Beefy Finance (BIFI) Crypto Exchange
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What is Beefy Finance and BIFI?
Beefy Finance is a multichain yield optimizer inspired by yield optimization projects on the Ethereum network. A team of anonymous developers introduced the project in September of 2020. The team heavily transmits a “Don’t Trust, Verify” message in their work. Such a message is reflected in the platform’s open governance token distribution contracts.
Beefy Finance was the first yield optimizer to appear on the Binance Smart Chain and operates on more than one blockchain. It utilizes smart contracts to provide its users with an opportunity to participate in yielding in a decentralized manner. The said smart contracts are overlooked by more than ten developers specializing solely in smart contracts who thoroughly test them before any release. Beefy Finance also increases user rewards with several liquidity pools and automated market-making projects. BIFI is a native governance token of this yield optimization platform which is used for staking to receive both staking rewards and the ability to vote on decisions regarding the platform’s future. Users can also benefit from the BIFI Maxi vault which acts as a native token’s earning pool that generates more of the said token by compounding the users’ share of the protocol revenue into more BIFI.
At the start of May 2022, Beefy Finance introduced its 15th chain based on the Oasis Protocol, a layer 1 blockchain. Beefy Finance decided to autocompound on one of Oasis’ DEX, Yuzuswap, launching 5 liquidity pool vaults.