Beefy Price (BIFI)

Beefy, also known as BIFI, is a decentralized, multichain yield optimizer platform that strives to provide users with the opportunity to receive compensation on their cryptocurrency holdings. Beefy utilizes a set of financial strategies, secured and enforced by smart contracts, to automatically maximize user rewards from various liquidity pools, automated market making projects, and other yield farming opportunities in the DeFi ecosystem. The main feature provided by Beefy Finance are the 'Vaults', where users stake their crypto tokens. The financial strategy tied to each vault intends to automatically increase the deposited token amount by compounding yield farm reward tokens back into the initially deposited asset.

Beefy operates through a series of 'Vaults' where users stake their crypto tokens. These vaults are tied to specific financial strategies that strive to maximize the user's rewards. The strategies are enforced by smart contracts, which automatically compound yield farm reward tokens back into the initially deposited asset. This process seeks to increase the user's deposited token amount. Beefy also has its native governance token, $BIFI, which is at the core of all the vaults deployed on every blockchain. Platform revenue is generated from a small percentage of all the vault profits and distributed back to those who stake $BIFI.

Beefy's primary use case is to provide a platform for users to potentially receive compensation on their cryptocurrency holdings. By staking their tokens in Beefy's vaults, users can potentially increase their token amount through the platform's automated compounding process. Additionally, Beefy's native governance token, $BIFI, allows holders to receive a portion of the generated revenue by Beefy Finance and vote on important platform decisions. This makes Beefy a potential tool for those seeking to participate in decentralized finance and governance.

Beefy was launched in September 2020 by a team of four founders with the goal of bringing the power of autocompounding technology from DeFi projects on Ethereum over to lower-cost chains. The first set of vaults went live on October 8, 2020, on BNB Chain, making Beefy the first yield optimizer on the chain. In less than a year, Beefy was managing over $800 million of total value locked and had reached a $100 million market capitalization. By the end of 2022, Beefy was live on 10 different blockchains, and a year later, it was on 18. As of 2023, Beefy is recognized as a cross-chain DeFi protocol.

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The current market cap of Beefy is $24.02M. A high market cap implies that the asset is highly valued by the market.

The all-time high of Beefy is $3,620.35. This all-time high is highest price paid for Beefy since it was launched.

Over the last 24 hours, the trading volume of Beefy is $572.38K.

Assets that have a similar market cap to Beefy include WiFi Map, Bubblefong, RAMP, and many others. To see a full list, see our comparable market cap assets.

The current circulating supply of Beefy is 80 thousand.