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Beefy Helps Grow the Optimism Community With a 650,000 OP Grant

October 12, 2022

Wednesday, October 12, 2022 – After a successful proposal for an Optimism grant, Beefy has begun to distribute 650,000 OP in boosts to selected Vaults, farms, and contributors. The incentives will help develop and support the Optimism ecosystem while also introducing it to Beefy’s users and vice versa.

Beefy and Optimism plan to create constructive partnerships with Optimism protocols that benefit all stakeholders. The grant will help grow Optimism’s user base and ultimately show them the unique products and offers available through Optimism and Beefy. It will also create and develop stronger partnerships with high-TVL protocols in the space like Synthetix, Lido, and Velodrome.

Along with the 650,000 OP in incentives, Beefy will also create educational opportunities for new Optimism users. These will cover the network’s defining features and methods to engage with its DApps and protocols.

“After growing to a top 10 TVL Optimism protocol within only a few weeks, Beefy already occupies a leading position in the Optimism ecosystem ” notes Weso, Beefy's Head of Strategic Partnerships and Developer Operations.

“The grant will allow us to continue our work and demonstrate the benefits of staking and investing through Optimism to DeFi users.”

The 650,000 OP will be distributed by Beefy over 12 to 18 months as follows:

35% of the OP tokens will incentivize a BIFI-OP farm to attract liquidity to it. BIFI holders will be able to easily swap for OP and begin exploring the Optimism ecosystem. This will also allow OP holders to better swap their holdings for BIFI and engage in Beefy revenue sharing.
50% will be used to boost Optimism protocol farms and showcase them to Beefy users on social media.
15% will be distributed as strategist developer and team incentives for their work in creating Optimism Vaults and other Beefy products.

By distributing the rewards accordingly, Beefy will help attract users with these new earning opportunities. Once familiar with the Optimism ecosystem, many will stay and take advantage of everything the network has to offer.

Interested users can view the original Optimism proposal on its proposal forum.

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About Beefy

Beefy is a Decentralized, Multi-Chain Yield Optimizer platform that allows its users to earn compound interest on their crypto holdings.

Through a set of investment strategies secured and enforced by smart contracts, Beefy automatically maximizes the user rewards from various liquidity pools (LPs),‌ ‌automated market maker (AMM) projects,‌ ‌and‌ ‌other yield‌ farming ‌opportunities in the DeFi ecosystem.

The main product offered by Beefy is its 'Vaults' in which you stake your crypto tokens. The investment strategy tied to the specific vault will automatically increase your deposited token amount by compounding arbitrary yield farm reward tokens back into your initially deposited asset. Despite what the name 'Vault' suggests, your funds are never locked in any vault on Beefy: you can always withdraw at any moment in time.