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Beefy Finance Finds Success on Polygon

Posted by
Ian Kane

$25 billion in volume in last 7 days

Despite tumbling crypto prices and a general bearish feeling in the industry right now, DeFi applications on Polygon have continued to impress. Beefy Finance has seen a surge in all metrics since launching in late April. 

Beefy Finance is a decentralized, multi-chain yield optimizer that allows its users to earn interest on their crypto holdings. At the time of writing the total value locked (TVL) across all supported chains is over $420 million, with the lion’s share being locked into the Binance Smart Chain iteration of the dapp. 

In the last 30 days, the number of unique active wallets interacting with the dapps smart contracts has swelled to over 4,000 while the number of transactions has increased to over 308,000. A general surge in usage has driven over $27 billion of volume through the DeFi application while an average transaction on Beefy is worth around $8,800. 

Beefy Finance on Polygon – Last 30 days

Most interesting is that the application is truly multi-chain, offering its services on Binance Smart Chain, Polygon, Avalanche, Fantom, and Heco. As previously mentioned BSC is the most used and currently has over $381 million in total value locked or almost 90% of all the TVL across all chains on Beefy Finance. 

Conversely, recent data would suggest that the Polygon version is becoming far more popular while the BSC iteration is fading. Possibly due to the falling price of BNB and increased, but still relatively cheap gas fees on BSC. 

Beefy Finance on BSC – Last 30 days

Importantly, the surge places Beefy Finance at the top of the Polygon dapp rankings by volume over the last 30 days. 

What’s causing it? 

At its core, Beefy is a yield farming optimizer that removes the daily actions and regular fees associated with manual yield farming. Through a set of investment strategies secured and enforced by smart contracts, Beefy Finance automatically maximizes the user’s rewards from various liquidity pools. Something that could be just the ticket given the current state of affairs most token holders find themselves in. Leveraging holdings already acquired would seem a logical step if the holder has no intention to sell. 

Moreover, DeFi applications on Polygon have been having a moment amidst overly high gas fees on Ethereum. Traders looking for fast and cheap transactions have flooded to the sidechain as a way to continue with their favorite farming and yield activities at a fraction of the cost. 

The balance of power has shifted significantly in recent months. A quick glance at the top 5 dapps across all categories on DappRadar reveals that 3 of the top 5 ranked by volume over the last 7 days operate on Polygon. Even more impressive is that 2 of those 3 have been in operation for just a few weeks, Beefy Finance included. Ethereum 2.0 couldn’t arrive sooner. 

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