Beefy Finance is a Multi-chain yield optimizer platform. The platform offers a huge number of liquidity pools called Vaults where users can deposit their liquidity pool/ single assets and multiply their profits. It is the first Yield Optimizer on Binance Smart Chain (BSC). The platform has a native token, name $BIFI.
These vaults use a specific set of strategies and automation techniques that periodically reinvest your deposited funds with a compound effect. Also, the vault does not impose any locking period. Once you deposit your funds, you will receive $mooTokens that represents your share in the vault.
Moreover, the support to multiple networks, including the L2 Arbitrum network, allows the users to access Beefy Finance at a low cost. Also, it redistributes a large of the platform revenues to its $BIFI shareholders.
What Is Yield Optimizer and How It Is Different From Yield Farming?
In simple terms, yield farming is a process of staking/ locking your liquidity pool token into a yield/farm pool.
Whereas yield optimizers are projects that use complex strategies and algorithms to analyze the maximum revenue from the yield farming projects.
$BIFI is the native governance token of the Beefy finance platform. Users holding BIFI tokens in any supporting chains can participate in governance activities. You can get the token from multiple platforms like Binance, Pancakeswap, TraderJoe, etc. Check the full list of platforms here.
However, users are not required to hold the platform token to access and use the platform. Here we’ll continue with a step-by-step guide to using this platform.
Step 1: Access To Beefy Finance
To use the Beefy Finance platform, visit their official website and click on “Launch App.”
Source: Beefy Finance
Then, you have to connect your wallet to access the platform. The Beefy Finance platform supports Binance Smart Chain, Polygon, Avalanche, Fantom, among others. Here is the full list:
Then, you need to select your desired network. For this guide, we will choose the Binance smart chain network.
Step 2: Connect Wallet
The platform allows you to connect with Metamask, Wallet, Binance Chain Wallet, among others. Here is the full list:
Therefore, you will now see the platform landing page consisting of various vaults or Liquidity pools.
Now, let’s suppose we wish to participate in the Static-BUSD Pool. To participate in it, we would require Static and BUSD tokens. You can see the “Uses” field to check the platform it uses (In this case, it’s PancakeSwap).
If you are already holding those tokens, you can directly go and deposit the token by clicking on the “Add liquidity” button. Otherwise, click on the “Buy Token” and it will redirect you to the platform mentioned in the “Uses” field to add and buy the desired (Static in this case) token.
Moreover, go to the “Exchange” page. In this case, we have some BUSD tokens that we will use to buy the Static token.
Finally, confirm the process, and the desired Static token will be in your wallet (BSC network).
Step 3: Add Liquidity With Static-BUSD Pair
First, to add liquidity with the Static-BUSD token pair, go to Trade-> Liquidity and click on “Add Liquidity.” Then, select the token pair, and enter the amount of both tokens you wish to contribute to the liquidity pool.
If you are using this token pair for the first time, you have to enable it first before submitting the token pair to the liquidity pool.
Then, confirm the supply so you can now check your Static-BUSD Liquidity pool details in your Metamask wallet.
Step 4: Deposit Into Beefy Vault
To deposit funds into Beefy Vault, you need to approve the transaction by clicking on the “Approve” button (see screenshot above). Once approved, you can deposit your LP tokens into the pool.
Then, you need to enter the amount (partial/complete) of the Static-BUSD token that you wish to deposit and confirm the process by clicking on the “Deposit (partial deposit)/ Deposit All (full deposit)” button.
In addition, once the transaction is successful, you can see the desired amount is reflected in the “Deposited” field.
Users will receive a mooChargeSTATIC-BUSD token for their deposited Static-BUSD LP assets.
Step 5: Withdraw From Vault
At any time, users can withdraw (partial/complete) their token from the vault that has no locking period. The redemption process will convert the mooChargeSTATIC-BUSD token into Static-BUSD LP internally.
Therefore, to withdraw, enter the amount that you wish to withdraw into the below highlighted field, and confirm the process.
Finally, the deposited Liquidity pool tokens will be returned to your wallet once the transaction is successful.
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