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Beefy Finance, a multi-chain yield optimizer, is now officially live on Arbitrum, and it has also launched few vaults with excellent APYs.
Within 30 hours, the Beefy Network has reached a TVL of $4 million. It has also released 7 Sushiswap vaults and has a 4.5% performance fee, which is pretty low.
Beefy Finance's first vaults are from Curve, i.e., RenBTC-WBTC, USDT-WBTC-WETH Tricrypto, USDC-USDT 2pool and Sushiswap, i.e., SUSHI-ETH, USDC-ETH. Notably, Arbitrum is a Layer 2 solution aimed to improve the capability of Ethereum smart contracts by enhancing its speed and scalability. To bridge your tokens from Ethereum to Arbitrum, you can easily use the Official Arbitrum Bridge or Celer Bridge.
Note that Beefy Finance is a yield optimization tool on BSC helping users maximize their return with yield farming. To optimize the yields, the protocol uses a vault system that serves as the investment instrument to implement smart contracts strategies.
These vaults can potentially automate the best opportunities for yield farming and use the crypto assets for generating the yield and compound profits. So, the users can automate the yield farming to optimize the returns.
Beefy Finance doesn’t include any deposit fee; however, it does involve a 0.01% withdrawal fee of the withdrawal amount.
BIFI is the governance token of Beefy Finance and has the current market price of $1,105.43 after a decrease of almost 1% over 24-hours. The recent deployment of beefy Finance is an excellent opportunity for BIFI holders to earn more revenue. You must be aware that the supply of BIFI tokens is limited to 80,000, and more chains would directly mean that the BIFI stakers would have more returns.
Talking about the performance fees, it is the cheapest in the market, i.e., 4.5% and out of which, 3% goes to the BIFI stakers. Note that all the APYs on these vaults have factored in the platform fees, and the fees are used to buy more BIFI tokens from the open market and to reward it to those having their holdings staked in BIFI Maxi vault. So, BIFI tokens can simply earn you daily revenue from a non-inflationary dividend if you stake these in BIFI Maxi.
If you hold the BIFI tokens on Arbitrum, you can directly stake in BIFI Maxi to earn more BIFI or stake on the gov pool to earn ETH.