$BIFI tokens are revenue shares in Beefy Finance, through which holders earn profits generated by Beefy Finance when staked, and are entitled to vote on important platform decisions.
$BIFI, otherwise known as BIFI, is the native governance token of our project. By staking it in a BIFI Maxi vault, the BIFI earnings pool or any BIFI liquidity vault, or by simply holding this token in your wallet, users can take part in the DAO decision-making governance processes of Beefy Finance. It does not matter on which chain you hold or stake BIFI, since the governance snapshot is multi-chain compatible. Governance proposals are submitted on https://vote.beefy.finance/#/ and users are encouraged to vote. Users do not need to un-stake their tokens to participate in the voting process. This incentivizes much more voter participation as it means users don’t miss rewards. More details of the voting procedure are available on the Governance page.
For all the vaults deployed on every blockchain, Beefy Finance has its native governance token $BIFI at its core. Platform revenue is generated from a small percentage of all the vault profits and distributed back to those who stake $BIFI. The revenue sharing mechanics entail you can stake $BIFI to either earn more $BIFI in a BIFI Maxi Vault, or earn blue chips like $ETH, $BNB, $FTM, $MATIC, $AVAX, and more in the BIFI Earnings Pools.
After an initial distribution period of around two months back in Q4 2020, 72,000 tokens were supplied to the community with 8,000 being locked for the founding team. All 80,000 BIFI are officially in circulation as of July 2022. The distribution via the "governance pools" and detailed info about the timelocks are found here.
$BIFI staked in the BIFI Maxi vault allows users to accumulate more $BIFI. In order to distribute BIFI to anyone who has staked in the BIFI Maxi vault, $BIFI buy-backs from the open market are performed as the token is non-inflationary and will not mint any more BIFI tokens, ever.
To get your hands on BIFI, head to one of the many liquidity pools or exchanges.
All revenue generated on the platform from vault fees is sent to and handled by the RewardPool smart contract in the form of the native token of the chain. Anyone who stakes their $BIFI in either a BIFI Earnings Pool or a BIFI Maxi vault receives their proportional share.
The BIFI Maxi vault allows users to stake their $BIFI much like in the native token earnings pool, but receive instead their rewards in $BIFI. By staking their $BIFI, each participant converts and compounds their share of the protocol’s revenue into more BIFI tokens. As no more BIFI tokens are to be minted, these are provided to stakers by buying BIFI from the open market with the native token of the blockchain.
This Vault is for users that want to convert and compound their share of the protocol's revenue in more BIFI tokens. As BIFI has no inflation, the strategy market buys BIFI with native token rewards.
To stake your $BIFI, head over to the Beefy site and search for our Maxi or Earnings Pool vaults. You can also deposit your $BIFI into LP positions either by finding an LP vault on the Beefy site (and zapping your $BIFI into it), or by heading to one of our partner Dexes and investing in the LP directly on their site. Finally, to use your $BIFI for voting, head over to our Snapshot site and read through the Governance page for more details.