The largest DeFi project on Avalanche
Beefy’s multichain journey continues with a new partnership on Avalanche.
Pangolin was launched in February 2021 on the Avalanche Network and incubated by AvaLabs, with the vision of it being a community run project. It grew to become the largest DeFi project on Avalanche network, peaking at over 300 million in TVL.
In May 2021, the Pangolin project was handed over to the community and a core team was hired to continue developing the project.
With this new partnership we are looking forward to building liquidity for BIFI on Avalanche and we expect a governance proposal from their team in the next couple of weeks.
Watch this space.
What is Avalanche?
Avalanche is striving to build the world’s best Layer 1 network, complete with solidity compatibility, high throughput, a novel consensus mechanism, and low fees. Avalanche strives to serve both DeFi and Traditional finance with its ambitious architecture.
Currently Avalanche has over 150 projects building on it, 980 validator nodes securing the network, and has processed over 3 million transactions.
What about BIFI?
In order to share the rewards from our platform to BIFI holders on Avalanche, we need the BIFI token to have liquidity on that chain. This will allow us to have a fully functioning BIFI Maxi vault on Avalanche, so that rewards can be paid out in BIFI, and not just AVAX.
As Pangolin is the number one DEX on Avalanche they are the ideal partner for building that liquidity. They recently had a Telegram poll to learn from their crowd what assets they should consider adding and, with a little help from the Cowmoonity, BIFI was the number one asset in that poll.
The Pangolin team is currently working a new governance proxy contract that will allow them to add more than four LP pairs at a time. Once this upgrade is complete they will be looking to submit an on-chain proposal for a community vote that will include BIFI pairs.
I am excited to work with the Beefy team to bring robust yield optimizing solutions, the BIFI token, and BIFI Maxi to the Avalanche network. Beefy has established itself as key player in the DeFi space — with a vibrant community and successful implementations on multiple chains.
The user community, liquidity, and development experience that Beefy can help bring to the Avalanche Network is invaluable. Pangolin is very excited about the opportunity to work with the Beefy project.
— Leo, Pangolin Community Manager
To celebrate this growing partnership, the Pangolin team have invited Beefy to an AMA in their Telegram this week.
It will be at 11am UTC on Wednesday 23 June, and they are giving out $50 of PNG to the best questions.
We’re also giving a way a bit of BIFI to announce working with them, and you can join our Gleam contest here:
Join the Cowmoonity