Beefy

Halal Rating :
Comfortable
Last Price $356.71 Last updated:
Rank 865
1D Change 4.44 %
Market Cap $28.54m
Circulating supply 80,000
Maximum supply 80,000
Crypto Overview Crypto Impact

Crypto Overview

Categories
  • DeFi
  • Yield Farming
  • Yield Aggregator
  • Governance
  • HECO Ecosystem
  • Avalanche Ecosystem
  • Polygon Ecosystem
  • Fantom Ecosystem
  • Arbitrum Ecosystem
  • Moonriver Ecosystem
  • BNB Chain
  • Optimism Ecosystem

Purpose and Utility

Beefy (BIFI) is a Decentralized Finance (DeFi) yield optimizer platform that operates across multiple blockchains. The BIFI token serves as a governance token that allows holders to participate in protocol decisions and receive a share of protocol revenues.

Business Model

Beefy's core function is to automate yield farming strategies by continuously compounding rewards from various DeFi protocols. The protocol earns fees from this service, which are distributed to BIFI token holders. The protocol itself doesn't engage in lending or borrowing, but rather optimizes yields from various DeFi protocols.

Real-World Adoption

As of 2024, Beefy operates on multiple blockchains including BNB Chain, Polygon, Arbitrum, and others. The platform consistently maintains significant Total Value Locked (TVL) across these networks, indicating active usage of the protocol.

Platform Development

The project maintains active development with regular updates to its smart contracts and user interface. The team consistently adds new vaults and optimization strategies while maintaining security standards.

Token Distribution

BIFI has a fixed supply of 80,000 tokens. The token distribution includes allocations for the development team and early investors, but with transparent vesting schedules.

Crypto Impact

To assign a comfort level investing in Beefy from a halal perspective we need to determine whether it has a net positive or negative impact.

Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to Beefy.

If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.

We will review your contribution for accuracy before publication.

Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.

You only have one vote per asset so use it wisely.

You can change your vote if you change your mind.

Contribute