Beefy on Gnosis Chain

[jackgale.eth]

GM Gnosis Community

This topic is a standing space for comms relating to the Beefy deployment on Gnosis Chain

Beefy deployed on Gnosis Chain in October 2023 with help from karpatkey. Since then, we’ve operated over a dozen products building on top of Balancer and Aura (full details). You can filter for live details of Beefy’s performance on Gnosis Chain on our DefiLlama page.

We plan to use this topic to update the Gnosis community about our activities on Gnosis Chain, and invite discussion and feedback to ensure we’re delivering maximal value to our users on Gnosis Chain

What’s Beefy?

Beefy is a yield optimisation protocol, which uses smart contracts to automate the management of DeFi strategies. Our classic yield farming products regularly claim rewards, swap back into the principal assets and redeposit to compound your earnings. Our concentrated liquidity manager (CLM) products manage the range of concentrated liquidity positions across a range of designs.

Beefy is available on over 20 chains with more than 1,000 products spread across hundreds of protocols and tokens. You can access all the available opportunities on a single dashboard through our web application, including advanced analytics and ease-of-access zap tooling.

The project is DAO operated, and you can keep up to date through our Snapshot space, Blog and Discord server.

Why use Beefy?

Beefy is based on simple win-win economics. We assume that most users want more of their principal assets rather than the available farm tokens, and aggregate the users’ scale to socialise the cost of executing the strategy. With cheaper operating costs, we can also execute more frequently, which increases the compounding effect. This allows our users to simultaneously do less work and reach higher yields, net of Beefy’s small fee on the earnings.

[jackgale.eth]

To begin with, we have two exciting updates:

First, we’re pleased to share that we’ve launched new strategies for Balancer V3 on Aura Finance on Gnosis Chain. These are our first ever Balancer V3 strats, and it’s a pleasure to bring them first and foremost to Gnosis chain. These strategies target even greater yields by incorporating wrapped Aave yield-bearing tokens, and can be built on top of with hooks, increasing the range of positive-sum activities that can be operated through this liquidity. We’ll be pleased to continue supporting the adoption of Balancer V3 on Gnosis Chain, giving liquidity providers more options on how to manage their earnings.

Second, we’re delighted to be participating in the SafeBoost incentives campaign on Gnosis Chain as one of the launch partners. Working closely with karpatkey, we’re preparing to deliver a range of incentives to Beefy users accessing our products through Safe Smart Accounts on Gnosis Chain. More details will follow soon!

Thanks!

[jackgale.eth]

Exciting news!

Beefy’s role in the SafeBoost campaign officially launches today!

You can officially earn SAFE rewards and additional boost incentives from Beefy for using our vaults through your Safe smart account on Gnosis Chain. You can spot the incentivised products on the Beefy app with the SafeBoost label. Just deposit from a Safe to take part in the rewards

More details are available in our launch blog post, or head to the Beefy Discord server to raise any questions/issues.

Happy Boosting!

[john_szczepaniak]

Hi @jackgale.eth! Would you like to run a Beefy demo for the Gnosis Chain community on the Gnosis Discord? If so, please contact Rahul 2.0 and Chim9 on our Discord server to set up a date and time.

[jackgale.eth]

Hey @john_szczepaniak - that’s a great idea! I’ll reach out to set it up.

As people may have seen, SafeBoost was temporarily paused while access to Safe was interrupted. I’ll aim to run a session when SafeBoost is restarting, and include as part of that demo a runthrough of how to access Beefy via Safe and check your SafeBoost points and rewards.

Thanks for the suggestion

[jackgale.eth]

Pleased to share that the Balancer V3 wstETH/WETH LP has been included in this month’s profit distribution vote for Beefy DAO. If successful, the pool will be boosted for the next month!

The distribution is decided on by the $BIFI tokenholders in monthly votes. Another great reason to participate in the Beefy DAO and protocol.

[jackgale.eth]

GM Fellow Gnostics

Yesterday, Beefy was excited to announce our support for Gnosis’ strategic partnership with Backed Finance, with the launch of Backed’s tokenised stocks and exchanged-traded funds on our Gnosis Chain instance!

This announcement also reflects our first UniswapV3 concentrated liquidity products on Gnosis Chain. Beefy’s “Cowcentrated Liquidity Manager” (CLM) products automate the difficult and human-error-prone process of operating concentrated liquidity, making it easy and accessible for users of all skill levels. Our CLM products have been live for a year now, and you can find comprehensive details in our documentation.

With the launch of Backed products on Gnosis’ UniV3 implementation (and with some help from @Netrim and @Karpatkey), we couldn’t help but get integrated to join the fun.

Our wbTSLA-sDAI CLM product provides liquidity in a 10% either-side range from the current price when ticks are set. Every 6 hours the product checks if ticks need to be reset and adjusts accordingly if so. The product is harvested at least every 24 hours, meaning 365+ compounding events per year! For illustration, this transforms a 100% yield to 171.5% through the miracle of compound interest.

And better yet, we’ve already integrated with Merkl, meaning users of this product will automatically and fully participate in the current GNO rewards being distributed for UniV3 positions. You’ll see a “Claim” tab appear in our Withdraw/Deposit module when your rewards accrue each day.

To support the Tesla campaign, we also launched a new bCSPX-sDAI CLM product.

Followers of the GIP-117 campaign will know that bCSPX launched primarily on Balancer, so liquidity and rewards here are somewhat lower. Why UniV3 then? Well it serves a slightly different purpose, in creating deeper liquidity in the immediate range (in this case, 10% either side again). This means for day-to-day regular-sized swaps, UniV3 can deliver better-priced swaps and higher yields for liquidity providers.

With that said, the Balancer Gyro E-CLP is still extremely efficient, and safeguards the full price range. So for efficient larger swaps, it’s important not only have liquidity in narrower UniV3 ranges! We believe the optimum setup here is a balance of the two, and so we hope our UniV3 product will help to bolster efficient bCSPX liquidity for everyone!

We also launched a handful of other CLM products on Gnosis Chain alongside these two. But maybe that’s a story for my next update! And you can head to the Beefy app to find out for yourself if curious.

In the meantime, enjoy the new products, and thanks for helping make Gnosis the home of tokenised equities in the EVM universe!

[jackgale.eth]

No one at all: …

Beefy:

wbTSLA-sDAI CLM Vault

Now compounding GIP:117 GNO rewards back into the position. Turn 592% APR into 19,038% APY through the magic of autocompounding. No need to lift a finger… just deposit, and earn!

Quick… before everyone else realises!