Some $BIFI 🐄 news — Beefy.finance

Community update #1 -Governance Pools and Selected Tokens

Hi fellow beefy friends,

In this post, we’re announcing more information about the pools that´ll be available for staking at launch. We believe there is no better time to ignite the Binance Smart Chain ecosystem. At the moment, the Ethereum network is heavily congested due mainly to $UNI token release, making the yields less and less attractive to non-whale investors. Meanwhile the BSC powers on with, 3 seconds blocks, complete code compatibility and cheap transaction cost. Making congestion almost impossible, but we still have many things to build to grow this new place.

We are also announcing our new ticker symbol $BIFI. A lot of people in the groups felt it was closer to what we´re doing so we listened.

$BIFI distribution:

The act of giving governance tokens during this period serves two main purposes.

1. Incentivize community members that are aligned with the project to receive a voice in the protocol, and the future of the project. The Beefy ecosystem will be controlled by $BIFI token holders who submit and vote on proposals that govern the ecosystem. Our main goal is to build a strong and active community which helps us grow the protocol in the right direction.
2. Second, with the pools, we´re looking to incentivize solid projects developing the tools that we need in order to have a successful ecosystem, and allow us to get better yield opportunities. As you know, Beefy protocol is a yield optimizer, so as the Binance Smart Chain DeFi ecosystem grows, there will be more yield opportunities for us to build our strategies upon.

It’s fair to say that if you are looking for high yield pools, this might not be the place to look for at the moment. Although we´re building automatic and efficient yield strategies to be presented in the short term, this is not the goal of the upcoming release.

As we just described, the point of the pools is to distribute fairly our governance token, which if we thrive as a strong community and protocol, could have significant economic value in the near future. We look forward to collaborating with all of you to build an amazing ecosystem.

The initial pools, and token allocation will be:

• Pool 1: LINK — 14.000 $BIFI
• Pool 2: CREAM — 14.000 $BIFI
• Pool 3: WBNB — 14.000 $BIFI
• Pool 4: ETH — 14.000 $BIFI
• Pool 5: LP BSCSWAP (BNB-BUSD) — 8.000 $BIFI
• Pool 6: LP BSCSWAP (BNB-SPARTA) — 8.000 $BIFI

The idea behind the pools is to:

Pool 1 ($LINK): We want to incentivize $LINK liquidity in BSC. We want to help grow a healthy oracle ecosystem to use in our strategies.

Pool 2 ($CREAM): Solid lending project that started in the ETH ecosystem but is showing interest in growing in BSC too. Lending platforms are core infrastructure that can help increase the yield of our strategies.

Pool 3 ($wBNB): Lots of DEFI and our strats won’t deal with the native BNB asset directly but use the wrapped version. Incentivising more wBNB to be minted is good for the ecosystem.

Pool 4 ($ETH): By bringing more ETH into the BSC ecosystem, we can give people the chance to maintain their exposure to ETH, but take part in a much more affordable DeFi experience.

Pool 5 ($BNB-$BUSD): Being able to swap in a decentralized manner in and out of a solid stable coin with little slippage is central for some of our possible strategies.

Pool 6 ($BNB-$Sparta): Sparta seems like a serious project that wants to build platforms that would be useful for our strategies. From a synthetic asset platform, to lending and more.

We chose to accept the LP pairs from BSCSwap because it seems like one of the most solid AMMs currently running on Binance Smart Chain.

The pool algorithm uses a linear approach that calculates the amount of pool liquidity, your shares in the pool and the amount of time it´s been staked to give the rewards.

But we’re inviting anyone interested to join our discord if they have other proposals that you want to see. We’ll present the contracts soon, so it´s important to make suggestions now.

Launch date for the staking process to begin is: Tuesday 22nd of September, at 4:00 pm on GMT.

Token distribution:

There’s a maximum of 80.000 $BIFI tokens available, the supply is capped and there will never be more.
All the community tokens will be distributed in a 2 month period, and there won’t be any more to mint. The team will receive 8000 $BIFI tokens vested in a 2 year period. Split equally between 4 stages, first one is 2 weeks after pool launch and then 3, 9 and 21 months after the first event.

Blockchain and smart contracts give us the opportunity for anyone to audit the code. That’s why, you will be able to check all of this, including the timelock contracts for the team members in the community update tomorrow. This update will be a step by step audit for any non highly technical user to verify the contracts.

Here´s a little preview of the staking site that´ll be up and ready for the start of staking! We´re looking to bring quality, not only on the contracts, code and security, but with design as well.

Community 🔥

We are hoping to grow a thriving community to help build and govern the project. Come say hi!

Twitter: https://twitter.com/beefyfinance

Discord: https://discord.gg/yq8wfHd

Website: https://beefy.finance/

Github: https://github.com/beefyfinance

Telegram: https://t.me/beefyfinance