the principle reason behind the large APYs found on Beefy. Compounding fees are amortized among all vault participants, making it cheaper for the user.
APR (Annual Percentage Rate) is the yearly interest, minus fees. This does not include compounding effects that occur from reinvesting profits. If you were to invest $100 with 100% APR, you would make $100 in profit in a year time.
If you however reinvest your profits regularly, you will compound your interest. This calculated over a year gives you your APY (Annual Percentage Yield). The more often you compound your interest, the greater the difference between APR and APY.
Beefy Finance is a community powered project from day one. If you want to join the ever growing pool of contributors, it depends what you would like to work on. We have open places for Solidity devs, or devs wanting to start a career in Solidity, to join as strategist and deploy vaults (and earn passive income from the strategist fees). Beefy is on a lot of chains and there are often opportunities for simple and complex vaults. You can start with simple ones and then progress to the harder ones as your knowledge of Solidity grows. You don't have to be the best right at the start, and rest assured that there is a rigorous review process in place to ensure safety and quality.
In a Vault you earn more of what you deposited into it, with compound interest (APY). In an Earnings Pool you earn a different token than the asset you deposited, with linear interest (APR).
An example is the BIFI Maxi Vault, in which you earn more BIFI exponentially, and the many BIFI Earnings Pools, in which you earn linear interest in the form of $ETH, $BNB, $AVAX and more.
Many of Beefy's vaults 'Harvest on Deposit'. This means that when you deposit into the vault, you are also calling the harvest function. Calling the Harvest function is more complex than a simple deposit and thus has a higher gas limit/fee. Beefy does this so that it is impossible for malicious actors to steal yield so a withdrawal fee is not required. This greatly benefits long-term investors since the withdraw fee can be removed.
Almost all of the vaults on more inexpensive chains like Fantom and Polygon harvest on deposit. You can also tell if a vault harvests on deposit if there is no withdrawal fee.
Your rewards are added to your deposited token amount on each harvest and compound cycle. You can use a DeFi dashboard that will be able to calculate exactly how much profit you have made on your investments. External tools such as TopDeFi will read your wallet address and give you an accurate picture of your initial investment and current earnings.
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