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Beefy deploys its first Vaults on Optimism

June 27, 2022

optimism

Beefy is back with a fresh batch of Vaults for all fans of Ethereum scaling solutions. You’ll now be able to earn on Optimism, an optimistic rollup Layer 2 network. With 16 Vaults to stake in and a simple Optimism Bridge to use, you can get started in no time.

What is Optimism?

Optimism is an Ethereum Layer 2 blockchain that provides a scaling solution for DApps and transactions. It uses optimistic rollups where multiple transactions are bundled together and settled on the main Ethereum blockchain. Each transaction is automatically assumed to be valid, streamlining the process.

Validators have a week to flag any rollup if they believe it contains invalid transactions. For the user, Optimism reduces gas fees and provides a quicker alternative than dealing directly with Ethereum.

How Optimism governance works

The Optimism Collective and Optimism Foundation work together in funding projects and public goods through Optimism’s governance mechanism. Holders of the ERC-20 OP token gain voting rights on proposals, and the token will be airdropped to addresses that have engaged in positive community behavior.

The Optimism Collective has two chambers: the Citizens’ House and the Token House. Members of the Citizens’ House have soulbound membership established by a non-transferable NFT. Becoming a member is determined by the Foundation and Token House (made up of OP token holders).

What Optimism Vaults are available?

We deployed on the rollup the 27 of June with 5 Beethoven-X vaults

vaults 1

and in only 11 days later we currently sitting at 18 different vaults for you to earn compounded interests in your deposits. From Velodrome to Curve, your best earning opportunities are in Beefy.

How to bridge funds to Optimism

To stake in Beefy’s Optimism Vaults, you’ll need to either purchase Optimism tokens or use the Optimism Bridge. The Optimism Bridge works as an aggregator, combining multiple bridging services. This allows Optimism Bridge to offer the widest range of tokens for bridging if it can't natively bridge the asset itself.

To use the Bridge, first, connect your wallet.

screenshot 2022 06 24 at 17 08 00

In the “From” section, you can choose the network and token you want to bridge. In this case, we’re bridging ether (ERC-20) to Optimism. Simply enter the amount you want to bridge and then confirm the swap.

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For networks that Optimism doesn’t support, you’ll need to pick from an alternative bridge. You can see the options below for BNB Smart Chain bridging.

opt1

Why Beefy chose Optimism

We consider a good amount of things before deploying on a new chain, and Optimism has a few traits that stand out in particular. The rollup has a strong orientation to build public goods, creating a thriving and valuable ecosystem. It’s also heavily governed by its users due to the OP airdrop that put the blockchain partly in their hands. Finally, we have a lot of friends there. Many of the projects we’ve already partnered with now have a presence on Optimism, and we’re here to join the party!

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