Beefy Finance Launches Vaults on Polygon

Beefy has announced the integration of yield optimization vaults to the Polygon Network, formerly known as Matic Chain. This integration means Beefy now has vaults on 4 different blockchains.

By
Utulu Hope
on
May 6, 2021
Category:
BSC News

Introduction 

Beefy Finance launched its first Beefy yield optimizing vaults on Polygon on the 28th of April, 2021. Alongside this release, the Multichain yield optimizer on the Binance Smart Chain (BSC) recently disclosed a top-notch achievement on Twitter. The protocol announced that they had reached a $3 million Total Value Locked (TVL) across Cometh, Quickswap, and Polywhale vaults. 

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With the recent addition of vaults to the Polygon chain, Beefy Finance presently offers vaults on four different chains. These chains consist of the Huobi ECO Chain (HECO), Avalanche Chain (AVAX), Binance Smart Chain, and the latest — Polygon Chain. 


Beefy Finance Vaults 

There are two classes of vaults on Beefy Finance. One is the money market, while the other is native token farming. The money market uses lending protocols like Venus on BSC to produce maximum yield for different coins, including BUSD, BNB, LINK, DOT, DAI, ETH, etc. On the other hand, native token farming leverages the maximum yield on popular farms by depositing another asset to earn, sell and compound profits of the native reward token. 

Vaults are the core of the Beefy ecosystem, and their usage should be understood by all Beefy investors. Users earn more of their staked assets in these vaults regardless of whether it is a single asset or a liquidity pool (LP) token. If a user stakes BTC-BNB LP, it will yield more BTC-BNB LP in the long run. As this persists, users' in-vault shares increase, paving the way for more rewards over time. Each vault may appear as a pair of tokens invested in liquidity pools (e.g., CAKE-BNB LP tokens) within the BSC ecosystem or appear as a single token invested in lending platforms/single stake reward pools. When tokens are deposited into any of these vaults, users are given specific tokens — mooTokens, representing their share in the vault. 

As you browse through the vaults on the platform, the annual percent yield (APY) is displayed. This considers frequent compounding compared to the annual percentage rate (APR), which doesn't. Also displayed are daily interest percentages and the total amount invested by all the users in a vault. 

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The image above shows a representation of vaults available on Beefy Finance. Users get to select their preferred network/chain from the top left corner. Balance and deposits are displayed whenever users connect their BSC-compatible wallets, such as MetaMask or Trust Wallet


About Beefy Finance 

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Beefy Finance is a decentralized, multi-chain yield optimizer (BSC, HECO, AVAX, Polygon) that allows interest compounding of users' crypto holdings. Beefy Finance automatically maximizes users' rewards from several LPs, automated marketing projects (AMM), and other yield farming ventures in the DeFi space. The primary product of the protocol is yield vaults where users can stake their tokens. Every deposited token will automatically increase according to the investment strategy tied to the specific vault. These tokens can be withdrawn at any time, which is an interesting contrast to the standard definition of a vault. 


Conclusion 

Adding their products to the Polygon Chain is another solid move by Beefy Finance that should increase adoption of their yield vaults. With the many vaults available for yield generation, users are offered a variety of platforms to engage with Beefy vaults. For a more extensive outlook of the vaults offered on each chain, users are advised to visit their official website and browse their preferred networks. 


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Utulu Hope

UC Hope is a passionate fan of crypto who could weave the latest event into sparks of inspiration and information. He leaves no stone unturned to get to the core of a story. Aside from writing, he spends his hours poring over algorithms and protocols, preparing for a future career as a computer programmer.

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