Grants: Beefy on Harmony

Funding Proposals Grants
1

Name of DAO

Beefy Finance

Proposal overview

Beefy Finance is a Decentralized, Multi-Chain Yield Optimizer platform that allows its users to earn compound interest on their crypto holdings. Through a set of investment strategies secured and enforced by smart contracts, Beefy Finance automatically maximizes the user rewards from various liquidity pools (LPs),‌ ‌automated market making (AMM) projects,‌ ‌and‌ ‌other yield‌ farming ‌opportunities in the DeFi ecosystem.

So far, Beefy has 1.17B in Total Value Locked, auto compounding in vaults deployed on:

  1. Binance Smart Chain - $284m
  2. Avalanche - $234m
  3. Heco - $673k
  4. Polygon - $124m
  5. Fantom - $353m
  6. Arbitrum - $27m
  7. Harmony - $3.4m
  8. Celo - $6m
  9. Cronos - 128m
  10. Moonriver - 10.67m

As a decentralized project with an emphasis on DAO principles, there is a robust governance system in place to put the decision-making power in the hands of those invested in the project. This takes place through governance mechanisms related to Beefy’s native governance token $BIFI.

How does this benefit the blockchain ecosystem?

Beefy deploying in Harmony puts the chain in the eyes of many users. With the incentives asked in this grant we will be able to significantly increase the TVL on the chain, educate users on how to reach Harmony through bridging, and have developers focused on developing the needed smart contracts, and auditing the platforms that we vault, making the onboarding to Harmony safe and easy for everyone. We will also use the funds to incentivize users in other chains to bridge their funds into Harmony, via boosts on our vaults with $ONE. We believe that this combination of user education, security, and economic incentives will result in higher TVL for the chain.

Also due to the nature of how Beefy vaults work, the earnings collected by Beefy, are automatically used to buy $ONE, that we later distribute to everyone staking $BIFI on the BIFI Earn pool, creating a positive action on $ONE price.

What help do you need and what gaps are there in your team?

Our focus will be on developing the chain as much as possible. To do this, besides the economic incentives, we will need the Harmony team to keep putting us in contact with projects on the chain so we could work with them, onboard them to Beefy, and grow together. Also the infrastructure in place needed to keep building in the chain. Seeing Chainlink already deployed on Harmony is a great example of this.

Proposal ask

We are requesting $1,000,000 in ONE tokens.

The grant will be used in user incentives and development costs, and education

Budget breakdown

  • Boosts vaults of underlying platforms: $500,000
  • Development (Audits of new platforms, development of vaults, deployment costs, salaries of BD/dev employees): $250,000
  • Creation of content (Bridging & general content about Harmony): $50,000
  • Treasury allocated $ONE: $200,000*

The treasury allocated $ONE would be used in activities that could include but not limited to:

  • Creation of a validator node
  • Giveaways
  • Development of new Beefy products on Harmony

Metrics for success

  1. Increase in total value locked on Harmony vaults to $100M+

  2. Generate $75,000+ in monthly revenue for BIFI Stakers on the chain.

  3. Partner with 3+ blue chip projects on the chain.

External links

Twitter | Discord | Telegram | GitHub

5 Likes
2

Hear project beefy, hopefully we can bring it to harmony

3 Likes
3

Beefy brings with it loads of DeFi activity and TVL, and it’s backed by a solid team with a proven, reliable trackrecord of building sticky, economic products. Having Beefy fully on-board with Harmony would be a clear win-win.

3 Likes
4

having interest-bearing assets is essential to building out a solid DeFi ecosystem. Beefy is probably the largest project in the crosschain world that does this. If this grant helps Beefy have a strong presence in Harmony, Im 100% in support.

1 Like
6

Thank you Ben! I’m completely sure that we will be able to lock a lot of TVL in the chain, adding value to every user that chooses to deploy their money on Harmony protocols.

7

Beefy has a solid team and is on so many chains already, it’s practically a no brainer that this is supported. This is really another lego the ecosystem should really consider to continue to gain traction.

2 Likes
8

Great team, great partnerships, always focused on security and safety of users & funds. An important part of the DeFi ecosystem to bring more to Harmony.

It’s likely to intrigue and invite its users as well with over 1B+ in TVL across 10+ chains, so that’s a lot of attention for Harmony as well. Very excited to see things kick-off right here!

Throwing in my support as a Beefy Qimp (Beefy + QiDao DAO member)!

1 Like
9

Beefy is a trusted name with a strong focus on security, I use them on several chains and appreciate their interest bearing assets when used as collateral in composite DeFi investments. I warmly recommend them for a grant to get them started on Harmony and I am sure Beefy will help achieve greater TVL and user experience on Harmony!

1 Like
10

A greater presence of beefy would be so great for the Harmony ecosystem. They really make the effort of making Defi safer and better for everyone. Beefy makes liquidity much stickier with users seeing how much yield they get from the farming rewards. Protocols benefit from deepening liquidity of farm rewards being exchanged for more liquidity tokens instead of just sold and leaving the ecosystem.

2 Likes
11

Loving Beefy on their early chains. Could 100% make a difference on Harmony with a huge tvl increase.

1 Like
12

Hi and welcome to the forums!

I started using Beefy before they came to Harmony, and I am one of the current users (@maffaz it’s already live on Harmony with just a few $M in TVL).

I am all for support to Beefy from Harmony using some part of their ecosystem funding. I am not sure that the proposal as currently outlined is appropriate for DAO funding proposals.

Maybe an “Investment Partner” like the one DeFiKingdoms recently got approved from Harmony? (Especially since the ask is also $1m).

If the intent is to continue as a DAO proposal, I’d like to know more information presented here on how the DAO governance currently works for Beefy Finance.

Additionally, is governance limited to holders on a particular chain? (i.e. if I hold $BIFI on Harmony, is that the same as holding it on BSC? Do I get to vote on the same proposals, or does each chain have its own separate proposal section?)

Do you have a summary of the types of proposals that have passed through Beefy’s DAO already?

In terms of relinquishing control of the protocol over to a DAO, how far along is Beefy in that sense? If not complete, what does the timeline look like for completing the turnover? (ex. Maker Foundation just recently turned over their remaining funds to the MakerDAO in preparation for dissolution)

3 Likes
13

Great points :ok_hand:t3: had the same thought when reading it some hours ago. Beefy is now live for 4 Month and would also like to know if they wanna have a DAO or funding for partnership or launches.
May check check out Open Funding & Radical Transparency
and if needed adjust the topic place.

1 Like
14

Hello Candor, I hope you are doing great. To answer your points, Beefy is working almost completely as a DAO already. We have 1 treasury for each chain, and in all the chains Gnosis is available, there is a multi-sig governed by members of the community. We are also currently improving our voting system, since being in 10 different chains has its challenges, but you can vote with your BIFI in any chain thanks to Snapshot and The Graph. Some of the last proposals include payments for collaborators, decisions about our NFT collection, budget to run a clothing shop, etc. All of these proposals are run by community members. You can check out the full list here vote.beefy.finance

In the beginning I said “almost completely” since relinquishing control over the DAO is not 1 week work, but we are working towards that for sure.

About the category of the proposal. Our ask is to have budget to help grow Harmony’s ecosystem. Helping our many cross-chain users meet the chain, and try the different Dapps Harmony has to offer. So its probably better suited for “funding for partnerships” as @ben2k_Stakeridoo suggests.

thank you for your comments and Merry Christmas!

2 Likes
15

Hopefully someone from the Harmony core team will get their eyes on this soon and can point you in the right direction (if it isn’t this one) for how to best position yourself for funding from Harmony.

Best of luck to you and Merry Christmas!

1 Like
16

Hey Beefy team - ya’ll are already launched on Harmony with $1M in tvl as of right now, according to defi llama. We’re trying to reduce our naken emission incentives and would prefer to incentivize in some other way. Let’s continue this convo, but let’s be creative on err on the side of incentives that is more sticky and no attract mercenary liquidity providers.