Beefy Finance Token (BIFI) Spikes 168% Overnight, Benefits From Terra Collapse

BIFI, Beefy Finance’s native cryptocurrency, spiked 168 percent overnight after the protocol upgraded its network and capitalised on TerraUSD’s collapse.

After hitting a low of US$387.80 on May 14, the token is now trading at US$646.67 with 24-hour trading volume up 7 percent.

BIFI’s price surge can be attributed to three important updates. According to recent tweets, Beefy Finance has upgraded its 12 stablecoin vaults to offer higher yields, added new options in its liquidity pools, and integrated with layer-1 protocol Oasis Network.

Taking Advantage of the UST Aftermath

A collapsing TerraUSD, alongside the 20 percent yield offered by Anchor Protocol for UST deposits, has allowed Beefy Finance to take advantage of the aftermath, introducing new options in liquidity pools and opening new vaults in an attempt to capture idle users and capital:

The integration with Oasis Network enables Beefy Finance to support numerous blockchains including Ethereum, Binance Smart Chain, Polygon, Matic, and more, making it one of the largest cross-chain protocols in existence.

The protocol also integrated Tron Network’s USDD stablecoin with a 62.5 percent APY (Annual Percentage Yield) for depositors on the quad stablecoin pool:

While the crypto market is experiencing one of the roughest months in its history, decentralised protocols like Beefy Finance are shedding some light on the industry. The opening of new vaults alone attracts fresh liquidity to the protocol by adding support to several assets from different blockchains.