If you read this old article I wrote Top Binance Smart Chain DeFi Exchange & Apps and followed the suggestion to study Beefy.Finance, now you are most likely rich!!!
When I talked about BIFI (the platform's native token), the value was around $ 20-30.
These days BIFI has reached $ 700 and is now trading at around $ 550-600 (the token is very volatile).
Why? Well, this is the hottest platform in the Binance Smart Chain (almost on a par with PancakeSwap). Beefy Finance is a yield optimizer (similar to YFI and Harvest Finance on Ethereum) that allows you to obtain very high returns by providing liquidity. But why is the token going up so much? BIFI has a very low supply (80,000), a bit like YFI (30,000). If we look at the market capitalization, we realize that the growth potential is even greater because the token is positioned in a range between 230-270. Clearly this is not financial or investment advice (I bought their token when it was worth about $ 4! Easy that uh?).
HOW DOES BEEFY FINANCE WORK?
Well, it is not difficult because it is enough to choose the pair and the exchange in which we intend to provide liquidity. Clearly these pools give very high returns because there is always some risk (impermanent loss).
✅Some examples (but there are also vaults for BTC, BNB, LTC, BCH, DOT, YFI, USDC, USDT, ETH, XRP, BAKE, CAKE, etc):
I personally bought BIFI a few months, held it, grew in value and then put it in the vault. Gain about 14% (APY). For security reasons, a token called "MooBifi" (Proof Of Vault) will appear in your wallet, do not lose it! Without MooBifi you will not be able to withdraw! If you know how Yearn Finance or Harvest Finance works you have no difficulty understanding the mechanism. You can buy BIFI on PancakeSwap. If you don't know how to use/buy bep20 tokens, I recommend this article: How to Swap Token Bep2 To Bep20: Binance Smart Chain (Yield Farming)
BIFI also for about 90% of its supply is locked in the vault, this also protects the token from decreases in value.
What are the advantages over Binance's Yield Farming? Obviously the gas (about $ 0.30 fee).
What other risks might be? Well, surely a possible hack of the platform (however they have never suffered such attacks).
THEIR CONTACTS
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Are you interested in ways to earn crypto bonus? Check it out here: Some Sites To Earn Crypto Bonus (Old & New)
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