Sep 20, 2021
Beefy Finance deploys on Arbitrum, are you ready?
In less than a year, Beefy expanded from one blockchain to seven, and still planning to add more. With layer 2 solutions finally live, we can now bring lower transactions fees to users while keeping the Ethereum mainnet security, which makes our lastest deployment very special.
We’re happy to announce that Beefy Finance is on Arbitrum, bringing you the best opportunity to compound your yield with the cheapest fees on the market.
What is Arbitrum?
Arbitrum is a layer 2 solution created to improve Ethereum smart contract’s capabilities by boosting their speed and scalability. It interoperates closely with Ethereum, so developers can easily cross-compile their contracts to run on Arbitrum while still benefiting from Ethereum’s excellent layer 1 security.
Our first vaults
The first vaults we are deploying are from Sushiswap, and Curve.
- USDC -USDT 2pool (Curve)
- RenBTC-WBTC (Curve)
- USDT-WBTC-WETH Tricrypto (Curve)
- USDC -ETH (Sushi)
- SUSHI -ETH (Sushi)
Don’t panic degens, NYAN-ETH and NYAN single staking and others are coming soon.
Stake BIFI, earn ETH 👀
As you might already know, all of our collected fees come from the 4.5% performance fees on each vaults (cheapest fees on the market) and 3% out of these 4.5% are distributed to BIFI Stakers. All of our collected fees are sold for the native token of the network, which on Arbitrum, is ETH. So if you hold BIFI on Arbitrum, you can either choose to stake in the BIFI maxi for more BIFI (this vault buys BIFI on the market with the collected fees as usual) or to stake on the gov pool and earn ETH.
What does this mean for $BIFI holders?
This deploy is extremely nice news for $BIFI holders. In case you don’t know, BIFI has a limited supply of only 80,000 tokens, which are already fully minted. More chains means more revenue, and that translates directly to more returns for $BIFI stakers.
How to connect to Arbitrum
Connecting to Arbitrum is pretty straight forward, just add a new RPC in your MetaMask (or any other software wallet), or visit Beefy on Arbitrum, and MetaMask will automatically suggest you to add the network. Easy right?
Network Name: Arbitrum
RPC: https://arb1.arbitrum.io/rpc/
Chain ID: 42161
Currency: ETH
Block Explorer: https://arbiscan.io/
How to bridge ETH to Arbitrum
There are many alternatives to bridging your tokens to Arbitrum, the first option is the Official Arbitrum Bridge, else you can use Celer Bridge.
Keep in mind that bridging back to Ethereum takes seven days with the official bridge, but you can use Celer to bridge from Arbitrum to Polygon or BSC in a few minutes.
Remember that you will need ETH for gas fees.
If you have any doubts don’t hesitate in heading over to our Discord Channel #Arbitrum
