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

Follow us on Google News:
 What does Beefy Finance do & how to buy BIFI tokens?
Image source: © Yur4you | Megapixl.com
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.

Also Read: What is NCT crypto? FYI, its volume just zoomed 5000%!

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.

Also Read: What is NinjaFloki crypto & why has NJF coin rocketed to its ATH?

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Incorporated (Kalkine Media), Business Number: 720744275BC0001 and is available for personal and non-commercial use only. The advice given by Kalkine Media through its Content is general information only and it does not take into account the user’s personal investment objectives, financial situation and specific needs. Users should make their own enquiries about any investment and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media is not registered as an investment adviser in Canada under either the provincial or territorial Securities Acts. Some of the Content on this website may be sponsored/non-sponsored, as applicable, however, on the date of publication of any such Content, none of the employees and/or associates of Kalkine Media hold positions in any of the stocks covered by Kalkine Media through its Content. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used in the Content are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used in the Content unless stated otherwise. The images/music that may be used in the Content are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated or was found to be necessary.

Featured Articles

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK