If you’re a Beefy OG or early investor, you’ll certainly know about our roots on BNB Chain. From our launch in September 2020, we’ve come a long way and now operate across 14 different blockchains. However, we never forget where it all started and BNB Chain’s importance in our journey.
In crypto terms, 2020 feels like decades ago. So for OGs and newcomers alike, let’s take a trip down memory lane and see where everyone’s favorite yield optimizer began.
Back in September 2020, the options when it came to secure blockchains with developed ecosystems were slim. DeFi’s most popular chain, Ethereum, was simply unusable for the average user. Investors found it difficult to stake their funds on Ethereum due to its high gas fees and slow transaction times.
This was especially so for yield farming, where regular harvesting incurs a high cost. For Beefy, a network was needed that was cheap to use, had a growing community, and could provide a suitable yield farming environment.
Luckily for Beefy, BNB Chain had also launched that same month, and its rising popularity and potential were easy to see. With BNB Chain providing an Ethereum Virtual Machine compatible experience, it was easy to transfer over coding skills and smart contract experience. In essence, BNB Chain provided a familiar home for many of the Beefy devs with the benefits of cheap gas.
BNB Chain still plays an important role in Beefy today. There’s a huge range of Vaults to invest in on BNB Chain, and you can purchase BEP-20 $BIFI to share in the platform’s profits. Over $170,000,000 (USD) is staked in TVL on the network, making it still one of Beefy’s most popular chains for investors.
So next time you stake your $BIFI and share in the network’s revenue, don’t forget a good share of that come’s from BNB Chain.
BNB Chain was an essential springboard for the huge growth seen by Beefy. With its large community hungry for more DeFi goodness, it’s also a place where we can continue to develop. BNB Chain’s official community offers regular opportunities for support, so that’s where we’re headed next.
We’re also taking the time to redesign exactly how our Vaults interact and work with PancakeSwap. This couldn’t be better timing, as we expect a resurgence of BNB Chain projects as our partnerships grow stronger.
After winning Most Valuable Builder in 2021, the sky’s the limit when it comes to official BNB Chain collaboration. Our roots are important to us for the future, and without them, we’d have no feet to stand on.