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Several reasons that have made the protocol soar to remarkable heights were the integration of the project along with Terra’s recent collapse.
The volatility that the crypto market space has seen has gone two ways; on one side, it has seen newer investors stepping into the space, while on the other hand, many of them were raising questions about the reliability of cryptocurrencies after facing heavy losses. But as the experts or the people who have known the market for a long time believe that there is always a silver lining in every bear trend. The recent dip that resulted from the after-effects of Terra’s stablecoin UST collapse has brought carnage to the crypto market. Still, a couple of crypto projects somehow appeared to capitalize consistently.
One of such projects of Beefy Finance (BIFI) that after hitting its low of about $387.8 on 14th May. BIFI managed to hit a daily high of about $1,040, which was raised by about 168.13% on 16th May, while its 24-hour trading volume after made a high of 684%. This sudden spike could have been followed by three reasons for inactivity for BIFI that includes an increase in available options liquidity pool for yield farming, a whole new integration with privacy enabled blockchain platform, Oasis network, and launching 12 vaults.
Following the collapse of Terra (LUNA), its stable coin UST and the yield of 20% that is offered on Anchor Protocol (ANC) for UST deposits has opened the gateways for Beefy Finance-like protocols to capture users and funds to provide them a safe passage. The protocol has taken advantage of the opportunity by several stablecoin vaults upgradation in order to offer higher yields, including the liquidity pool of Curve stablecoin on Arbitrum that offers a yield upto 34.9%. The platform has also gone on for integration of USDD stablecoin of Tron network, and depositors can earn about 62.5% APY on the USDD/BUSD/USDT/USDC comprised quad stablecoin pool.
As there is slow progress seen in the cryptocurrency ecosystem towards a future that consists of multi-chain features, Beefy Finance also has benefitted from the network’s list expansion that is supported by the protocol and the most recent addition of Oasis Network that brings the total supported chains numbers supported to about 15.
The integration that made Beefy Finance with Oasis Network one of the most DeFi protocols that are most cross-chain compatible in the ecosystem and also included the support for several most active blockchains, including Ethereum (ETH), BNB Smart Chain (BNB), Avalanche (AVAX), Polygon (MATIC) and Fantom (FTM).
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
