🐮Beefy keeps builing on fantom👻
Who you gonna call?
In just a few short months, Beefy’s presence on Fantom has gone from the odd bump in the night to full on house of horrors.
The Beefy devs, and the Business Development team that supports them, has been hard at work forging partnerships, running due diligence and building vaults.
This combined effort made Beefy Finance grow to $187,000,000 in total value locked, having 24 vaults and partnerships with the best projects on the chain.
It has also put Beefy in prime position for the top tier of incentives from the Fantom Foundation. Beefy Finance falls in the $100,000,000+TVL category, making us qualify for around $5,000,000 in FTM incentives.
Their goal, naturally, is to build a bigger and better FTM ecosystem, partnering with the best projects in the space, and helping new promising dapps to get visibility from our users.
You can read more about the $370M Fantom incentive scheme, here.
Beefy’s Fantom Partnerships
It was the beginning of June when we announced our first partnership on Fantom. The team at SpookySwap gave our Fantom BIFI pairs a generous reward multiplier and our devs got to work building vaults for their farm.
Auto-compounding has been a highly requested feature based on community feedback and Beefy makes it easy for anyone to auto-compound their farms automatically. With this collaboration, we look forward to introducing the magic of both BSC and Fantom Opera to everyone.
In the beginning of June, Beefy had less than $10M in TVL on Fantom, and almost all of our vaults were from Spookyswap. Since then we have worked closely with Scream Finance and Curve to bring even more opportunities on the chain.
These developments have brought new users from the Fantom community to Beefy, as well as encouraging existing Beefy users to migrate from Binance Smart Chain and Polygon to the Fantom vaults.
If you are one of the few Beefy users who are completely new to the idea of autocompounding on Fantom, then you’ll need to do a bit of research into bridging your assets over to the chain.
You can learn how to bridge your BIFI tokens using Anyswap, this guide from Spooky.
More TVL means more revenue for BIFI Stakers
Thanks to the increased TVL coming from the multiple new Fantom vaults, BIFI Maxi stakers have been enjoying 20%+ APY for several weeks. The increased earning potential for BIFI stakers on Fantom has led to $11M in TVL in the Fantom Maxi vault, alone.
How this affects users and BIFI holders?
The Fantom foundation mentioned the use of the funds will be chosen exclusively by the project. Beefy will utilize this grant in activities that benefits directly our users; boosting vaults, onboarding devs, creating net positive partnerships with projects in the space, and making all the necesary work to have a bigger and better Fantom blockchain.
All of the activities will be aimed to generate growth in TVL and revenue, impacting directly BIFI holders.
What’s Next for Beefy on Fantom
Fantom is now helping economically projects, but since the conception of the chain, they have been doing all the necessary work to develop the ecosystem beyond monetary aid, like putting projects in touch, and making all the necesary connections to have a healthy and growing ecosystem.
We want to end the article with some words from Michael, the CMO of Fantom.
We think Beefy has been able to grow so large on top Fantom due to the high level of understanding the community has of composability and collaboration. Beefy brings a much needed aggregation and compounding layer to already exciting AMM’s and lending platforms. -Michael Chen, CMO, Fantom Foundation.