[READY] [GF: Phase 1 Proposal] Beefy

Hey @frondoto @weso thanks.

I really appreciate that you took our feedback from the previous rejection and improved and coming back with a lot of changes including a deployment on Optimism!

Also like the switch of incentives to the BiFi-OP pool.

Will vote to support the proposal in the snapshot vote.

1 Like

Voted: Yes!
I support it

1 Like

Tend to agree with @OPUser here, and in general I’m also just glad to see feedback from previous proposals being taken into account.


Voting Yes this time as the proposal is now aligned with Optimism & can contribute significant users/TVL.

Value-add: Good (Size of project, Ecosystem involvement)
Amount: High
Op distribution: Okay-Good
Co-incentives: None

Feedback was well-incorporated. The size of your project and deeper involvement in the Op ecosystem should be great for you and Optimism projects.

Note to ourselves: We’re curious if matching token pairs with Op will become a thing on Optimism too or if the de facto standard will remain moving top pairs such as Eth-USDC to Optimism. Op pairs might become a token sink, grow Op price in the short-term but can be an unnecessary barrier/extra cost for users. No strong opinion formed on this matter yet - long-term stickiness to be proven yet.

1 Like

Thanks for incorporating feedback from the last proposal. I’m voting yes on this given the early traction from the launch on Optimism. I like that you will be keeping delegates up to date with spending/uses.

1 Like

We voted yes on this proposal now that Beefy Finance has gained significant traction on Optimism since deploying.

Good product (retail point of view). Glad to see it expanding to other chains beyond Fantom.

Requested grant amount is appropriate to TVL and growing userbase. The proposed distribution window is longer than most other projects which is good - it increases the conversion rate from trial Optimism users to permanent Optimism users.

1 Like

I clicked your DeFiLama link and it gives a 500 error, it seems to be Beefy: TVL and stats - DefiLlama

Voting: Yes

In consultation with our community, Beefy is a protocol that users use often and are eager to take advantage of (investing, farming, etc). In our region, it has been of benefit to DeFi enthusiasts. Proposal seems reasonable.

  • Contribution: Positive
  • OP distribution: Neutral
  • Co-incentives: No
  • Impact in LATAM: Positive

Suggestions: We expect that the 15% allocated for strategist developer/team incentives pay off well as it is key to onboarding new users and can be useful for more sophisticated use cases to build on top for. Keep us informed in this regard.


Thank you for your vote. Beefy is stepping strong in LATAM and we hope to keep expanding there! Will keep you informed.

1 Like

True :smiling_face:
it was about bifi liquidity more than the specific pair item

Yes - props on deploying the protocol already and iterating on a proposal

Project quality: High - high TVL, quite recognizable brand

Team quality: High - mostly anon

Amount requested: Reasonable - 650k OP - 12-18 months

OP distribution: Mid - No matching, mostly yield farming. I agree with the claim that liquidity is quite sticky (ppl are too lazy to remove liquidity, beefy will retarget different farms automatically).

50% of the incentives will be used to boost the farms of native Optimism protocols. - can you be more specific about what “native” Op protocols are eligible for the incentive?

@frondoto can you provide a Telegram handle or other contact method so the Optimism team can get in touch about paying out this grant! Feel free to comment on this thread, DM, or email justine@optimism.io

Hey @lavande I just sent you an email. Cheers!

Yes yes now that it is being deployed on Optimism.

Hi @frondoto! It’s been a few months since your OP grant distribution, checking in to see if there is a grant update you can share with the community?

Thank you @lavande for opening the thread again. Here is a quick update of what we have been working on with our proposal. I wanted to pull up some graphs about our vaults but our DB is currently down, but will definitely do that in the next update.

Beefy’s Optimism grant proposal got approved on the 3rd of August. Beefy’s TVL at the time was $10M.

Less than 6 months later we are currently sitting at $50M TVL, meaning a 5 fold increase in TVL despite the market not changing significantly in that period.

Beefy received 650,000 OP tokens, comparing the amount of OP tokens/TVL, Beefy’s proposal was one of the most efficient in terms of acquiring new users and deposits. We believe that the nature of the multi-chain app made it super easy for users to move their funds to Optimism, to capture the most attractive yields.

We requested the grant to cover 3 fronts, get BIFI liquidity on Optimism, put Optimism protocols on the spotlight and introduce them to our users, and an allocation to cover development efforts/costs.

In terms of the BIFI liquidity, as soon as we received the grant, we reached out to our Velodrome frens, which made it extremely easy and frictionless to get liquidity for our pair.
We are currently bribing veVELO holders (and getting matching bribes from Velodrome) for a total of 4380 OP weekly in BIFI-OP and BIFI-ETH, making Optimism the best blockchain to trade BIFI. https://twitter.com/beefyfinance/status/1612531815591321611
In terms of ecosystem boosts, we showcased Synthetix (SNX-USDC, sUSD-3pool), Velodrome (VELO-USDC), and Lido (wstETH-ETH, wstETH-LDO).

We also ran a small campaign with Layer3 to reward Optimism users to try our newly developed Zap function. METRICS.

We are continuingly looking for new protocols to boost, currently looking at KWENTA, SONNE, and other protocols stepping hard in Optimism.

In terms of developer allocation, we reimbursed developers that deployed new strategies and vaults. This generated that Beefy has the most complete offering for auto-compounding vaults on Optimism (We support almost any platform that passed our safety requirements) for a current total of 83 vaults. This developer allocation also helped us incentivize the creation of beVELO, the auto-compounding version of locked VELO. beVELO currently is the address with the most VELO locked.

You can see here a live tracker of how we are spending our grant: Microsoft Power BI

Overall the grant allowed us not only to acquire new users, but also to create strong relationships with tier 1 protocols on Optimism.

Thanks to DefiLlama we can see how steady Beefy’s TVL is growing on Optimism currently sitting at all time highs.

I hope this info is useful and looking forward if you have questions or doubts about our data!