Winston Churchill’s statement to “never let a crisis go to waste” can be applied to many aspects of society, including the recent carnage seen in the cryptocurrency market. Last week’s volatility is likely to make new investors and those who suffered big losses question the future of this burgeoning asset class, but there is a silver lining to every downtrend.
One platform that seems to be taking advantage of the vacuum created by the collapse of TerraUSD (UST) is Beefy Finance (BIFI), a decentralized finance protocol that optimizes the performance of various chains.
Data from Cointelegraph Markets Pro and TradingView shows that, After hitting a low of $387.80 on May 14, BIFI soared 168.13% to hit a daily high of $1,040 on May 16, amid a 684% increase in its 24-hour trading volume.
The three reasons for the sudden increase in BIFI activity are the increase in liquidity pool options available for yield farming, a new integration with Oasis Network and the launch of 12 new vaults.
Stablecoin yields get a noticeable boost
The collapse of Terra (LUNA), UST and the 20% yield offered for UST deposits on Anchor Protocol (ANC) has opened the door for protocols like Beefy Finance to capture drifting users and funds.
Beefy Finance has capitalized on this opportunity by upgrading several stablecoin vaults to offer higher returns, including the Curve stablecoin liquidity pool on Arbitrum, which now offers a 34.9% return.
— Beefy (@beefyfinance) May 16, 2022
The platform has also integrated the stablecoin USD from the Tron network and depositors can earn 62.5% APY on the quadruple stablecoin pool made up of USDD/BUSD/USDT/USDC.
Beefy Finance expands its ecosystem
As the cryptocurrency ecosystem inched toward a multi-chain future, Beefy Finance has also benefited from the expansion of the list of networks that the protocol supports and the most recent addition of the Oasis Network brings the total number of supported chains to 15.
Take a break from staring at your portfolio and TA charts for a moment to read about Beefy’s new partner, @OasisProtocol.
We are proud to build on Oasis’s privacy-enabled network.
— Beefy (@beefyfinance) May 14, 2022
Integration with Oasis Network makes Beefy Finance one of the most cross-chain compatible DeFi protocols in the ecosystem and includes support for the most active blockchains, including Ethereum (ETH), BNB Smart Chain (BNB), Polygon (MATIC), Avalanche (AVAX), and Fantom (FTM).
New vaults attract new liquidity
A third factor attracting investors to Beefy Finance is the launch of 12 new vaults in the last week.
The new vaults include support for assets from Stader Fantom, an Oasis-based DeFi protocol called YuzuSwap, the Aurora-based protocol Trisolaris Y Step.App (FITFI), which operates in Avalanche.
Although the price of BIFI has managed to rise over the past week, it remains to be seen if the gains can be sustained and if the platform will continue to see higher TVL, especially if the current attractive yields start to decline.
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