Proposal: Add BIFI as collateral asset on BSC

Summary

We propose to add BIFI to Cream for lending and borrowing. BIFI is the governance token of beefy.finance, a cross-chain yield optimizer with over $340M in TVL.

Action Item

For

Add BIFI as collateral asset

Against

Do nothing

Motivation

Beefy Finance was the first yield optimizer on Binance Smart Chain, launching in September 2020 during the platform’s infancy. It has since expanded to HECO and AVAX, quickly accruing $5M in deposits on AVAX alone. Beefy currently has 180+ vaults and will continue to expand to new platforms.

BIFI Token

BIFI serves as a governance and revenue sharing token. A percentage of vault profits are shared with token stakers. The token supply is fixed and all distribution has been completed.

Benefits for Cream

Beefy Finance is one of the most popular yield optimizers on BSC and is considered one of the DeFi “blue chips” on the platform. BIFI’s presence on Cream would provide additional TVL to Cream and an opportunity to earn additional fees as BIFI holders would come to Cream to collateralize their assets.

Stats

Current liquidity

Links

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1 Like

Thanks for writing this up. +1 for BIFI!

1 Like

I would love to be able to use my BIFI as collateral :slight_smile: !

Beefy is a great project with an awesome community. Lets do it!!