[READY] [GF: Phase 1 Proposal] Beefy

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!