The yield optimization protocol launched a new and upgraded CAKE vault while simultaneously retiring the existing one.
Old to New
Beefy Finance has recently retired an old CAKE vault, encouraging vault stakers and users to reallocate their funds in Beefy’s new, upgraded CAKE vault. CAKE is the native token for PancakeSwap, the largest Decentralized Exchange (DEX) on Binance Smart Chain. Beefy Finance is a yield optimization protocol that utilizes vaults to maximize returns. For anyone who has deposited money into the vault, action is required. Beefy Finance alerted their user base in a Tweet on June 24th to move their funds immediately. There is roughly $10 million in USD that needs to be moved from the old vault to the new one.
Although it may be a hassle for anyone having to move funds over, the new CAKE vault on Beefy looks much more rewarding for users. The new CAKE vault, according to Beefy Finance’s Tweet, comes loaded with benefits. The upgraded vault will come with 77% lower fees, no middleman, and 8,760 annual compounds.
APY Numbers Skyrocket with New Vault
The current APY for the new CAKE vault is 111.4%. The new CAKE vault upgrade follows an action-packed week for Beefy Finance and PancakeSwap, as BeefCake Week just recently came to an end. As the crypto market has taken a bit of a tumble, Beefy Finance continues their push to bring the best offerings to their community. Their constant effort to bring better services and user benefits showcase their hard-earned loyalty from their consumer base. Hopefully the momentum continues, providing more powerful user benefits to the crypto community.
What is Beefy Finance?
Beefy Finance is a cross-chain yield farming aggregator on Binance Smart Chain, HECO, Polygon, Fantom, and Avalanche blockchain that helps investors to grow their crops automatically through its automated vault strategies.
What is PancakeSwap?
PancakeSwap is the leading DEX on Binance Smart Chain (BSC), with the highest trading volumes in the market. Because it is BSC-based, PancakeSwap runs on a blockchain with much lower transaction costs than Ethereum or Bitcoin. As a result, trading fees are lower than other top decentralized exchanges, and the protocol offers a secure place to farm yields thanks to their Syrup pools.
Source : bsc.news
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