What is Beefy Finance? Getting to know Beefy Finance profit aggregator platform
The buzzing market of DeFi (DeFi) is full of platforms that allow users to make good profits from this market. DeFi platforms are built on blockchain networks and each has its own advantages and limitations. Many people who intend to invest in this field are looking for the highest return on their investment. Beefy FinanceBeefy Finance” One Profit aggregator which has made the work easier for all users. By visiting this platform, you can search between all blockchain networks and built platforms and choose the best option for investment.
In this article, we will review Beefy Finance, its advantages and limitations, services and introducing its token. Join Valex to learn how this platform works.
What is the Beefy Finance platform?
Profit aggregator platforms are designed to provide their users with the highest returns from DeFi platforms. By creating a comprehensive platform, Beefy Finance can support platforms built on Avalanche, Binance Smart Chain, Polygon, Harmony, Heko and Phantom blockchain networks. Also, as a multi-chain yield optimizer, it has provided its users with the possibility to earn compound interest by depositing their cryptocurrencies.
Through a set of investment strategies implemented by smart contracts, Beefy Finance automatically maximizes user rewards from liquidity-providing pools, automated market maker (AMM) projects, and other methods in the DeFi ecosystem.
How does the Beefy Finance platform work?
Beefy Finance platform seeks to optimize earning in the field of DeFi. Many users stake their assets to earn money in this area. Users of these platforms are rewarded by providing liquidity in the liquidity pools of different platforms.
Beefy Finance increases users’ profits by staking rewards earned by users. For example, when you stake your asset on the Pancake Swap decentralized exchange, the platform rewards you with CAKE tokens. At this moment, the Beefy Finance platform will increase the yield of your deposit by staking your received token as a reward, and you can earn compound interest from your capital, so to speak. This platform has provided users with the ability to deposit in more than 10 blockchain networks and a large number of DeFi platforms. It also plans to support more platforms and networks in the future.
Introducing Beefy Finance platform services
This platform offers different and unique services to its users. People who intend to stake their digital assets in different networks can deposit their assets in this platform by visiting the official website of “Beefy.Finance”. In the following, we introduce the services that this platform offers.
First, enter the main website of Beefy Finance and click on “Launch App”. In this section, you can choose your desired network for depositing. You can currently choose the cryptocurrencies you see on this page for staking.
Choose a platform
In this section, you can start investing in different Defay platforms that operate on their chosen network platform. You can also choose and deposit the platform you want to invest in based on percentage of return, token, total value locked in currency pair, single currency and stablecoin pools.
Participation in the governing society
You can participate in the decisions of BIFI Finance by staking the BIFI token. You can register proposals on this platform by staking your BIFI tokens or vote for other users’ proposals.
View account information
By referring to the “Dashboard” section, you can see the amount of total value locked in the selected network, the price of the BIFI token, the account balance and the amount of profit obtained.
Insurance of staked cryptocurrencies
By referring to the “Insurance” section, you can protect your assets against possible risks that may happen to the platform’s property pools. Insure your digital assets on the Beefy Finance platform by paying an annual fee of 2.9%.
Earn more money
In the “Boost” section, you can find out about the pools that offer more profit and stake your assets in these pools. You can also refer to this section to find out about the active launch pools of this platform and get a reward in the form of various tokens by investing in it.
Introduction of BIFI token
BIFI cryptocurrency is the governance token of the BIFI Finance platform, which is used to make decisions in the governance process of this platform. In general, there are about 80,000 units of the BIFI token, of which 72,000 units belong to the governing community and 8,000 units belong to the team building this platform. Also, users can be rewarded by staking BIFI token from BIFI token platform “wBNB”. This token with a market value of about 37.91 million dollars is ranked 484th in the market and has a share of 0.003% of the entire crypto market. Dex exchanges such as SushiSwap and centralized platforms such as Binance, Coinx, MandalaExchange and Gatei.io support BIFI token.
Benefits and features of the Beefy Finance platform
The financial services provided by this platform allow all investors, even those with little capital, to be most productive with the least capital; A possibility that until now was only available to whales and big investors. Among the other benefits of Beefy Finance, we can mention the cost and commission of transactions, which is possible thanks to the smart chain of Binance Smart China. So that high gas fees in Ethereum do not hinder small investments.
Limitations and Drawbacks of Beefy Finance
Although the ecosystem Beefy Finance It is considered a smart solution and brings a lot of benefits to the users, but it comes with some drawbacks that make the work a bit difficult. One potential risk with liquidity pools is unsustainable losses. This loss occurs when the price of a staked asset drops suddenly. For this reason, at the time of cancellation, users suffer a lot due to the sudden drop in value of their assets. Meanwhile, keeping cryptocurrencies in a wallet or a digital currency exchange allows users to exchange instantly, which is not possible at all for investors who have staked their assets.
Beefy Finance platform; Competing with crypto whales
In the last few years, the field of DeFi has been welcomed by many cryptocurrency users. For this reason, platforms such as Beefy Finance were used so that users can receive more profit. This platform has entered the field of cryptocurrencies with the aim of optimizing the profit of users on DeFi platforms, and people can get more returns with their digital currency stake on this platform.
In this article from Valx, we examined how Beefy Finance works and examined the features and limitations of this service. What do you think about profit aggregator platforms? Have you ever used them? Please share your experiences with us.
What is Beefy Finance? Getting to know Beefy Finance Profit Aggregation Platform for the first time on Wallex Blog. appeared.