BIFI gains over 100% after Beefy Finance adds new vaults and stablecoin liquidity pools
Winston Churchill’s dictum of “never letting a crisis die” can be applied to many aspects of society, including the recent carnage in the crypto market. Last week’s volatility is likely to cause newer investors and those who have taken heavy losses to question the future of the burgeoning asset class, but in every bear trend there is a silver lining.
One platform that appears to be capitalizing on the void left by the TerraUSD (UST) collapse is Beefy Finance (BIFI), a multi-chain decentralized finance protocol for yield optimization.
Data from Cointelegraph Markets Pro and TradingView shows that BIFI surged 168.13% from a low of $387.80 on May 14 to hit an intraday high of $1,040 on May 16, while the 24-hour trading volume dropped 684 % rise.
Three reasons for the sudden surge in activity from BIFI are the increase in available liquidity pool options for yield farming, a new integration with Oasis Network and the launch of 12 new vaults.
Stablecoin yields get a notable boost
The collapse of Terra (LUNA), UST and the 20% yield offered for UST deposits on the Anchor Protocol (ANC) has opened the door for protocols like Beefy Finance to catch users and funds that have been lost are.
Beefy Finance has capitalized on this opportunity by upgrading several stablecoin vaults to offer higher yields, including the Curve stablecoin liquidity pool on Arbitrum, which now offers a 34.9% yield.
Upgraded #Curve #stablecoin lp now on Beefy’s #Arbitrum Network.
✅ $USDC – $USDT LP: 34.9% APR
— Beefy (@beefyfinance) May 16, 2022
The platform has also integrated the Tron network USDD stablecoin and depositors can earn 62.5% APY on the quad stablecoin pool consisting of USDD/BUSD/USDT/USDC.
Beefy Finance is expanding its ecosystem
As the cryptocurrency ecosystem slowly moves towards a multi-chain future, Beefy Finance has also benefited from expanding the list of networks that the protocol supports, and the recent addition of the Oasis network brings the total number of chains supported 15
Take a break from staring at your portfolio and TA charts and read about Beefy’s new partner. @OasisProtocol.
We are proud to build on the Oasis privacy-enabled network.
— Beefy (@beefyfinance) May 14, 2022
Integration with the Oasis network makes Beefy Finance one of the cross-chain compatible DeFi protocols in the ecosystem and includes support for the most active blockchains, including Ethereum (ETH), BNB Smart Chain (BNB), Polygon (MATIC), Avalanche (AVAX) and Fantom (FTM).
Related: Deus Finance’s dollar-pegged stablecoin DEI falls below 60 cents
New vaults attract fresh liquidity
A third factor attracting investors to Beefy Finance is the launch of 12 new vaults over the past week.
The new vaults include support for assets from Stader.Fantom, an Oasis-based DeFi protocol called YuzuSwap, the Aurora-based protocol Trisolaris, and Step.App (FITFI) operating on top of Avalanche.
While BIFI’s price has managed to rally higher over the past week, it remains to be seen if gains can hold and if the platform will continue to see rising TVL, especially as the currently attractive yields start to fade.
The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should do your own research when making a decision.
https://cointelegraph.com/news/bifi-gains-100-after-beefy-finance-adds-new-vaults-and-stablecoin-liquidity-pools BIFI gains over 100% after Beefy Finance adds new vaults and stablecoin liquidity pools