As THE Multichain Yield Optimizer on 18 chains, we at Beefy are all too aware that the joys of autocompounding are guarded by the complexity of building liquidity positions. This is why we invented the Beefy ZAP in May 2021, to allow our users to enter Beefy vaults with just one of the underlying tokens needed for the liquidity pool. Since then, countless users have told us how much they love ZAP, and asked for more.
Well, we listened…
ZAP in from any asset
The first step for users wanting to ZAP into a vault has always been to obtain one of the underlying tokens needed for the liquidity position. This can be problematic for vaults built around new protocols, tokens or liquidity pools, where the liquidity of the tokens you need is relatively low or limited to just a few places. Nothing takes the buzz out of an exciting new vault or Launchpool Boost like struggling to get the tokens you need to access it.
The solution is a ZAP product which removes the need for an initial swap, taking you from common blue chip tokens (e.g. WBTC, ETH), native tokens (e.g. MATIC, BNB) or stablecoins (e.g. USDC, USDT, DAI) into those underlying tokens, building the liquidity position and then depositing that position into our vaults for autocompounding. That way, you can access our market-leading returns on new products without handling anything but the tokens and stables you already have in your wallet.
Multichain Partnership with 1inch
1inch is a liquidity and exchange aggregator protocol. Its sole job is to find the cheapest and most capital-efficient route from one token to another across the whole DeFi ecosystem. 1inch looks at hundreds of decentralised exchanges and offers you only the best route across your current network in terms of fees and slippage available at the time. It takes away all the difficulty of figuring out where to get tokens at the best price.
We think 1inch is the perfect partner to help us deliver on our dream ZAP tooling. Querying 1inch’s public API, the Beefy application can display the rates offered by 1inch to our users, to give an accurate picture of how much it will cost to enter our vaults in one click (with all fees included)!
Launching Beefy ZAP V2 powered by 1inch
We’re delighted to introduce the new ZAP V2 tool on 7 of our chains: BSC, Polygon, Optimism, Arbitrum, Fantom, Avalanche and Aurora.
To use, simply find a vault you love, and use the “Select Token” drop down menu on the “Deposit” tab to choose the asset you want to deposit with. The “Zap Route” section will then show you the route that we and 1inch are suggesting and an estimate of how much you’ll receive after all costs are deducted. You can even choose your preferred slippage levels!
The new ZAP V2 tool is a big improvement over the previous generation, and even allows you to ZAP into our single-asset vaults - including BIFI Maxi - with the token of your choice. We will support deposits from a range of blue chip and stablecoin tokens to begin with, including our own BIFI token on some eligible vaults.
ZAP V2 also works for withdrawals. Simply navigate to the “Withdraw” tab and select whichever token you prefer from the drop down menu. Our app will then show you the full cost to get to your chosen token, and give you an option to choose slippage levels.
Where ZAP V2 isn’t yet available, you’ll still be able to access our the V1 tool in exactly the same way. And, where both ZAP methods are available based on the token you’ve selected, our app will select the method with the best swap rate by default, and allow you to select your preferred method by clicking on the right arrow in the header of the “Zap Route” section.
To celebrate the launch, we are hosting a promotional launch party this month, where you can use the new Beefy ZAP V2 tool with no added fees. After this, a 0.05% fee will be added to each transaction, to account for the benefit of using the new product and ongoing development work. As always, the figures displayed on our site are the final ones after all fees and costs are deducted.
In addition, we are running a further promotion starting today, where users of ZAP V2 on Optimism can complete a quest hosted on Layer 3 to win themselves an exclusive Beefy ZAP NFT and a reward of 1 OP token. Users just have to complete the 2 required tasks from their wallet to unlock their rewards on Layer 3, those being: (1) to use ZAP V2 with any supported vaults on Optimism; and (2) to join and verify on the Beefy Discord. The quest will be first come, first serve, with a limited distribution of just 5,000 rewards total.
So don’t hesitate to give ZAP V2 a go, and give us your feedback in the Beefy Discord or on Twitter. Happy farming!