Launched in 2020, Beefy.Finance (BIFI) is a protocol for optimizing revenue from yield farming on the Binance Smart Chain. In today’s review, we will briefly tell you what kind of project this is, why BIFI quotes have grown so rapidly in just a year, and where to buy or sell an asset.
What is Beefy (BIFI)?
Beefy Finance is a tool for optimizing profitability on the Вinance Smart Chain. The main task is focused on automation to ensure the greatest profitability with the minimum number of interactions. BIFI token for decentralized project management, has a limited issue of 80 thousand coins.
The essence of interaction is the creation and use of Vaults. Vault is an investment tool that uses a specific set of strategies to automate the best available opportunities for profitable farming. Any member of the community can create strategies, and then submit them to the public court for voting. Vaults’ liquidity can be expressed in any assets. Working with vaults allows you to save on fees, maintain a normal ratio of collateral to debt, automatically reinvest profits and optimize for optimal profitability. Beefy strategies are modular smart contracts that notify repositories which assets to process and where to sell them. The received rewards are regularly collected, exchanged for the initial asset of the repository and deposited again for complex farming.
Why should I trade Beefy?
There are several reasons why you should look at BIFI as at the profitable trading tool:
- BIFI quotes are growing rapidly, in just a year the value of the coin has reached about $845.
- In mid-March, the project showed rapid growth and the record cost was $3,620. The chart shows that BIFI, like any asset, is very volatile, now the price has fallen, after which a sharp rise is expected.
- The BIFI issue is extremely limited and is only 80,000. Thanks to this restriction, the value of coins will grow rapidly.
The Beefy project has been steadily growing in price since its launch in 2020. As of July 26, 2021, the value of one coin is $850.75. The market capitalization of the asset is $61,254,076. The maximum value of Beefy was fixed on March 16, 2021, when the price was $3,620. The minimum value was at the beginning of the project launch.
Where to trade Beefy?
In addition to the constant leader Binance, there are a number of platforms that differ in their advantages:
- Bitmart – fees for trading operations are divided into Maker and Taker and amount to 0.1% and 0.2%, respectively.
- Hotbit – exchange has high liquidity, the list of trading pairs is constantly updated, one of the undoubted advantages is an intuitive interface.
- 7b – an application for your smartphone that supports all cryptocurrencies that have been listed on Binance. More than 2000 trading pairs at the best price and with a low fee for transaction.
How to trade Beefy using the 7b crypto broker app?
The 7b team took care of the unhindered trading of more than 2000 crypto assets. On 7b, you will find the best prices on the crypto market, a simple interface, as well as convenient trading tools. In order to place an order through a 7b broker, use the instructions below:
- Create an account on 7b.
- Transfer the cryptocurrency to your balance.
- Use the search icon to quickly search for BIFI.
- Specify how many coins you want to sell or buy.
- Click “Buy” to place a market order.
- Soon your funds will be transferred to the 7b account.
Where to exchange BIFI?
To date, the types of services for BIFI exchange are quite limited. There is no way to exchange an asset using exchangers. However, BIFI is represented on many crypto exchanges (CEX and DEX), and brokers. In order to choose the service that suits you, take a look at the main characteristics of each:
|Many options of cryptocurrencies||They are difficult to understand for users without experience|
|The fees are lower than those of the broker|
|A large selection of exchange pairs||Fees for the operation of the service|
|User-friendly and simple interface|
In addition to the centralized exchanges that were given in the previous section, it is worth mentioning decentralized exchanges where you can exchange BIFI:
- 1inch Exchange – the resource scans the sites of different DEX and provides important information for investors. It allows you to exchange cryptocurrencies extremely quickly and safely.
- ComethSwap – a Layer 2 DEX that allows you to exchange many crypto assets instantly and with low fees.
- QuickSwap – DEX, based on the Ethereum blockchain, uses a Layer 2 solution. Provides fast and cheap transactions.
What to know before exchanging Beefy?
Before making a swap, we advise you to perform the following actions:
- Check the fee charged for the exchange.
- Check whether the correct cryptocurrency exchange rate is specified.
- Learn how to protect your funds.
- Find out the speed of transaction processing on a particular platform.
- Check whether it is easy for you to work with the service and whether the work does not cause any questions.
- Using DEX, double-check the entered wallet address.
How to buy Beefy for fiat?
If you are interested in the project and you want to invest fiat currency in the purchase of BIFI, you have only one way. Directly, it is not yet possible to buy BIFI for fiat. You will have to first use the service of the exchange or the fiat gateway to buy, for example, USD/BTC. Then you can exchange BTC for BIFI using the methods listed in the article.
Beefy use cases
BIFI is a native token of the project that ensures the operation of the network, and has an extremely limited issue of 80,000 coins. There are the following options for using BIFI:
- Effective promotion of token holders. Token holders can take part in resolving issues of project development, vote for amendments, and so on.
- Using the token as an investment. Since the cost of BIFI is growing, and the number of coins is decreasing, this is a profitable investment decision.
Is Beefy a good investment?
Yes, the Beefy crypto project is currently an excellent investment, of any duration. In just a year, BIFI showed excellent growth and in mid-March reached the $3,620 price. Now the price has stabilized, however, judging by the trend, it is waiting for another increase, largely due to extremely limited emission.
How do I invest in Beefy?
If you are going to invest in BIFI using the services of a crypto exchanger, you can use the CoinMarketCap rating. The exchanges in its rating are evaluated according to the most basic and important criteria: liquidity, traffic, and more. To purchase BIFI, create an account (it is better to verify it for greater security), top up your balance (some exchangers support credit and debit card payments), select BIFI and click buy.
How to trade BIFI for beginners?
Evaluate the value of the asset in retrospect to choose the right moment of entry. Set the exact support and resistance levels, it is extremely important to carefully analyze the price chart (for example, on TradingView). For spot trading on 7b, select a pair to exchange, for example, BTC/BIFI, enter how much you want to sell or buy, place a market order through a 7b broker, wait for funds to arrive on your account.
What is Beefy Blockchain?
Beefy (BIFI) is a platform for improving the profitability of yield farming launched on Binance Smart Chain. The project uses the Vaults strategies that allows you to automate the best available opportunities for profitable farming.
How safe is Beefy
Beefy and it’s native token (Bifi) is audited by DeFiYield and Certik. In addition, Beefy is built on Binance Smart Chain. In sum, all the facts mentioned above, guarantee the safety and secure of BiFi as a platform and a crypto asset.
How do I exchange Bitcoin to Beefy?
Step 1. Log in to your crypto exchange account
Step 2. Search BIFI/BTC exchange pair
Step 3. Enter the necessary amount of BIFI
Step 4. Confirm the exchange operation
Step 5. Receive BIFI
How do I invest in Beefy?
To invest in Beefy you first need to buy BTC or USDT, afterwards you should exchange your cryptocurrency on BIFI either via exchange platform, such as ChangeNOW or Coinbase, or via a broker, such as 7b crypto broker app.