The SmartCake vault is live!🔥
Smart and Upgradeable
Hello Moofians 🐄
Given this release being an important milestone for the protocol, and likely many questions will arise, we wanted to give a quick update and explanation about it. Considering that a lot of events have pass in the last few days, a longer format Community Update will be released soon, wrapping all the developments since the last update
As we’ve said before, Beefy started from the least complex farming, and has grown in complexity and APY with time. In pursuit of having highly efficient automated Vaults, we are happy to announce the release of the new SmartCake vault.
Why Smart?
The new $CAKE strategy will farm the cake community or core pool with the highest APY. This is a big step towards more complex strategies and providing a highly valuable platform to the end user.
How does it work?👀
The Strategy starts with a set of whitelisted pools, which are the current live pools. Then, the strategy can switch freely between the whitelisted pools. To do so, the harvester sends a poolId, when harvesting, to select the next pool to put the $CAKE to work. The harvester finds the pool with the highest APY based on the price of the farmed tokens and how much $CAKE the different pools have staked.
It also has a mechanism to add new pools, using a “Delayed Upgrade” giving 48h for users to verify the pool. Once those 48h pass, the new pool is added to the whitelist and the harvester can use the new pool to farm.
This means that you can deposit your CAKE in the vault and forget about them for months, knowing that they will keep farming the most profitable pools.
SmartCake is Upgradeable
In the past two #citadel community meetings, there has been a feature that has been consistently requested:
Being able to upgrade a vault, or change the underlying strategy without everyone having to withdraw and redeposit.
We’ve developed this functionality and it’s now part of our new BeefyVaultV2 contracts. The $CAKE SmartVault is the first of many to use the new upgradeable vaults.
Upgrading strats also follow the “Delayed Upgrade” pattern. This allows community members to audit the incoming strategies. The delay before approval of SmartCake is 48hs.
This will greatly increase the lifespan of any vault. For example, imagine that in the next 6 months, a better way to farm using CAKE appears. SmartCake can stop farming SyrupPools and go farm the newer and more profitable opportunity. All of this without users having to move their funds.
As always, we’re committed to creating great products that make your defi life easier. Please join our community and propose feedback, improvements and things you’d like to see.
Cowmmunity🐄
Twitter: https://twitter.com/beefyfinance
Discord: https://discord.gg/PZGeS2E
Website: https://beefy.finance/
Github: https://github.com/beefyfinance
Telegram: https://t.me/beefyfinance
