Integration on Coinbase Wallet may see further exposure and the start of a closer relationship with Coinbase for Beefy Finance.
Coinbase Addition
Beefy Finance has reached a new checkpoint on its amazing journey as Beefy is integrated on Coinbase Wallet.
Users will now be able to use Beefy on one of the most esteemed and used wallets in the industry after announcing its integration on Twitter on May 7. The multi-year yield optimizer on BNB Chain will be looking to capitalize on the added exposure to onboard more users on its already popular offering. BSC News reached out to the Beefy Finance team for comment on the exciting development:
“Removing barriers to entry is a major focus at Beefy. We constantly clear the way with our groundbreaking products, and we pave a path by partnering with blue-chip players like Coinbase — all to make DeFi as user-friendly as possible.”
Beefy Finance has always been adept at judging the correct play in terms of its innovation and is constantly working toward this. Recent announcements of new lucrative vaults and having just recently announced the introduction of wrapped $JOE in its product offering are examples of this.
The latest Coinbase announcement may well help the project try and stem the tide of a market-wide pullback, but there appears to be no sign of this for the moment, according to CoinMarketCap, which has documented $BIFI is following BTC. The move, nevertheless, is an important achievement that will see the project gain further exposure.
The Coinbase Effect
The esteemed BNB Chain project will be hoping for the ‘Coinbase Effect’ to be in full play after the significant integration. The ‘Coinbase Effect’ has been described as an industry-wide phenomenon whereby a listing or integration will positively affect a token or coin.
The theory around the ‘Coinbase Effect’ is simple: get listed on Coinbase, and your price will skyrocket. Many coins and tokens have seen enormous success following their listings on Coinbase.
The move to onboard Beefy signals an important acknowledgment of projects that originally began on BNB Chain. Coinbase has been notoriously cold to projects associated with Binance and BNB Chain. Beefy’s embracement of a multi-chain life could have softened Coinbase some, but the onboarding is positive news for the BNB Chain.
BSC News will be following Beefy FInance’s progress closely.
What is Beefy Finance:
Beefy Finance is a multi-chain yield optimizer on BNB Chain. The protocol’s token, $BIFI, is currently trading at ~$1,397, according to CoinMarketCap. Beefy is known for its high yields on their compounding interest for investors. Beefy Finance offers unique vaults for users to stake crypto tokens and earn high yields from their deposits.
For more information about Beefy Finance and its vaults, check them out at the following links:
Website | Medium | Telegram | Discord | Twitter | GitHub | Additional Resources
Source : bsc.news
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