Quad-stablecoin liquidity pools, an integration with Oasis Network and 12 new vaults could be the factors behind BIFI’s current triple-digit gain.
The statement by Winston Churchill, Former Prime Minister of the United Kingdom, that “never let a crisis go to waste” can be applied across many facets of society, including the recent disaster in the crypto market. Last week’s volatility has the potential to make new investors and hard-hitters question the future of the growing asset class, but there’s a chance.
One platform that seems to be taking advantage of the void created by the collapse of TerraUSD (UST) is Beefy Finance (BIFI), a decentralized finance (DeFi) protocol that optimizes multi-chain returns.
Data from CoinCu shows that after hitting a low of $387.80 on May 14, BIFI spiked 168.13% to hit a daily high of $1,040 on May 16 amid a 684% increase in its 24-hour trading volume.
The rise in the liquidity pool choices accessible for yield farming, a new integration with Oasis Network, and the opening of 12 additional vaults are three reasons for the unexpected surge in activity for BIFI.
The demise of Terra (LUNA), UST, and the 20% interest promised for UST deposits on Anchor Protocol (ANC) has allowed protocols such as Beefy Finance to attract users and funds that had been frozen.
Beefy Finance has capitalized on this opportunity by updating various stablecoin vaults to provide larger rates, including the Curve stablecoin liquidity pool on Arbitrum, which currently provides a 34.9% yield.
The platform has also integrated the Tron network’s USDD stablecoin and depositors can earn 62.5% APY on the quad stablecoin pool consisting of USDD/BUSD/USDT/USDC. A very attractive number for stablecoin holders right now.
As the crypto ecosystem gradually moves towards a multi-chain future, Beefy Finance has also benefited from an expanded list of supported networks and, most recently, the Oasis Network, bringing the total number of chains supported up to 15.
The integration with Oasis makes Beefy Finance one of the most cross-chain compatible DeFi protocols in the ecosystem and includes support for the most active blockchains like Ethereum (ETH), BNB Chain (BNB), ), Polygon (MATIC), Avalanche (AVAX) and Fantom (FTM).
The last factor attracting investors to Beefy Finance was the launch of 12 new vaults last week. The new vaults include support for assets from Stader.Fantom, an Oasis-based DeFi protocol called YuzuSwap, an Aurora Trisolaris-based protocol, and Step.App (FITFI) that works on top of Avalanche.
While BIFI prices have edged higher over the past week, it remains to be seen whether the upside momentum can be sustained and Beefy Finance’s TVL continues to rise, especially if current attractive yields begin to decline.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Harold
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