BiFarmsnetwork is Yield Farming protocol for Decentralized Finance Application.
What is BiFARMSNETWORK?
bifarmsnetwork is a Decentralized, Multi-Chain Yield Optimizer platform that allows its users to earn compound interest on their crypto holdings.
Through a set of investment strategies secured and enforced by smart contracts, BiFarmsnetwork automatically maximizes the user rewards from various liquidity pools (LPs), automated market making (AMM) projects, and other yield farming opportunities in the DeFi ecosystem.
The main product offered by BiFarmsnetwork are the ‘Vaults’ in which you stake your crypto tokens. The investment strategy tied to the specific vault will automatically increase your deposited token amount by compounding arbitrary yield farm reward tokens back into your initially deposited asset. Despite the name ‘Vault’ suggests, your funds are never locked in any vault on BiFARMS network: you can always withdraw at any moment in time.
DeFi applications are unique in the sense that they are permission less and trustless, meaning that anyone with a supported wallet can interact with them without the need for a trusted middleman. While you have funds staked in a vault, you remain 100% in control of your crypto.
What is $BFS?
$BFS tokens are ‘dividend-eligible’ revenue shares in BiFarmsnetwork, through which holders earn profits generated by BiFARMS network and are entitled to vote on important platform decisions.
For all the vaults deployed on every blockchain, BiFarmsnetwork has its native governance token $BFS at its core. Platform revenue is generated from a small percentage of all the vault profits and distributed back to those who stake $BFS.
The revenue sharing mechanics entail you can stake $BFS to either earn more $BFS in a BFS Vault, or earn $ETH, $BNB, $FTM, $MATIC, $AVAX, $HT, $ONE, $CELO or $MOVR in the native staking pools.
Introduction to BiFARMSNETWORK
BiFarmsnetwork is a Decentralized Finance (DeFi) Yield Optimizer project, that allows its users to make more crypto with crypto. DeFi applications are unique in the sense that they are permission less and trustless, meaning that anyone with a supported wallet can interact with them without the need for a trusted middlemen. BiFARMS caters its users by making it easy to get a yield on their crypto capital in a safe and decentralized manner. Through a set of smart contracts and several investment strategies, BiFARMS automatically maximizes the user rewards from various liquidity pools (LPs), automated market making (AMM) projects, and other yield farming opportunities in the DeFi ecosystem. This provides a huge advantage over attempting to do this manually yourself. BiFARMS up those yields!
The project consists of highly experts team from finance background, directly inspired by the yield optimization projects that had been developed on the Ethereum network. As a team that has been part of the crypto world for many years, we are strong proponents of “Don’t Trust, Verify”. This is why data such as our governance token distribution contracts are open for anyone to verify that everything will work as intended. We are committed to this idea of radical transparency, which is especially important in nascent ecosystems like Decentralized Finance.
BiFarmsnetwork offers complex strategies that are simple and intuitive for any investor to take part in through the vault offerings on the platform. With the inherent advantage of speed and low fees with Binance Smart Chain, the team is exploring new methods of optimizing automation to secure the largest yields available. Upon initial deployment on the Binance Smart Chain, BiFARMS will later expand on other blockchains such as the Huobi Eco Chain (HECO) and Avalanche.
From all of the vaults deploy on every blockchain, BiFarmsnetwork has its native governance token $BFS at its core. Platform revenue is generated from a small percentage of all the vault profits and distributed back to those who stake $BFS. As a decentralized project with a deeply ingrained crypto-mindset, there is also a robust governance system in place to put the decision-making power in the hands of those invested in the project by governance mechanisms build around $BFS.
What makes BiFARMSNETWORK unique?
There are a few key reasons as to why BiFarmsnetwork differs from a large number of Yield Optimizers out there today.
- BiFarmsnetwork largely distributes platform revenue back to those who stake $BFS. With $BFS, you essentially hold a dividend-eligible ‘company’ share.
2. BiFarmsnetwork has expert smart contract developer and financial advisors who carefully test and review our vaults, investment strategies, new platforms and smart contracts before releasing them to the public. BiFARMS is also actively encouraging developers to participate and engage to make BiFARMS an even better product.
3. BiFarmsnetwork is flexible and operates on more than one blockchain.
4. Given enough eyeballs, all bugs are shallow. The more widely available the source code is for public testing, scrutiny, and experimentation, the more rapidly all forms of bugs will be discovered. This is a key BiFarmsnetwork principle.
5. BiFarmsnetwork offers unique strategies that other yield optimizers simply do not have. This includes liquidity pool pairs that you can find only on the BiFarmsnetwork platform.
How to Optimize Yield On A Fast Chain
Yield optimizers on fast blockchains, such as the Binance Smart Chain, present a different set of problems, challenges and opportunities. While on Ethereum, where gas fees are high, it makes sense to focus on gas savings, and pooling funds to deploy strategies. Working on the Binance Smart Chain, where the fees are far smaller, the focus moves to optimizing automation to secure the greatest yields with less concern for the amount of interactions necessary to constantly improve a moving APY. The doors open up to more complex strategies and frequent rebalances.
With this automatization, we can provide a simple way for investors to interact with pools, projects, and other yield opportunities without having to constantly make decisions and take manual actions. We see this as a necessary step to leveling the playing field, allowing small investors to have access to the same opportunities that so far only whales and full-time yield-farmers on Ethereum have had access to.
Building within Binance Smart Chain’s open ecosystem, with its connection to the Binance infrastructure, removes far more constraints than just high fees. Our goal is to lead a phase of open experimentation that will bring yummy stakes to your table.
Our long term goal is to help projects in DeFi grow together, providing help with auditing, creating hackathons for interesting strategies to add to the platform, etc. All of this will be coordinated decentralized by the community and the holders of the governance token $BFS.