Tokenomics & Governance

What is $BIFI?

$BIFI tokens are 'dividend-eligible' revenue shares in Beefy Finance, through which holders earn profits generated by Beefy Finance 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.
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 $ETH, $BNB, $FTM, $MATIC, $AVAX, $HT, $ONE, $CELO or $MOVR in the native staking pools.
To get your hands on the token, head to one of the many liquidity pools or exchanges.
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 will be in circulation by 2022-07-06. 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.

How is the protocol revenue distributed?

All revenue generated on the platform from vault fees is sent to and handled by the RewardPool smart contract in form of the native token of the chain. Anyone who stakes their $BIFI in either the native token earnings pool or BIFI Maxi vault receives their proportional share.

What’s the BIFI Maxi vault?

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.

Where can I buy $BIFI?

$BIFI can currently be found in several decentralized exchanges including 1inch and PancakeSwap. Buying $BIFI usually involves exchanging it for another crypto-coin or token through a liquidity pool.

How do I take part in governance?

By simply holding $BIFI, even if staked in the native token earnings pool or BIFI Maxi vault, a user earns the right to create proposals and vote in them. Voting sway and power are derived from the $BIFI holdings of the participant. The reasoning behind this follows that those holding more $BIFI are more invested in the project, and therefore have a larger incentive for the platform itself to succeed and prosper. You can see proposals and vote on them yourself by heading to vote.beefy.finance.

How do I vote?

Voting requires you to hold $BIFI, which can either simply be held in your wallet or staked in the native token earnings pool or BIFI Maxi vaults. You do not need to remove your stake either to vote. Voting power is based directly on the amount of $BIFI each voter holds.

How do I create a proposal?

Proposals can be created if the submitter holds or stakes at least 1 $BIFI. Simply visit https://vote.beefy.finance/#/ and click New Proposal.
Each proposal is made up of a question to pose to the community, along with the option of choices that others can vote on in response to your question. Simply set a start and end date for your proposal and publish it.
Last modified 1mo ago