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

January 20, 2022 10:45 PM AEDT | By Raza Naqvi

What does Beefy Finance do & how to buy BIFI tokens? — Image source: © Yur4you | Megapixl.com

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?

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