The Binance Smart Chain yield aggregator is making strides again, elaborating on its unique revenue-sharing model to reward its community.
Decentralized Investment Just Got Smarter
The innovative DeFi platform that allows its users to make passive income without the rigours of conventional DeFi has in a recent tweet announced its unique revenue sharing. This strategy aims to decrease friction in investment growth by what it calls a ‘financial flywheel,’ a set of continuously improving sets of repeatable tactical action.
This is achieved by using the platform fees that has been factored into the Annual Percentage Yield (APY) to buy $BIFI tokens from the open market daily as a reward for community participants that have staked in Beefy Maxi Vault. Here the users that have staked will receive their daily revenue in the form of non-inflationary dividend token and additional market buy backs, utilised from part of the platform fees.
This gives better value as the tokenomics are built in to further reward Beefy Maxi Vault’s contributors in a sustainable and efficient manner. Beefy.Finance is available on multiple chains and they are the Binance Smart Chain, Houbi Eco Chain (HECO), Avalanche, Polygon and Fantom.
Platform Governance and Tokenomics
The strategy deployed here is an attractive one. $BIFI has been introduced as a non-inflationary fully distributed token that allows the participants to share a piece of the pie, from fees collected through the platform. The current APY at the time of writing is 11.68% which can be earned by staking in the Maxi vault.
$BIFi is a token that plays a dual role. Owning $BIFI allows for participation in the platform governance as well as earning staking rewards.
Token holders of $BIFI can create and vote on proposals to the platform which is central to its system of governance. Here the users do not have to unstake to partake in the voting process without the need to default the incentives. What makes the token non-inflationary is the concept of a fixed supply. A total of 80,000 tokens are minted with 72,000 tokens supplied to the community with 8,000 locked for the founding team. The current value of the $BIFI token stands at $1,104.22.
Functionality of the BIFI Maxi Vault
Users instead of staking their $BIFI in the Reward Pool can choose to do it in the Maxi vault. Staking in the Reward Pool will entitle the participant to earn in wBNB but Maxi vault’s reward is paid in $BIFI token with the aim of allowing users that wish to convert and compound their share in the protocol’s revenue into more $BIFI tokens.
Community Participation is Key
The success of any DeFi project is dependent on its community. Active and constant engagement by the vested parties, especially the token holders is key. Therefore the framework of governance and incentives offered in this innovative design will be an attractive feature.
Source : bsc.news
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