What is Beefy.Finance?
Beefy.Finance is a yield optimizer that uses data analysis and optimization techniques to maximize performance and revenue. It is similar to Yearn.finance (YFI) on the Ethereum (ETH) network, however, Beefy’s approach is to algorithmically automate yield opportunities in Binance Smart Chain (BSC) so users/farmers don’t have to constantly make decisions and take manual actions.
In simple terms, the tokens farmed from Liquidity Pools are sold and deposited again. Beefy.Finace automatically compounds your earnings in an optimized way.
What is a MooVault?
Vaults are investment instruments, that employ a specific set of strategies, to automate the best yield farming opportunities available.
What are the different vaults?
-
Money Market : Utilizes stable lending platforms, such as Fortube, to generate the highest possible yield for these coins (BUSD, LINK, DOT, DAI, USDT, ETH, or BTCB).
-
Native Token Farming : Takes advantage of the high yield on popular farms like on PancakeSwap by depositing another asset to earn, sell and compound profits of the native reward token.
When you access the Beefy.Finance DApp on Trust Wallet, you will immediately see the available MooVaults. For this guide, we will participate in the PancakeSwap vault for TWT-BNB LP.
Note:
Learn more about Beefy Finance here: Beefy.Finance
How to Participate in a MooVault
Important:
Beefy Finance is not yet audited, but there are plans in the roadmap for an audit.
Proceed at your own risk.
Prepare your Tokens
We will have to provide liquidity on PancakeSwap in order to get TWT-BNB LP tokens.
Trust Wallet already has a built-in DEX that you can use to swap BEP20 tokens. Since we only have TWT, we will swap half of it to BNB.
Provide Liquidity
Access PancakeSwap on the DApp browser. Tap on Pool, then Add Liquidity.
Input the amount of tokens you want to Supply and Confirm it.
Send the transaction and wait for confirmation.
Deposit LP on MooVault
Access Beefy.Finance on the DApp browser. You can also type in the address https://app.beefy.finance. The TWT-BNB LP tokens are automatically detected by the DApp. Tap on Approve and confirm the transaction by tapping on Send.
The Deposit and Deposit All buttons will show up once the transaction is confirmed. Tap on Deposit All if you want to deposit all the LP tokens.
Congratulations. You have successfully deposited your LP tokens.
