Winston Churchill’s statement to “never let an emergency visit waste” does apply across many facets of society, such as the recent carnage observed in the crypto market. Last week’s volatility will probably have newer investors and individuals who required on heavy losses questioning the way forward for the burgeoning asset class, however in every bear trend there’s a silver lining.
One platform that seems to become taking advantage of the void produced by TerraUSD’s (UST) collapse is Beefy Finance (BIFI), a multi-chain yield optimizing decentralized finance protocol.
Data from Cointelegraph Markets Pro and TradingView implies that after hitting a minimal of $387.80 on May 14, BIFI spiked 168.13% hitting a regular a lot of $1,040 on May 16 amids a 684% rise in its 24-hour buying and selling volume.
Three good reasons for that sudden spike in activity for BIFI are the rise in the liquidity pool possibilities for yield farming, a brand new integration with Oasis Network and also the launch of 12 new vaults.
Stablecoin yields obtain a notable boost
The collapse of Terra (LUNA), UST and also the 20% yield offered for UST deposits on Anchor Protocol (ANC) has opened up the doorway for protocols like Beefy Finance to capture users and money which were set adrift.
Beefy Finance has cheated this chance by upgrading several stablecoin vaults to provide greater yields such as the Curve stablecoin liquidity pool on Arbitrum, which offers a yield of 34.9%.
— Beefy (@beefyfinance) May 16, 2022
Beefy Finance expands its ecosystem
Because the cryptocurrency ecosystem gradually progresses toward a multi-chain future, Beefy Finance has additionally taken advantage of expanding their email list of systems the protocol supports and the newest inclusion of the Oasis Network brings the entire quantity of supported chains supported to fifteen.
Take a rest from looking at the portfolio and TA charts as it were to see about Beefy’s new partner, @OasisProtocol.
We’re proud to construct on Oasis’s privacy-enabled network.
— Beefy (@beefyfinance) May 14, 2022
The combination using the Oasis Network makes Beefy Finance probably the most mix-chain compatible DeFi protocols within the ecosystem and includes support which are more active blockchains including Ethereum (ETH), BNB Smart Chain (BNB), Polygon (MATIC), Avalanche (AVAX) and Fantom (FTM).
New vaults attract fresh liquidity
Another factor attracting investors to Beefy Finance may be the launch of 12 new vaults in the last week.
The brand new vaults include support for assets from Stader.Fantom, an Oasis-based DeFi protocol known as YuzuSwap, the Aurora-based protocol Trisolaris and Step.Application (FITFI), which runs using Avalanche.
As the cost of BIFI has were able to rally greater in the last week, it remains seen when the gains holds and if the platform continuously visit a rising TVL, particularly if the current attractive yields start to diminish.
The views and opinions expressed listed here are exclusively individuals from the author and don’t always reflect the views of Cointelegraph.com. Every investment and buying and selling move involves risk, you need to conduct your personal research when making the decision.