CAKE Upgrade — 77% Less Fees
User Action Required
We just launched our new CAKE vault. Beefy’s new pure CAKE vault has lower fees and higher earnings.
This article explains the steps you need to take in order to start earning from the new CAKE vault on app.beefy.finance. If you have your CAKE in our Smart Cake, Cake Swamp or Cake Auto vaults then you have one week to move them to our new vault.
Your funds are SAFU throughout. However from today, June 14 you will no longer be able to deposit into those three vaults, and from June 21 any CAKE left in our Smart Cake, Cake Swamp or Cake Auto vaults will no longer earn interest.
You can already move them today, and you will still be able to move them after those old vaults stop earning on June 21.
What is the new pure CAKE Vault all about?
The new Beefy Finance pure CAKE Vault, simply called CAKE on the platform, has 77% less fees than our old vaults.
Lower fees means more compounding for your CAKE, and higher returns than any other stake CAKE, earn CAKE vault on the planet.
Not only that, but the new pure CAKE vault is a lot safer. We have removed all the middlemen platforms between our vault and PancakeSwap itself. This means less smart contract risk, less chance of partner error and more security for your assets.
With our new Pure CAKE vault: you stake CAKE, and you earn CAKE direct from PancakeSwap.
The new fee structure for Beefy’s pure CAKE vault
- 0% deposit fee
- 0% withdrawal fee
- 0% call fee
- 0% treasury fee
- 0% strategist fee
The performance fee, that goes directly to BIFI Maxi stakers, has been reduced from 3% to 1% as well.
As the new pure CAKE vault on Beefy removes middlemen platforms like Autofarm and SwampFinance, there will also be noticeable increase in revenue for Smart Chain Beefy. This will increase the APY for those who stake their BIFI in the BIFI Maxi vault on BSC.
What do I need to do
If you’ve never auto-compounded your CAKE with Beefy Finance before then the steps are simple. Deposit your CAKE into the new CAKE vault on app.beefy.finance and enjoy the high APY and low fees.
If you are in any of the following three CAKE vaults then you need to take some additional action:
Monday 14 June
- New deposits for these old vaults are now stopped
- Your CAKE continues earning interest until Monday 21 June
- You can move your CAKE at any time to the new pure CAKE vault
Monday 21 June
- Old CAKE vaults will be fully retired
- If you leave CAKE in the old vaults after 21 June, you will no longer earn interest on your CAKE.
- You can withdraw from the old vaults at any time, even after 21 June
