A Look Into Beefy Finances’ Innovative Week, Dominating both Polygon and Binance Smart Chain

Beefy Finance shows off their impressive week, including partnerships and a huge innovative project that looks to transform the yield farming experience.

By
John Tunney
on
May 31, 2021
Category:
BSC News

A Busy Week for Beefy

The other day, Beefy Finance posted on their twitter a recap of last week's action on the platform. The yield optimizer protocol saw a tremendous amount of action. Beefy Finance has established partnerships, locked millions away in value, and introduced a very new innovative tool that could change liquidity pool investing potentially forever. 

The tweet reads as follows:

Some notable events from the tweet include:

  • A partnership with Polygon
  • Polygon has a TVL ranging from $40M to $90M 
  • The introduction of Beefy Zap 
  • And finally, 39 vaults have been added to the Beefy Finance platform 

What is truly shocking, is roughly four hours after the tweet, Beefy Finance’s Polygon Network has reached 100M in TVL. Beefy Finance is now Polygon’s leading yield optimizer. 


Beefy Zap

The Beefy Finance protocol has also released an incredibly cool new feature which they call, Beefy ZAP. What Beefy ZAP does is it allows for liquidity pools tokens to be made with just one of the two tokens in the liquidity pool, eliminating many of the steps required to make liquidity or LP tokens in the traditional way.

For those unaware, making LP tokens requires multiple transactions and steps. First, users must acquire both tokens that are needed for the liquidity pool they choose. Then, users must find a DEX that allows for the liquidity token to be made, which will take both of the tokens they previously acquired and combine them into one LP token. Finally, users must take their combined LP tokens, and deposit them in the desired liquidity pool. If that was confusing, don’t worry, ZAP aims to abolish all of these steps, and instead only have one transaction. 

Beefy ZAP’s genius is that if a yield farmer wants to go into the CAKE-BUSD LP vault on Beefy Finance, the investor only needs one of the two tokens. Investors can now enter liquidity pools, without having to make LP tokens or depositing them into the vault, as ZAP does all of this for you! 

Source

Pretty easy right? This would allow for novice investors the convenience of avoiding the hassle of multiple transactions, as now it only takes one transaction to stake tokens in liquidity pools. To enter the CAKE-BUSD LP now with ZAP, it would function as such:

  1. User enters their desired BUSD amount and then hits deposits 
  2. ZAP buys enough CAKE to create a 50-50 balance of BUSD and CAKE
  3. ZAP automatically adds both tokens into the liquidity pool
  4. ZAP then stakes both tokens into the CAKE-BUSD LP vault 
  5. User can now view their stakes tokens under “Deposited” within the vault 

By the way, this all happens with one click. 

Concluding Thoughts 

The continued momentum of Beefy Finance is remarkable to watch. The partnerships and tremendous commitment to the platform by investors has poised Beefy Finance well in the yield aggregator marketplace. With the creation of Beefy ZAP, Beefy Finance looks to transform how investors experience yield farming. Beefy Zap also should lower the barrier to entry, boosting TVL across the platform. The move shows the constant willingness of Beefy Finance to bring their base the absolute best. I am very much looking forward to checking out Beefy Zap. 


Beefy Finance

Beefy Finance is a cross-chain yield farming aggregator on the Binance Smart Chain, HECO,Polygon, Fantom and Avalanche blockchain that helps investors to grow their crops automatically through its automated vault strategies.

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John Tunney

John Tunney is an accomplished analyst and crypto enthusiast. The UCLA alum has been actively reporting and blogging for 3 years, and has a passion for all things finance.

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