In retrospect, it was inevitable.
In less than forty days we’ve gone from launching on Polygon to gaining $50M dollars of TVL on the chain formerly known as Matic. And we’re only just getting started.
Behind the scenes we’ve been working closely with Cometh and Quickswap to bring the best farms to Beefy.Finance as optimized vaults. You’ve already been auto-compounding your Polygon assets till the cows come home. Now we’re ready to announce our Polygon partnership to the world, and some upcoming boosts to our ETH and BTC single asset vaults.
The Story So Far
We’re going to give a quick breakdown of the progress we’ve made in the last month, and where we see our Polygon journey heading. You can follow @beefyfinance and @0xPolygon for regular social updates. But before that, let’s talk about why and how we’re boosting some vaults with BIFI for the first time ever.
Our goal is to make BIFI users‘ exploration of the Polygon network as profitable as possible.
A spectrum of opportunities are already available to you via Aave lending and on DEXES like Quickswap and Cometh, and we’re about to beef up your returns with $150,000 worth of BIFI and MATIC.
As you know, the BIFI token is non-inflationary and already fully distributed. It lets holders earn their share of the revenue generated by Beefy, and unlike some other platforms we’re not able to print more tokens out of thin air.
So we had to get a little bit creative.
That BIFI Boost
We reserved $100k BUSD of our previous Launchpool earnings to boost BTC and ETH single-asset Polygon vaults. Rather than giving this away directly from our treasury, Beefy will market-buy BIFI in order to boost those pools, a boon for all current holders, and an opportunity for new users to get some beef in their wallets for the first time.
Once the initial BIFI boost is complete, Polygon has committed to an additional $50k worth of MATIC, in order to do a second round of boost. The first boost will be this week and will be announced via Twitter.
If you want to maximise the amount of bonus BIFI you can earn, we recommend joining one or both of those single-asset vaults already.
Cows in Space
In the past few weeks we’ve been working closely with Cometh to let Beefy users auto-compound their earnings from their farms. We also had our first ever meme contest and will announce the winner of the Cometh Starter Pack tomorrow.
A few more Cometh surprises are in the works, but we don’t want to blow that payload too quickly. So you will have to watch this ‘space’.
Enter the Dragon
Today, QuickSwap, the biggest Automated Market Makers (AMM), launched BIFI/ETH and BIFI/QUICK pairs on their platform, with generous QUICK rewards that will incentivise liquidity and bridging over to Polygon.
Meanwhile, Beefy will add these as new vaults to beefy.finance before the end of this week, so you will soon be able to autocompound your BIFI LP pairs on Polygon too.
We’re excited to see our dragon shaking hands with a cow. This will result in one of the best yields available in the ecosystem. Let’s see how this works out for both communities.
— Sameep Singhania, Quickswap Co-founder
How can I keep track of all this new TVL?
Being the multichain yield optimizer that 10 out of 10 farmers would recommend to their friends, comes with new tracking and revenue sharing challenges. We were happy to have DefiLlama announce today that they are now displaying our TVL from all five chains we now support.
Currently, if you stake your BIFI on Polygon, you will be eligible for revenue generated by the vaults only on Polygon. This means the APY across chains will vary, and we fully expect market forces to arbitrage the difference out across each chain. Wherever there is more revenue, more BIFI holders will stake in the Maxi vault on that chain, and eventually the APYs will even out.
We fully expect our TVL on Polygon to continue hockey-sticking up, so if you want to get a piece of that pie, consider bridging some of your hard earned BIFI over there too.
This is just the start of our journey, keep an eye out for more announcements as we create some AMAs, new vaults, more boosts and bring that bit of Beefy magic to the party.
Join the Cowmoonity