Beefy Finance achieves a notable milestone in a stagnating market, only bolstering the achievement.
Beefy Finance ($BIFI) has now over 100,000 unique total users according to some recent data tracking. DeBank, a Decentralized Finance (DEX) portfolio and data tracking protocol, were vital in helping Beefy Finance discover their total unique user count. The massive achievement was told to the Beefy Finance community on July 8th via a Twitter post.
What’s remarkable is Beefy Finance eclipsed and surpassed 100,000 unique users on their platform in a stagnating market. Beefy Finance’s user growth achievement was most likely helped by their recent multi chain expansions among other catalysts that have added to the platform’s growth.
Catalyst 1: Partnerships and Expansion
There are a couple potential catalysts that have definitely helped fuel Beefy Finance’s spike in user growth. The first catalyst believed to have helped Beefy Finance’s growth is their recent partnership with Pangolin which happened in late June.
The partnership between Beefy and Pangolin showed signs of Beefy’s commitment to providing high yielding liquidity vaults across multi chain dApps. Beefy Finance currently hosts 5 major blockchain networks, including the Binance Smart Chain, HECO, Avalanche, Polygon, and Fantom. Pangolin is the largest decentralized exchange (DEX) on Avalanche.
Beefy Finance, by bringing aboard powerful and massive projects to their platform from different blockchain networks, continues to add value for old users as well as incentivizes new users to come to the platform to take advantage of high yields.
Catalyst 2: The Highest APYs in Town
The other catalyst that has ignited Beefy’s user growth is perhaps more of a pattern of continued higher APYs found only in Beefy vaults. On July 7th, Beefy Finance continued their pattern of offering all prospective users some of the highest APYs for big tokens, including CAKE, WBTC/renBTC, and aTriCrypto.
With much higher APYs on popular tokens than other protocols, it becomes clear why Beefy Finance’s user base is growing. The value proposition they offer is hard to beat. If Beefy continues to expand across different networks, establish partnerships and offer the highest APYs around, they should have no problem continuing their user growth.
With the market as a whole resting in a consolidation period, investors and users may experience a big shift either up or down in price action across the crypto market. One thing, however, is for certain and that’s Beefy Finance’s achievement is fantastic news for the protocol.
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.
Source : bsc.news
Founded in 2020, BSCNews is the leading media platform covering decentralized finance (DeFi) on the Binance Smart Chain (BSC). We cover a wide range of blockchain news revolving mainly around the DeFi sector of the crypto markets. BSCNews aims to inform, educate and share information with the global investment community through our website, social media, newsletters, podcasts, research, and live ask me anything (AMA). Our content reaches hundreds of thousands of global investors who are active in the BSC DeFi space.