Beefy Finance AMA Recap
This post recaps the AMA with Beefy Finance Strategy Leader and Developer, Weso that took place on the Mogul Official Discord Server on Monday, December 6th.
Can you please introduce yourself and what you do with Beefy Finance 😁
Weso: Sure thing
I am the Strategic Partnership leader currently at Beefy Finance. I have been a developer at Beefy since a few months after launch and now am helping further expand our partnership network.
Question 1: What does partnering with Beefy help projects like Mogul to do?
Weso: Beefy Finance is at its core a multichain yield optimizer. We have over $1.2B TVL across 10 blockchains with over 700 vaults. We give users the ability to gain compound interest in their assets by farming for them and harvesting their farm rewards for more of their deposited assets. So that means when you deposit STARS-BNB LP on Beefy you will get more STARS-BNB taking advantage of the exponential nature of compounding. Since we have such a diverse user base, this brings a lot of reach to new projects. Beefy also drives liquidity by increasing the farm TVL.
Question 2: Two weeks ago, Mogul and Beefy announced the boosted APY, can you tell us more about that. There are a lot of new people here on the server so it'll be great if you explain a little bit about it.
Weso: As part of our partnership with Mogul we were able to boost our STARS-BNB LP Vault. So not only are you earning your compounded return on STARS-BNB, you can choose to boost your vault and earn more STARS. The boost is a great mechanism for exposure. We have around 143,000 users on BSC alone. We have great participation with our boosted vaults and gives us a great opportunity for co-marketing.
Question 3: Now that we're talking about great opportunities, what other opportunities can we expect to see between Mogul and Beefy?
Weso: I think the opportunity for partnership is multi-faceted. We both have unique user bases that we can really engage within our marketing efforts. Innovation in the NFT space is happening rapidly, there might be some unique and fun initiatives that we can tailor around NFTs. We also have multiple products that have been created or are in the process of being created under the Beefy umbrella-like Moonpots that have potential partnership opportunities. There is definitely some synergy we can tap into between the two projects in the coming months.
Question 4: There are many great things about Beefy Finance, can you please tell us how does Beefy differs from Alpaca?
Weso: Sure, Alpaca is leveraged yield farming. This is a different take on yield optimization, obviously slightly riskier, and usually caters to different users. Beefy has more breadth of vaults, so we work a lot on the different partnership opportunities in the different ecosystems. Partnering with Beefy means that you made it through our contract auditing process and you meet our safety criteria.
Question 5: @buzzmogie wants to know about Moonpots. So my next question is what other products is Beefy building on the roadmap? Can you give us some information about it without getting in trouble haha
Weso: Sure thing haha
Moonpots is live right now. It’s a win-win lottery. It works like this. Users stake their assets on Moonpots, Moonpots stakes them on Beefy and the user earns 50% of the APY they would normally. The other 50% goes into a prize pool and once every two weeks 5 winners split the pot. Moonpots just launch NFT pots and some other fun games as well.
On the roadmap for Beefy, moooore blockchains. You will continue to see us expanding to more blockchains in the very near future. We also have Beefy Grants, which is a $1M builder initiative. We are currently and will continue to fund new products built on top of Beefy, also mentor them and help them launch. We have a few that already received grant approvals and are building as we speak. Lastly, you can expect Beefy Avatars, our first NFT launch.
Question 6 (Bustin Jieber): Can you think of some concrete examples of Mogul and Beefy cooperation in the future?
Weso: At bare minimum co-marketing. We can help with product launches for Mogul and would like to be able to market Beefy as a brand to Mogul stakeholders.
Question 7: How can people apply for the Beefy Grant? What's the process like?
Weso: We have our forum in the footer on the Beefy app. Anyone can write up their proposal and come have an active conversation around it in our community. Once the details get ironed out, they will be submitted for a snapshot vote for funding.
Question 8 (MageFrost): Hacks are occurring more frequently and many yield optimization platforms have been hacked. What is Beefy Finance's approach to this hacking risk and what insurance policies are in place?
Weso: Hacks occur for a multitude of reasons. We are security-focused and try to decentralize Beefy as much as we can. Our vault and strategy contracts are owned by timelock, the timelock is owned by 3 signers 5 people multi-sig. This eliminates the centralization control risk if let’s say private keys are stolen. We also don't rely on any oracles so nothing at a price level can be manipulated. In addition, we have a partnership with InsurAce that will allow you to insure your assets in Beefy vaults across multiple blockchains. We have Certik audits and an immunefi bounty. We also do loads of due diligence checks on the underlying platforms we vault. We have all our safety standards detailed out in our docs.
Question 9 (BeefyCow): What awesome movie would you have starred in if had the chance?
Question 10 (MageFrost): What do you think is a feature in the Traditional Finance world that has not been properly built out yet in the Defi world?
Weso: I think options and futures markets are still young. We see some opportunities available for these on ETH but they will really open the door to securing a portfolio through hedging.
Question 11 (Sol): I love the moonpots approach; what has been the feedback so far?
Weso:Moonpots has done well so far, there was a lot of excitement at launch. Each week there are new POTS available, I think the NFT pots have delivered nice engagement recently. Moonpots will be multichain as well, so that’s when we will really see fun products.
Question 12 (Buzzmogie): how do u become eligible for a grant?
Weso: Anyone is eligible, you just need to post and discuss the idea in our forum. If it improves the Beefy Ecosystem I am sure the community would love it.
Question 13: Thank you so much, Weso! It was great doing this AMA with you 🌟
Weso: Can you please share yours and Beefy's social links so the community can follow you guys and get updated with all the latest news about Beefy 🐮
You can find me on Twitter @w3soBeefy and follow for Beefy updates @beefyfinance. Can also join our discord with this link https://discord.gg/swEp5b7R