Ever since the launch of cryptocurrency, tons of staking and yield optimization platforms have become available. Out of all these projects, Beefy Finance has been performing perhaps the best, prompting our review.
Unlike its original Blockchain, Binance smart chain allows its users to get better yields and investment returns. This birth of the Binance smart chain, which happened not too long ago, is what gave way to Beefy Finance, and well, the rest is history.
But what exactly is Beefy Finance? How exactly does it help users in yield farming and creating better returns? Well, we’re here to answer exactly that. In this detailed Beefy Finance review, we’ll go in-depth about this yield optimization tool, and find out what the fuss is about. Let’s get started.
If yield farming using this relatively new tool is something that piques your interest, you’ll want to secure a good exchange as the first step. While Beefy Finance was originally made available on the Binance smart chain, the tool is now available on a list of different exchanges. To keep it simple and concise, here are the top 3 exchanges that you need to focus on:
- Binance – Beefy Finance (BIFI) is available on Binance smart chain (BSC). Gas fees are considerably lower on BSC, and it also accounts for faster transactions.
- Crypto.com – Best pick for investors living in the US, Crypto.com comes with an 80% fee reduction, giving you a boost to start trading Beefy Finance.
- Gate.io – A perfect gem-hunting ecosystem for investors to find a large number of coins and cryptocurrencies.
Let’s get right into this Beefy Finance review. In order to provide investors with the best possible understanding of what exactly Beefy Finance does, we’ll be breaking the review into a few key sectors.
Beefy Finance Review – Introduction
Beefy Finance, in basic essence, is a multi-chain yield optimizer that runs on the latest Binance Smart Chain. The sole responsibility of this tool is to utilize the liquidity pools at any given time and increase returns/rewards by creating investment strategies. In an alternate definition, it’s a multi-chain yield aggregator that provides users with the opportunity of becoming high-reward liquidity pool providers.
However, before going into the depths of Beefy Finance, it’s important to know the core concepts of yield farming. To put it simply, yield farming is lending/staking your crypto assets beneath a liquidity pool, which, in turn, is based on a smart contract. For fans of yield farming projects, we’ve got a great article detailing how and where to buy Cult DAO.
The reason behind this endeavor? Exponentially increasing investment returns and fully automating this whole process, just by giving incentives through means like a governance token, transaction fees, lenders’ interest, and smart contracts.
Beefy Finance, termed the hot and new yield optimizer, was developed by a group of four skilled developers and was initially rolled out on Binance Smart Chain back in 2020. As mentioned before, Beefy Finance is completely decentralized and is affiliated with the infamous DeFi wallet called Trust Wallet.
Now that we’re done with the basics, it’s time to hop into the technicalities of Beefy Finance and explain why it’s so hot in the market. Some key functionalities and aspects of Beefy Finance are given as follows:
Beefy finance opens up a lot of possibilities, the reason being its diverse applications and uses in the crypto world. However, at the base level, it brings key protocols and core functionalities to the table, which are explained in the following manner:
The ‘vaults’ tool that is provided by Beefy Finance is perhaps their most important asset that weighs in on Beefy Finance’s success. These vaults, also called beefy vaults, help to maintain control as well as keep crypto assets secure. Using thorough investment strategies, these vaults pave the way for users to earn compound interest on their investments, consequently increasing their returns.
All in all, Beefy Finance is all about finding the right investment strategies to create better returns. In this particular context, these innovative investment strategies are modular smart contracts, which aid in compound farming. Where to sell, when to sell, and all the questions in between are handled by these vault strategies.
Trust Barn, better termed as Barn of Trust, is a protocol built in correspondence with Trust Wallet. This allows users to earn rewards when they stake $BIFI or $TWT in their vaults and earn more on the side.
Native to the BSC, Beefy Finance’s native token is termed as $BIFI, or BIFI token. This token, also termed the native governance token, is staked on the governance pool, using which users are allowed to vote for wide-network changes.
In addition to that, BIFI token holders also benefit through performance fee paybacks that are paid out to these supposed ‘vaults’.
As mentioned before, Beefy Finance is a multichain yield optimizer. That means that it has affiliations and connections with more than a single crypto-chain. Currently, this number stands tall at 16 different chains, including names like Avalanche, Binance Smart Chain, Celo, and many others.
Usually, crypto farmers manually carry out their investment strategies, which include everything from harvesting to reinvesting the returns. Beefy finance completely automates this process, and it’s the reason why it attracted this much traction on the internet.
The core concept of Beefy Finance is to automatically reinvest earnings. Crypto investors can enjoy more free time with Beefy Finance and focus on better things while beefy vault applies precise strategies to increase profits and returns.
You’d think that with a yield optimizer like this, there’s bound to be high threshold fees that induce that “oh” moment in you. Fortunately, and surprisingly, that’s not the case. With Beefy Finance, deposit fees are zero. The only time they’re charging is for the withdrawal fee, which is as low as 0.01%. Yield optimization and compounding are made way easier and cheaper with Beefy Finance, and we’re all for it.
All in all, Beefy Finance proves to be a remunerative method of increasing your APY (Annual Percentage Yield). From an investor’s point of view, now is a good time to invest in Beefy Finance, as the platforms are gaining the confidence of crypto investors on the internet. Yield farming is a high-risk, high-reward method of crypto-investing, and with tools like Beefy Finance, you have a higher chance of success due to the immense features of this yield optimizer.
Beefy Finance, although relatively new, is now available on a bunch of different exchanges in the crypto world. We’ve mentioned before that Beefy Finance supports a bunch of different exchanges. However, a thorough study and analysis of the exchanges available is the best thing to do beforehand.
That being said, fortunately, we’re here to do the hard work for you. We’ve briefly explained the top 3 cryptocurrency exchanges where you can get your hands on Beefy Finance, and start yield farming projects.
Binance is a name every crypto fanatic has heard on the internet. Founded way back in 2017, Binance is a centralized exchange that provides more than 365 cryptocurrencies globally. It’s a worldwide, renowned exchange that lets investors experience a shallow learning curve, opening a portal to a robust number of trading options.
If you’re looking to buy Beefy Finance, Binance is, all in all, the best option to start with. Being a world-known exchange, it’s easy to use for both crypto veterans as well as newbies who are starting. Paired with low gas fees and transaction costs, it’s a great place to make the best out of Beefy Finance.
The most notable feature of Binance is its comprehensive system of charts, coupled with its insanely low fees. Though their US counterpart only allows about 100 cryptocurrencies to be bought, sold, or exchanged, their global counterpart provides more than 600 cryptocurrency options, allowing investors to buy Maker.
Furthermore, in terms of security, Binance deploys a 2-Factor Authentication to verify users on their website. As for the security of user funds, they’re affiliated with the FDIC. Binance offers a wide range of transaction types on its exchange, which includes anything from peer-to-peer trading, limit order, trailing stop order, and more.
Binance is among the most commonly used exchanges when it comes to cryptocurrency investments, and is equally as trusted. The platform provides in-depth insights into price predictions and fluctuations, which make it the best exchange to buy Beefy Finance on.
Crypto.com is a year older than Binance, making its face visible in the crypto market back in 2016. This exchange was originated and idealized in Hong Kong by two people, namely Bobby Bao and Kris Marszalek.
Like the previously reviewed exchange, the Beefy Finance team has made their yield optimization tool available on Crypto.com as well. Its 80% fee reduction update, which happened not too long ago, makes it perfect for both US residents, as well as global, to get their hands on tools like Beefy Finance.
Among the most prominent features, their frequent Airdrops are what attracts and retains most of their customer base. Unlike most active exchanges right now, Crypto.com is transparent when it comes to its fees.
Additionally, they provide users with a lot of additional features, including the likes of NFTs, a broad range of accepted payment methods, and e-wallet supportability that makes the money flow hassle-free.
Security-wise, this platform couldn’t get any better. Crypto.com became the first SOC 2 Compliance. Out of all the exchanges we’re reviewing here today, Crypto.com has the highest level of maturity for the NIST Privacy and Cybersecurity Framework.
All of the above factors combined make Crypto.com our second-best choice for trading Beefy Finance. Especially for US residents, this exchange pops up a wide range of coins to earn from, with derivatives going as high as 100x.
Gate.io, as the name suggests, is widely known for being a gateway to the public for quick-listings and small cap coins, that is, until they’re big enough to hit the bigger markets. Although, that shouldn’t be taken in a negative aspect, as Gate.io is as good as the next exchange. It’s just not at that big scale as our previously reviewed exchanges.
That being said, there are numerous upsides to using Gate.io to buy Beefy Finance. The trading prices on this exchange are far more reasonable than a lot of hot markets, not to mention an extensive range of coins to be traded, with 24/7 reliable support.
As for the features, Gate.io provides an easy-to-use interface for its customers. This makes it easy for both seasoned players and rookies to exist in harmony, and achieve their end goals much faster.
Additionally, Gate.io has been among the top-rated cryptocurrency exchanges in terms of safety and security, with complex algorithms rolled out that uphold the highest level of confidentiality and safety for investors.
Gate.io might not be on the big boy exchange rankings, but in terms of buying Beefy Finance, it’s far better than most options you’ll see on the internet. The platform is not only safe and robust but provides reliable customer support and customer-friendly UI for its users, making it a viable option to use for yield optimizers like Beefy Finance.
Starting with a mere $10.74 price point at the time of its launch, Beefy Finance has seen a lot of peaks and dips. It didn’t take much time for Beefy Finance to hit the highs, hitting its first peak of $813 just 4 months later.
After that, Beefy Finance went as high as $3,620.35 on March 17, 2021. This was the highest peak recorded for Beefy Finance, which, although, wasn’t too sustainable. The multichain yield optimizer quickly fell to a lower price in the coming months, hitting the next peak of $2583 on February 16, 2022.
Currently, the buying price of Beefy Finance sits at a firm $404, and it doesn’t seem like it’ll be deviating towards a peak anytime soon.
Let’s talk about the future. We’ve seen a diverse amount of changes in Beefy Finance’s price over the last two years, but what does it say for its future price? Is there going to be a new peak, or are the rumors of Beefy Finance coming back to $0 coming true?
Different forecasters predict the future of this tool from their perspectives, which is why we’ve got a varying list of predictions for this yield optimizer. Some analysists anticipate by 2024, we could see Beefy Finance once again hitting that $1000 peak again.
Most predictions about Beefy Finance, aside from a few, are positive, with its price promised to go up by the year 2028. WalletInvestor labels Beefy Finance as a “great investment”, predicting that its price will go as high as $1350 in a year.
VVS Finance, another project focused around yield farming has also been garnering a lot of attention recently. We’ve provided a VVS Finance price prediction for anyone interested.
While researching for our Beefy Finance review, it became apparent that it does exactly that it sets out to and then some. The platform has shown ingenuity in protocol launching, and excellent growth for its customers, and its path only looks upwards from here on out.
Despite being a new tool launched into the DeFi world, it has surpassed various optimizing tools that have been rolled out in the market before and after it. While there’s room for growth, Beefy Finance is something to look out for and, potentially, invest in. However, to do so, a great exchange is required.
Out of all the platforms we’ve looked at during our Beefy Finance review, Binance offers the largest number of features and boasts extremely low fees. It’s an all-around excellent exchange that is suited to investors of all skill levels.
As the situation stands, it does prove to be a good investment. It’s a safe and accredited tool to increase your investment returns by a huge multiplier. Its native currency isn’t performing too badly as well, with price predictions going only up and up for the years to come.
Beefy Finance is currently available on a broad range of exchanges, hence the name “multi-chain”. However, as we’ve previously mentioned in our review, the top 3 exchanges that you need to be focusing on are Binance, Crypto.com, and Gate.io. These options are the best if you’re looking to get high security, low fees, and an easily understandable UI to earn some crypto money.