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The Beefy Finance multichain yield optimizer has been deployed on Fuse Network. Users can now boost their DeFi yields on Fuse with the help of Beefy vaults.
Decentralized finance (DeFi) on Fuse has grown rapidly since the launch of the FuseSwap decentralized exchange (DEX) that has currently been transferred under the FuseFi umbrella. The total value locked (TVL) in DeFi platforms on Fuse has grown rapidly and the first decentralized lending network was launched in collaboration with Ola Finance.
The Fuse team is committed to further facilitating the progress of DeFi on the platform, thus we are excited to announce the partnership with the Beefy Finance multichain yield optimizer project.
Helping users get the most from DeFi passive income streams
Beefy Finance’s core product is Beefy vaults. They are automated instruments that enable more optimal management of liquidity positions in other DeFi protocols. Beefy vaults are usually used by liquidity providers (LPs) on AMM-based decentralized exchanges (DEXes) as a form of boosting their gains with minimum effort.
The way this works is that instead of depositing their LP tokens on the DEX’s native yield farming platform directly, LPs can deposit them into the relevant Beefy vault. Once they are deposited into it, the vault automatically deposits them on the original pool’s yield farming platform and automatically re-deposits the tokens earned through participation in the program into the pool. The process is called autocompounding and enables LPs to maximize the return from yield farming. In addition to yield farming, Beefy vaults can also supercharge earnings from single-token staking in a similar manner, through continuous re-staking.
A small part of the return generated by vaults is used to reward the holder’s of the Beefy platform’s native BIFI token. To be eligible for the protocol rewards, the holders need to stake BIFI. The token also enables its holders to participate in Beefy governance by voting on the important decisions and submitting proposals.
How Fuse Integrates Beefy Finance
The Beefy Finance protocol has recently been deployed on the Fuse Network blockchain. Several Beefy vaults have been created, and their combined value locked (TVL) has already reached $3 million in assets. The full list of currently available vaults is currently accessible in the Beefy Fuse app. They correspond to the trading pools currently incentivized on the FuseFi DEX.
Beefy and Fuse will also provide liquidity in BIFI and Fuse tokens, respectively, to create a BIFI-FUSE trading pool on the FuseFi DEX and make the BIFI token available to Fuse users.
The Beefy team has also launched a validator node on the Fuse Network blockchain in order to help buttress Fuse’s consensus security and decentralization. Beefy’s validator node has enabled the creation of a Beefy vault for FUSE stakers. When users deposit their FUSE to the vault, the tokens get automatically delegated to Beefy’s validator node, and the earnings are automatically re-staked.
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