What does Beefy Finance do & how to buy BIFI tokens?

Highlights:

• Beefy Finance falls under the decentralized finance (DeFi) ecosystem and comprises numerous investment strategies.
• Among the products offered by Beefy Finance, 'Vault' is said to be its core product as it allows users to stake their crypto tokens.
• Beefy Finance is a multi-chain yield optimizer protocol and lets users earn compound interest on crypto holdings.

The price of Beefy Finance (BIFI) cryptocurrency has gone up about five per cent in the last 24 hours, and its fully diluted market cap had increased to $136.6 million at the time of writing.

Beefy Finance ranked 380 and was priced at $1,711.28 per token at 6 AM EST, according to CoinMarketCap.

Based on the unique concept of enabling users to earn compound interest on their digital assets, Beefy Finance could attract investors in future as interest in cryptocurrencies is rising worldwide.

What is Beefy Finance?

As mentioned earlier, Beefy Finance is a multi-chain yield optimizer protocol and lets users earn compound interest on crypto holdings.

Beefy Finance falls under the decentralized finance (DeFi) ecosystem and comprises numerous investment strategies. Notably, the investment strategies are enforced through smart contracts.

Beefy Finance maximizes user rewards automatically by using liquidity pools and various yield farming opportunities in the DeFi infrastructure. 

Among the products offered by Beefy Finance, 'Vault' is said to be its core product as it allows users to stake their crypto tokens.

A vault increases the deposited token amount by compounding arbitrary yield farm tokens to the deposited cryptocurrency.

Unlike its name, the vault does not lock funds, and users can withdraw them anytime.

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The BIFI tokens act as revenue shares inside the protocol and allow holders to earn profits generated by Beefy Finance.

Bottom line

Traditional financial services are sometimes criticized as they often require an intermediary. However, decentralized financial services eliminate the need for a third party and it could outperform traditional services in the future.

DeFi applications are permissionless, and users with a supported wallet can access financial services without intermediaries.

Beefy Finance crypto has a maximum supply of 80,000 tokens, and its circulating supply is 72,000 BIFI coins.

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