Beefy
Beefy is a multi-chain yield optimizer. It allows investors to boost yields by auto-reinvesting rewards and socializing gas fees across a common pool.
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- Documentation
- Auditors
- Please see our FAQ on experienced auditors
- Website
- Token: BIFI
- Tags: Yield Aggregator
- TVL: $285M (Rank #57)
- TVL Ranking by Yield Aggregator: #1
- Blockchain: Base, Arbitrum, Optimism, Ethereum, Polygon, Binance, Fantom, Fraxtal, Avalanche, Cronos, ZKsync Era, Sei, Linea, Moonbeam, Metis, zkSync Era, xDai, RSK, Mantle, Canto, re.al, Scroll, Mode, Fuse, Manta, Aurora, Kava, Oasis, Harmony, Moonriver, Celo, Polygon zkEVM, Heco
- Chain TVL
- Base: $81.8M
- Arbitrum: $62.52M
- Optimism: $43.62M
- Ethereum: $33.01M
- Polygon: $14.58M
- Others: $50.49M
- Code reviewed by several experienced auditors; CertiK and Zellic
- Anonymous team reduces transparency
- No documented protocol hacks since launch
- Core protocol launched in 2020; maturity over one year minimizes technical risk as smart contracts are well battle-tested
- Top 5% by total value locked reduces risk
- Multisig wallet controls protocol upgrades
- Multisig consists of less than 4 signers, which makes the protocol more susceptible to centralization risks
- Timelock is less than 48hrs, which provides users with less time to exit if any malicious upgrades are approved
- Low voting power concentration reduces risk
- No death spiral concerns
- This protocol is susceptible to risks related to yield optimizers which deploy custom strategies to automatically manage user funds
- Beefy will automatically reinvest any available rewards directed to the pool to help you maximize your yield
How Beefy works
Beefy takes users deposits of crypto assets and optimizes their yield by automatically reinvesting rewards generated on third-party DeFi protocols to compound earnings over time.
How Beefy makes money
The majority of Beefy vaults have a performance fee structure with 4.5% of harvest rewards are split up between BIFI stakers (3%), the treasury (0.5%), the strategist that developed the vault (0.5%), and the individual calling the harvest function (0.5%). Beefy already includes these fees into the yield of each vault. Some vaults also have a withdrawal fee in order to prevent possible exploits from malicious actors.
How you make money on Beefy
Beefy generates yield by pooling your deposits for a particular asset to be implemented in a vault strategy. These strategies generally involve depositing the underlying assets to various money market platforms to earn protocol fees and rewards. Your yield can come from lending interest, trading fees, staking rewards, as well as savings on transaction fees from socializing gas costs across all pool depositors.
