New $CAKE vaults, and some Syrup on top.
Community Update #6
Get some more $SYRUP on that $CAKE sir!
Hi Cowmmunity 🐄🔥
We keep working on developing strategies that will make your yield farming and compounding life easier. We’re releasing now the $CAKE vaults. This will allow you to stake the $CAKE token in one of the available vaults: $TWT, $INJ and $CKT to receive more $CAKE than you would by manually farming.
The idea behind our strategies has always been to grow in a solid way, that’s why we’ve chosen Pancakeswap as our next round of development. The team is solid, and the project will continue growing.
Since a lot of people in the cowmmunity 🐄 asked for it, we’ve made many upgrades to the UI. One of them was to add daily reward metrics, to showcase more specific data. We are also working on a dashboard that will track all of the Vaults information.
How do the new strategies work?🚀
1- You stake $CAKE in one of the three vaults currently available: $TWT, $INJ or $CTK.
2- In return, beefy.finance will give you a new token, corresponding with the shares in the pool you now own: mooCakeTWT, mooCakeINJ or mooCakeCTK respectively.
3- The strategy will now deposit the received $CAKE into the MasterChef of $CAKE and receives $SYRUP. Something you would normally do manually here.
4- That $SYRUP is now staked in the corresponding SyrupPool, which you’d normally do manually here.
5- The Cowllector bot now checks the optimal time to automatically call harvest(). Some of the variables it takes into account are TVL, token prices and others. You can go over this strat manually, but the job of beefy.finance is to compound your funds at optimal times to get better APYs without needing your intervention.
6- The harvest() will retrieve the $CAKE and $SYRUP that we´ve farmed during this time.
7- The $SYRUP token is sold for $CAKE, distributing the corresponding % of the profits to $BIFI holders, and the rest is re invested.
8- The $CAKE received is re staked in the MasterChef contract, and the $SYRUP are re staked in the SyrupPool
9- All of this process happens without a need for your intervention, automatically and EASY!
We´d also like to showcase the new and improved Gitbook , where you can find more specific information about every aspect of the Beefy.finance world. Special thanks to SpittingNickels and RoastyB for the work here.
Come check the new vaults here! And let the CowChef do the heavy cooking for you!
Community🐄
Twitter: https://twitter.com/beefyfinance
Discord: https://discord.gg/PZGeS2E
Website: https://beefy.finance/
Github: https://github.com/beefyfinance
Telegram: https://t.me/beefyfinance
