What Is Beefy.Finance (BIFI)?

Beefy.Finance (BIFI), launched in 2020, is a yield optimization tool on the Binance Smart Chain that helps maximize the return from yield farming. Yield farming is the practice of staking or lending your crypto assets to a smart contract-based liquidity pool in order to generate returns or rewards.

The lender is known as the liquidity provider and the fund where the money is kept is known as the liquidity pool. Yield farming protocols incentivize the liquidity providers (LPs) to lock up their crypto assets in the liquidity pool.

These incentives can take the form of percentages of transaction fees, governance tokens, or interest from the lenders. Yield optimization is the usage of data analysis tools to maximize the performance of yield farming projects.

Who Are the Founders of Beefy.Finance?

The core team consists of pseudonymous developers known as @superbeefyboy, @sirbeefalot_bnb, @roastyb1 and @0xbeefy. Other people have contributed to the community by writing and testing strategies, tracking stats, creating marketing materials and developing new initiatives.

What Makes Beefy.Finance Unique?

Beefy.Finance optimizes yields through a vault system. These vaults serve as investment instruments and can implement strategies through the use of smart contracts.

The vaults can automate the best yield farming opportunities and can use crypto assets as liquidity, provide assets as collateral, manage collateral and reduce chances of liquidation and use assets to generate a yield and compound profits. This combination of features allows users to automate their DeFi farming and optimize the returns. There are vault updates that remove the need for decision-making from an independent yield farmer.

Beefy.Finance has no deposit fee; however, there is a withdrawal fee of 0.01% of the withdrawal amount.

The performance fee on additional yield varies and is specified for each particular vault. There is also a call fee of 0.55% throughout each harvest. Beefy.Finance supports many popular wallets including Metamask, WalletConnect, TrustWallet and others.

Beefy.Finance has its own governance token BIFI that allows users to receive a portion of the vault’s performance fees. BIFI holders can stake their tokens into a governance pool. It then distributes WBNB daily to the stakers, based on their percentage of the pool. Users do not have to un-stake their tokens to participate in voting.

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How Many Beefy.Finance (BIFI) Coins Are There in Circulation?

As of March 2021, Beefy.Finance (BIFI) has a circulating supply of 72,000 BIFI and a maximum supply of 80,000 BIFI coins.

How Is the Beefy.Finance Network Secured?

Beefy.Finance has an allowance checker that allows users to identify projects and addresses that have an allowance to spend their tokens in. This tool also lets users revoke spending permissions for a small transaction fee. It ensures that no unwanted projects can drain funds from users’ wallets.

Where Can You Buy Beefy.Finance (BIFI)?

Beefy.Finance (BIFI) can be traded on the following exchanges:

JulSwap
PancakeSwap

Make sure to read our guide on how to buy Bitcoin (BTC) and other cryptocurrencies.

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