Wednesday, February 28, 2024

BIFI gains 100%+ after Beefy Finance adds new vaults and stablecoin liquidity pools


Winston Churchill’s assertion to “by no means let a disaster go to waste” will be utilized throughout many facets of society, together with the latest carnage seen within the crypto market. Final week’s volatility is prone to have newer buyers and those that took on heavy losses questioning the way forward for the burgeoning asset class, however in each bear pattern there’s a silver lining.

One platform that seems to be capitalizing on the void created by TerraUSD’s (UST) collapse is Beefy Finance (BIFI), a multi-chain yield optimizing decentralized finance protocol.

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Information from Cointelegraph Markets Professional and TradingView reveals that after hitting a low of $387.80 on Might 14, BIFI spiked 168.13% to hit a each day excessive of $1,040 on Might 16 amids a 684% enhance in its 24-hour buying and selling quantity.

BIFI/USDT 4-hour chart. Supply: TradingView

Three causes for the sudden spike in exercise for BIFI are the rise within the liquidity pool choices obtainable for yield farming, a new integration with Oasis Community and the launch of 12 new vaults.

Stablecoin yields get a noticeable enhance

The collapse of Terra (LUNA), UST and the 20% yield provided for UST deposits on Anchor Protocol (ANC) has opened the door for protocols like Beefy Finance to seize customers and funds that have been set adrift.

Beefy Finance has taken benefit of this chance by upgrading a number of stablecoin vaults to supply larger yields together with the Curve stablecoin liquidity pool on Arbitrum, which now provides a yield of 34.9%.

The platform has additionally built-in the Tron community’s USDD stablecoin and depositors can earn 62.5% APY on the quad stablecoin pool comprised of USDD/BUSD/USDT/USDC.

Beefy Finance expands its ecosystem

Because the cryptocurrency ecosystem slowly progresses towards a multi-chain future, Beefy Finance has additionally benefited from increasing the checklist of networks the protocol helps and the latest addition of the Oasis Community brings the entire variety of supported chains supported to fifteen.

The combination with the Oasis Community makes Beefy Finance one of the cross-chain appropriate DeFi protocols within the ecosystem and consists of assist for probably the most lively blockchains together with Ethereum (ETH), BNB Good Chain (BNB), Polygon (MATIC), Avalanche ( AVAX) and Fantom (FTM).

Associated: Deus Finance’s dollar-pegged stablecoin DEI falls beneath 60 cents

New vaults appeal to contemporary liquidity

A 3rd issue attracting buyers to Beefy Finance is the launch of 12 new vaults inside the final week.

The new vaults embrace assist for property from Stader.Fantom, an Oasis-based DeFi protocol referred to as YuzuSwap, the Aurora-based protocol Trisolaris and Step.App (FITFI), which operates on Avalanche.

Whereas the worth of BIFI has managed to rally larger over the previous week, it stays to be seen if the gains can maintain and whether or not the platform will proceed to see a rising TVL, particularly if the present enticing yields start to decrease.

The views and opinions expressed listed below are solely these of the creator and don’t essentially mirror the views of Cointelegraph.com. Each funding and buying and selling transfer includes danger, you must conduct your personal analysis when making a call.